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Lewish
Advanced Member
uSA
496 Posts |
 Posted - 07 Jul 2005 : 12:19:14
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Greetings brothers,
I want to share an interesting experience that happened at a bank a few days ago.
I went into a Bank of America branch to cash a check written to me by one of their customers.
Well, there was a young man in line in front of me with a similar situation. When he got to the counter, the lady teller asked if he had an account there, if he had 2 pieces of identification and informed him that it would cost him $5 to cash the check since he didn't have an account with B. of A.
When it was my turn, I announced "I have a draft against your Bank which I am presenting for Acceptance." The lady stood and just looked at me while I turned the check over and endorsed it: "No Liability Assumed, No Value Assured, My name". The only thing she said next was "Will twenties be acceptable?"
What a difference knowing the right words make. At least this is true when the person on the other side knows they are the right words.
Peace to you all,
Lewis |
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HenryBowman
Regular Member
USA
33 Posts |
Posted - 09 Jul 2005 : 10:09:08
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WOW.
Lewish,
I love yewwww man!
I am memorizing this now!
Question for my peace of mind: What would you have said if she said that there was a five dollar fee? (I guess you would have pointed her to your endorsement)
Thank you,
Henry Franklin
ATFOTRAF |
Edited by - HenryBowman on 09 Jul 2005 10:12:12 |
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Lewish
Advanced Member
uSA
496 Posts |
Posted - 09 Jul 2005 : 12:41:03
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Hello Henry,
If she had said there was a $5.00 fee, I would have asked her if she thought the bank's account holder was going to get upset when she charged him the fee.
You have to understand, that the Banking License, which they are granted by the Office of the Comptroller of the Currency does not allow them to charge such a fee. If need be, I could have threatened to complain to same and asked for their license to be suspended. They get away with charging such fees because the people don't know any better than to accept them.
OK, I have been away for a while. What does ATFOTRAF stand for?
Peace,
Lewis |
Edited by - Lewish on 09 Jul 2005 12:43:57 |
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HenryBowman
Regular Member
USA
33 Posts |
Posted - 10 Jul 2005 : 11:58:51
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After The First One, The Rest Are Free.
Henry Franklin
ATFOTRAF |
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David Merrill
Advanced Member
USA
1147 Posts |
Posted - 10 Jul 2005 : 12:11:59
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| Interesting mathematical model. Hmmm... |
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stefree
Regular Member
USA
45 Posts |
Posted - 10 Jul 2005 : 13:32:07
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| here's one for you to figure out...I went to the bank with $15.00 in Bahamian currency to exchange and was informed that it would be a 4 day wait and a $15.00 fee (this was at my regular bank)...I replied that it used to be that people uesed to rob banks, now banks rob people with these outrageous fees, and walked out...what do I do with the "play" money now? |
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Lewish
Advanced Member
uSA
496 Posts |
Posted - 10 Jul 2005 : 14:38:28
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Hello Stefree,
Go to a private currency exchange. Maybe more trouble than it is worth, but you can exchange freely there. Look in the yellow pages. Often listed under coin dealers.
Peace,
Lewis |
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Manuel
Advanced Member
USA
762 Posts |
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stefree
Regular Member
USA
45 Posts |
Posted - 10 Jul 2005 : 16:05:56
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Thank you Lewis, being in the "boonies" I hadn't thought of that but will visit an exchanger one my next trip to the "big city".
Stefree |
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Mark
Senior Member
USA
55 Posts |
Posted - 10 Jul 2005 : 18:30:49
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quote:
Originally posted by Lewish
Greetings brothers,
I want to share an interesting experience that happened at a bank a few days ago.
I went into a Bank of America branch to cash a check written to me by one of their customers.
Well, there was a young man in line in front of me with a similar situation. When he got to the counter, the lady teller asked if he had an account there, if he had 2 pieces of identification and informed him that it would cost him $5 to cash the check since he didn't have an account with B. of A.
