krhh
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posted on November 28, 2000 06:01:21 AM new
Excuse me if this issue has been addressed already. I tried to search for this topic but since I am new to this I may have missed it.
I had closed my account with X.com when I received their request to do so. They did send me a check for the balance in my account, however when I took it to the bank yesterday, they said they could not cash it. It seems an alert was placed on the account from X.com/PayPal. The teller said there were not enough funds available in their account. The check is only for 20.09 (the sign up bonus plus interest) so I am not actually out any money myself.
It is not my intention to get something started, I simply wanted to let you know what happened to me. I was wondering if anyone else has had any problem getting their money from X.com or PayPal recently.
Thanks.
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harrison72
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posted on November 28, 2000 06:05:13 AM new
I only receive checks from paypal and I have never had one bounce. In the last week or two, I have deposited around $500 that I took out of my account. Went in fine.
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jwpc
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posted on November 28, 2000 06:05:17 AM new
I have used PayPal for about 6 months - There must be some other type of problem regarding your check or something with your bank - I weekly have $1,500 or more electronically transfered from my PayPal account to my bank with out an ounce of problem.
In fact I've never had any problem with PayPal - I love it and so do my customers.
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HartCottageQuilts
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posted on November 28, 2000 06:05:40 AM new
there were not enough funds available in their account.
Are you sure it wasn't YOUR account in which there weren't enough funds to cover the check?
Mom sent us a $2K check a couple weeks back (she's in NY, we're in FL) and as we didn't have $2K in our checking account (of course that was the REASON she was sending us $ in the first place, duh), we couldn't just cash the check. We could deposit it, but there was a 7-day hold put on the funds until they actually made it from Mom's bank to ours, so we couldn't actually USE the dough.
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jwpc
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posted on November 28, 2000 06:10:30 AM new
HartCottageQuilts
Good thought - that sounds logical. You can't immediately withdraw against a check unless you already have that much in funds in the bank in your original account.
Many years ago we went to the beach for a month and hand carried a Cashier's check for $4,500 from our GA bank to a branch in Florida, (before wire transfers were popular) and played heck trying to get the branch to accept it, open an account and let us have immediate access to funds EVEN though it was a branch of the same bank!
Banks can be weird.
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krhh
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posted on November 28, 2000 06:23:56 AM new
Thanks for all the ideas. There was enough money in my account to cover the check. The tellers at the bank were looking at a computer screen, and they said that the account that the check was written on had no funds available. She also said from the looks of it, they didn't look like they would be available for a while.
I'm hoping that you all are right, and my bank is the one that has the glitch.
I do have an email in to X.com, and I will let you know what they have to say.
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pocono
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posted on November 28, 2000 06:47:44 AM new
lol...with my bank, my AVAILABLE balance is always hundreds, sometimes THOUSANDS higher then my actual balance.
I never complained 
Kind of wierd though.
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vargas
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posted on November 28, 2000 06:53:57 AM new
Thanks for the heads up krhh. I just deposited my check from the closing of x.com
yesterday. We'll see if it bounces.
I'll bet these check are written on a totally different account than regular PayPal checks. X.com checking accounts were a different entity.
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macandjan
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posted on November 28, 2000 08:12:29 AM new
[ edited by macandjan on Dec 3, 2000 02:12 PM ]
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MrsTee
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posted on November 28, 2000 09:19:46 AM new
I got one of those one-cent checks, too. No wonder they went out of business. I guess I'll just chuck it if they don't have funds to cash it. [winky-smiley-thingy I don't know how to do yet]
Barb
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cariad
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posted on November 28, 2000 12:53:00 PM new
This doesn't make any sense.
Please someone tell me what bank checks to see if there are funds when you go to cash or deposit checks. The lines at teller windows would be out the door. They don't have time and it would not be economical, although it would help us guarantee we don't get bad checks. All any bank that I know of does, is record the check against your account so they can "bounce" it later if necessary.
There are so many of these kinds of stories making the rounds that its beginning to look like a deliberate smear or "break paypal" campaign to me.
cariad
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ExecutiveGirl
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posted on November 28, 2000 01:08:59 PM new
I know several banks that check to see if there is enough money in the accounts to cover the checks. They do this in case that check bounces. If it does bounce you have the money in your account to cover the charges and the bounced check amount. Otherwise, you would have a negative balance. If you are trying to cash a check from out of state for $50.00 and your balance in your account is only $10 they will not cash the check for you. Because if that check bounced, your balance would be $-40.00 not including your bounced check fees you would incur. It's just a safety precaution.
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cariad
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posted on November 28, 2000 01:22:42 PM new
Executive Girl
They wull check my account and not cash it unless I have enough to cover it, but they won't check the originating account. And a very simple reason is that that account may have $10,000 in it today and $0 when it goes through to clear. Any that I know won't do it for many reasons including time and certainly not for $20.
cariad
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rarriffle
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posted on November 28, 2000 01:26:46 PM new
Executive, yes, they check your balance, but I do not think they have the time or capability to check another banks accounts on their computer. How could they get access to another banks account records without some type of authorization?
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cariad
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posted on November 28, 2000 01:38:59 PM new
How could they get access to another banks account records without some type of authorization?
Actually, unless things have changed, you can do this yourself with any check you receive. Since you have the account number, you can call the bank and they will tell you if there is enough money in the account to cover the check. Again, it doesn't guarantee that the check will clear when presented. My daughter used to work for a bank and she told me what to do when you get a "bounced" check for insufficient funds. This works locally, not practical for long distances...go to their bank (preferably on payday, or when there is likely to be money in there) and present the check.....not through your bank. If the funds are in the account they must cash it for you.
cariad
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mrpotatoheadd
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posted on November 28, 2000 01:44:23 PM new
I got one of those one-cent checks, too. No wonder they went out of business. I guess I'll just chuck it if they don't have funds to cash it.
