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XxRaVeNxX wrote:

Before I go the twitter/facebook route(IMO quickest way to clean up customer service issues), I need to know if this is standard protocol.

 

Found a motorcycle through private party, NFCU financed the bike. Yet they made the cashier's check($3000) out to me and him. 

 

I sign it and turn it over to him, yet the guys own bank(US Bank and a few that isn't a member of) will not cash it unless I am in the same branch also. This guy lives three hours away.

 

Why would NFCU do this? It isn't made out to me OR him...made out to him and I...now I have to drive 3 hours round trip today(he's meeting halfway) to get this cashed.

 

Let me know if this standard for NFCU to issues cashier checks in this manner....

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This is standard.  Think of it this way, at least they are protecting you by making sure that the check isn't made out to him, and he cashes the check without delivering the vehicle. I see it as a minor inconvenience at best.

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Starting Score: 08/29/2011 TU 671 EQ 674
Current Score (myFico + Amex): April 2013 TU 754 EQ 694 EX 694
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webhopper wrote:

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XxRaVeNxX wrote:

Before I go the twitter/facebook route(IMO quickest way to clean up customer service issues), I need to know if this is standard protocol.

 

Found a motorcycle through private party, NFCU financed the bike. Yet they made the cashier's check($3000) out to me and him. 

 

I sign it and turn it over to him, yet the guys own bank(US Bank and a few that isn't a member of) will not cash it unless I am in the same branch also. This guy lives three hours away.

 

Why would NFCU do this? It isn't made out to me OR him...made out to him and I...now I have to drive 3 hours round trip today(he's meeting halfway) to get this cashed.

 

Let me know if this standard for NFCU to issues cashier checks in this manner....

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This is standard.  Think of it this way, at least they are protecting you by making sure that the check isn't made out to him, and he cashes the check without delivering the vehicle. I see it as a minor inconvenience at best.

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+1

Its also a security measure by making sure that a name wasn't added after the fact.

If it was JUST made out to him - you could have added your name and tried to cash/steal the money and vice versa intended to you and he stole it added his name and tried to cash it.

I know it seems pretty stupid, but honestly its not only to protect you, but also the bank - mostly the bank. Theives and criminals have come a long way. Technology has only developed BECAUSE of the criminals, not the criminials developing because of the technology...

Current: Eq- 624 Ex - 631 (lender pulled) TU - 661 (lender pulled)
Goal 700+ across all three

This is standard with every financial institution that I know of. If two names are on a cheque, both people must be present to be able to do anything with it. They may accept a signature instead of the person being there, but that is not the usual thing.

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navigatethis12 wrote:

This is standard with every financial institution that I know of. If two names are on a cheque, both people must be present to be able to do anything with it. They may accept a signature instead of the person being there, but that is not the usual thing.

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Usually not. A signature is useless unless it can be verified. Bank policy is usually that both parties must be present with ID.

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jsickz32 wrote:
I dont know if its the same but when my dad refi with NFCU he also got the check with both the other banks name and his. He had to sign the check, return it to NFCU and then they sent it to the other bank

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I had the same scenario... the check for my refi was made out to both me and the other bank.  I signed it and brought it over to the other bank to payoff my loan and had to show my ID. The bank manager had to approve the check before it was considered valid. 

Also... there are a lot of frauds out there involving fake cashiers checks... I think this is just a way for the bank and NFCU to verify that a check is legit before it is accepted and posted. Otherwise, someone could present a fraudulent cashiers check, take the goods, and then bail without trace.  With an ID, the chances are better of catching someone who performs a criminal act.  

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Starting Score: 08/29/2011 TU 671 EQ 674
Current Score (myFico + Amex): April 2013 TU 754 EQ 694 EX 694
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Silver Spade Garden Club Member: App Free since 1/1/13. No more apps til 2014
MyFICO Fitness Goal: 800s Club!


Take the myFICO Fitness Challenge

Would they accept the ceck if endorsed by both parties and left in the nighttime depository?

Appreicate the input....My anger might be misdirected...think it should be at US Bank...checks were endorsed by both of us, I mean I couldn't even stop at a local US Bank, to verify who I am, and have them contact a us bank where the guy was located. They said they needed my fingerprint on that check.