When it was my turn, I announced "I have a draft against your Bank which I am presenting for Acceptance." The lady stood and just looked at me while I turned the check over and endorsed it: "No Liability Assumed, No Value Assured, My name". The only thing she said next was "Will twenties be acceptable?"
What a difference knowing the right words make. At least this is true when the person on the other side knows they are the right words.
Peace to you all,
Lewis
I like!
Lewis, just curious, did the lady teller not ask you for 2 pieces of identification?
Peace, Mark
Ignorance is NOT bliss, I should know. |
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Lewish
Advanced Member
uSA
496 Posts |
Posted - 11 Jul 2005 : 14:16:32
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Greetings Mark,
The only words out of the lady teller's mouth was: "Will twenties be alright?"
I thanked her for her service, and she smiled as I walked away.
Have you heard the expression "It has been a business doing pleasure with you."? No, I did not reverse accidentally the position of the words business and pleasure. When you grasp the true significance of this phrase, it may change your whole outlook on life.
I conducted and concluded the business of pleasure with that lady bank teller.
Peace be with you,
Lewis |
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David Merrill
Advanced Member
USA
1147 Posts |
Posted - 11 Jul 2005 : 21:02:33
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That makes sense now I think about it.
quote:
When it was my turn, I announced "I have a draft against your Bank which I am presenting for Acceptance." The lady stood and just looked at me while I turned the check over and endorsed it: "No Liability Assumed, No Value Assured, My name". The only thing she said next was "Will twenties be acceptable?"
The presentment was no longer about your identity. You were the holder of the draft, that's all. You presented it. If anything the teller would call the client to make sure the draft was not a forgery.
Regards,
David Merrill.
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Manuel
Advanced Member
USA
762 Posts |
Posted - 12 Jul 2005 : 00:05:40
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This thread got me thinking. I remember all the collections of all kinds of things. With notes, money, and coins there are all values towards numesmatic values, but one thing I have noticed is that I have not seen, or heard of antique checks/cheques. I mean, has anobody ever gone to coin shows and seen them around? Endorsements and desired destination must have something to do with that?
I am,
Manuel |
Edited by - Manuel on 12 Jul 2005 00:08:56 |
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Lewish
Advanced Member
uSA
496 Posts |
Posted - 12 Jul 2005 : 12:57:00
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Manuel,
I have not seen checks/cheques at the shows, but I have seen Bill of Exchange, and they usually sold for a fair amount of face value.
Lewis |
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Manuel
Advanced Member
USA
762 Posts |
Posted - 12 Jul 2005 : 22:20:41
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Lewish and all,
"The writers of the constitution knew exactly what they were doing when they
wrote in Article I Section 10 paragraph 1 'No state shall... make anything but
gold and silver coin a tender in payment of debts. ' People able to barter with
gold and silver coin control government and are free. Loss of the right to trade
in gold and silver coin enslaves people to the creators of psychological 'money.'"
—Merrill Jenkins, Sr., The Greatest Hoax on Earth
For knowing of that, it would be good and better to barter the sweat above the brow,
exchanging honey for milk 
"A prophet is not without honor, save in his own country, and in his own house. "
Nothing new, nor under the sun :
http://www.tuppersaussy.com/html/writings/constitution/caioriginalintro%20.html
I am,
Manuel
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Edited by - Manuel on 12 Jul 2005 22:22:33 |
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Linc
Advanced Member
Canada
111 Posts |
Posted - 13 Jul 2005 : 14:11:00
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quote:
Originally posted by Lewish
If she had said there was a $5.00 fee, I would have asked her if she thought the bank's account holder was going to get upset when she charged him the fee.
You have to understand, that the Banking License, which they are granted by the Office of the Comptroller of the Currency does not allow them to charge such a fee. If need be, I could have threatened to complain to same and asked for their license to be suspended. They get away with charging such fees because the people don't know any better than to accept them.