Geeze Louise- I'm glad I cashed my one cent check last month while they still had the funds to cover it.
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dman3
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posted on November 28, 2000 04:35:06 PM new
If you Tried to write one of your own X.com checks to cash out your account today my guess is most big banks have x.com red flaged some how as these accounts will not be there in two days your check are no good.
The checks X.com are sending when you close out your account are cashier checks and should be as easy or easyer to cash then your pay check or a check from your mortgage company.
http://www.Dman-N-Company.com
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pocono
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posted on November 28, 2000 04:46:15 PM new
Got my 397 simoleans deposited in my bank today by Paypal.
Smooooothhhh....
I can't wait till tomorrow!
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HartCottageQuilts
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posted on November 28, 2000 05:57:04 PM new
Actually, unless things have changed, you can do this yourself with any check you receive. Since you have the account number, you can call the bank and they will tell you if there is enough money in the account to cover the check.
Yes indeed, you can CALL the other bank. But I don't think every teller at every bank has access to the balance information about every checking account in the country, which is what this scenario would entail. My tenant has an account at the same bank as me. Before I deposit her check (in person), I have the teller look at my tenant's account to make sure there's enough $ in it to cover her rent (which on one occasion there wasn't). But note that we have accounts at the SAME BANK.
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cariad
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posted on November 28, 2000 06:04:56 PM new
HCQuilts
We agree. I din't mean that you could call your bank and ask them to check......you, yourself would have to call. Also can you image the length of an alert sheet tellers would have to wade through to check for "flagged" accounts and how patiently customers would stand there while they did so! ha!......businesses go belly up every day, the bank doesn't care..they will just get their money back from you!! and, oh yeah, they will take it back out without your permission and notify you later!
cariad
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dman3
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posted on November 28, 2000 06:28:00 PM new
A good bank wont just take the money with out letting you know when there is Problem no matter what way it is.
If we write a check out of our account that showed up at the bank that isnt going to clear we get a call and a note from the bank with a heads up that gives us till the next bussness day to deposit funds if we can get to the bank before it closes or just after it open the next day they will hold it so we dont have to pay any return check fees to the bank or the person we wrote the check to.
As far as depositing a check like from an auction sale that comes back they will call and send a note letting us know of this and will attemp later in the week to clear the check again before chargeing us a bounced check fee how ever if the second time bounces too your stuck paying the fees.
so as I see it a good local bank wont just do anything without your permission. if you are paying attention they give you a warning something is wrong and fair time to fix the problem.
http://www.Dman-N-Company.com
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cariad
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posted on November 28, 2000 06:57:33 PM new
Dman,
We are talking about 2 different things. Yes many banks will warn you when you are overdrawn, rather than bouncing. Yes, they will do other things for you as their valued customer........but you will find this less and less.......but they will take back from your account when a check from someone else has bounced.........Every bank does it....If you have a great relationship they may waive the fee they charge you for someone else's bad check! If you find the exception, let me know I will become their bestest customer tomorrow. But there is no way on God's green earth that they can check every or any check that comes through from another bank when you present it. They can and will check from their own customer accounts.
cariad
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vargas
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posted on November 28, 2000 07:13:21 PM new
Dman
You are very luck to have such a bank. Hope and pray it's never taken over by one of the major banks.
Every time I found a bank like yours, it was swallowed up by the same big bank. There aren't many small banks around here anymore. It's too far to drive to what few are left and they don't have many ATMs. I finally gave up and stayed with the big bank.
My fee for a buyer's bounced check is only $5. But I sure don't get any phone calls first. I find out about it when the debits show up online.
Yes, they just take it right back out of my account.
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dman3
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posted on November 28, 2000 07:36:29 PM new
yeah I hope things there stay fairly the way they are they have made many changes over the years and bought up smaller local banks but so far they still managed to keep there small local bank ways.
cariad:
You are right either way the bank will get it money from you my point was the bank I deal with still warns you in advance whats comeing .
http://www.Dman-N-Company.com
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krhh
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posted on November 28, 2000 08:45:36 PM new
Hi,
I am the person who started this thread and as I was reading the responses tonight, I thought I would try to detail my experience yesterday.
Yes, I agree the whole situation sounds strange to me, which is why I finally got up the courage to post and see if this had happened to anyone else.
I certainly have no axe to grind with either X.com or PayPal, and have found all my transactions with PayPal to go smoothly and rarely without a hitch. The one time I had a problem, I emailed paypaldamon, and he responded quickly with a solution.
To begin with, I went through the drive-thru window at Wachovia to cash 2 different checks. I noticed it was taking longer than usual and could see the teller through the window talking on the phone. She said she could cash one of the checks, but not the one from X.com because the bank had an alert on it. She said that I would have to go inside the branch to get more information.
I went in and told that teller what the other one had said, and I asked if she could tell me what was going on. She took the check and typed in something on her computer. She said yes there was an alert on all of their checks and they were not supposed to take any of them. I asked her if she knew why and she said the funds were not available. I asked her what I should do next and that is when she went back to her computer screen and looked, then said it didn't look like they would be available for some time.
I don't know what she was looking at on her screen and I can not recall any bank phoning for information whenever I have cashed checks before.
I do know that I emailed X.com with this information, but I am still waiting on a reply. I will be happy to let you know what they say when I hear back from them.
I hope this clears up some of your questions.
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outoftheblue
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posted on November 28, 2000 08:46:58 PM new
This kind of thing happens quite often and doesn't necessarily mean that the company is in financial trouble.
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