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Accepting International Payments Just Got Harder..

I deposited a Money Order from Japan today, and was met with quite a suprise. My Bank (National City Bank, Ohio) slapped a 45 day hold on the funds! Their reason, simply, it is an international Money Order/Check, and their Fraud Department decided to implement this new rule about 1 month ago (without alerting any of the banks customers), to protect their assets, because they have recently experienced a tremendous amount of fake/phony Mony Orders and Checks from international sources. This new rule (Federal Regulation "RegCC" applied to the extreme) applies to ANY non-USA source of funds (that means Canada too). Check with your bank before accepting a Non-USA Money Order, that's all I have to say. One last thing, look into "HyperWallet" for USA-Canada/Canada-USA shipping ( http://corp.hyperwallet.com/index.jsp )

Curtis
zorathustra

Showing 2 responses by eldartford

eldartford
4,262 posts
 
In this day of wire transfers, I don't see why *any* significant hold is necessary. Perhaps we have a banker who can explain.
eldartford
4,262 posts
 
Fmpnd...Thanks for the lecture! But why can't the bank verify that the check is valid by some sort of electronic means? When I travel on Southwest Airlines I have in my pocket a paper printout of my E-Ticket, but the agent never really looks at it. All the information is in the computer. All I need is personal identification.
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