Lewish, where did you learn to do that? How do I find out about bank drafts, etc? I too have been hit with this $5 fee nonsense in Canada. Will it work here? Is there some relevant legislation I should read? How does one find out about drafts, bearer drafts, cheques, promissory notes, negotiable instruments, and all those things? |
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Lewish
Advanced Member
uSA
496 Posts |
Posted - 13 Jul 2005 : 18:33:41
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Hello Linc,
I learned it from reading and re-reading the UCC, and from a book from Gilbert Law Series called "Commercial Paper" or something like that. It is in storage, so I can't give you the exact title.
But, if you look at the words used in the UCC, they are very specific to negotiable instruments. I was negotiating an instrument. The UCC says any instrument must be presented for acceptance before it has any value. The acceptor has only two options: honor or dishonor. No other choices are given in the UCC.
Also, I have read quite a bit of Title 12 of the U.S.Code, which has to do with banking. You have a similar Code in Canada. It is probably worth some late night reading sometime. It gets interesting after you start to see what they have hidden and tried to con us out of.
Good reading to you,
Lewis |
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Oneisraelite
Advanced Member
uSA
833 Posts |
Posted - 13 Jul 2005 : 19:19:17
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Check, n. A draft drawn upon a bank and payable on demand, signed by the maker or drawer, containing an unconditional promise to pay a sum certain in money to the order of the payee. U.C.C. § 3-104(2)(B) – Black's Law Dictionary, Abridged Sixth Edition page 162
Evidently, however, the Federal Reserve Board defines a check differently, for Black’s goes on to say…
The Federal Reserve Board defines a check as “a draft or order upon a bank or banking house purporting to be drawn upon a deposit of finds for the payment at all events of a certain sum of money to a certain person therein named or to him or his order or to bearer and payable instantly on demand.” It must contain the phrase “pay to the order of.”
...but either way, they are to "unconditionally...payable instantly on demand".
When they make out the check, if maker or drawer makes it, “Pay to the order of: bearer,” no identification could be required, since this draft doesn’t even have to be signed in order to convert it.
Bearer....When a check, note, or draft, etc., is payable to "bearer", it imparts that such shall be payable to any person who may present the instrument for payment.
We shall presume that any man may present it as well and if you are asked to autograph it, you could simply autograph it bearer.
The maker or drawer may ask for a receipt so that he can prove that he has discharged his debt to you or to justify his expenditures to his master.
Caveat: Don’t lose it, for the obvious reason; the bearer can convert it.
fellowcitizen of the commonwealth of Yisra'el,
NOT the man-made, fictional USA.
Ephesians 2:12 & 19
An act done by me against my will is not my act. |
Edited by - Oneisraelite on 13 Jul 2005 19:34:21 |
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David Merrill
Advanced Member
USA
1147 Posts |
Posted - 14 Jul 2005 : 07:18:12
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Dear OneIsraelite;
Thank you for that special definition. That confirms that when the bank makes a loan, the Note is a check written by the debtor. Furthermore confirming the truth behind the Credit River Money Decision.
I have a bank Note endorsed by Bank of America NA and on the second page it is clearly marked "PAY TO THE ORDER OF ... WITHOUT RECOURSE" and signed by the executive vice president. The man who borrowed the money was simply tricked into writing a check to the Bank out of his own credit!
www.ecclesia.org/forum/images/suitors/P1.jpg
Credit River Money Decision Page 1
www.ecclesia.org/forum/images/suitors/P2.jpg
Credit River Money Decision Page 2
www.ecclesia.org/forum/images/suitors/P3.jpg
Credit River Money Decision Page 3
www.ecclesia.org/forum/images/suitors/P4.jpg
Credit River Money Decision Page 4
Regards,
David Merrill.
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Manuel
Advanced Member
USA
762 Posts |
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romans
Junior Member
USA
21 Posts |
Posted - 15 Jul 2005 : 08:15:45
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I recently sign a promissory note and it was stamped "pay to the order of....without recourse" when the papers were given to me to sign. Is it usually stamped beforehand? Also it stated "Only sign the original" If I sign my copy do I have a new check???
quote:
Originally posted by David Merrill
That confirms that when the bank makes a loan, the Note is a check written by the debtor.
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Interesting experience at the bank
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