nced by NFCU! Is this standard policy?
11-20-2012 09:34 AM
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....
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.
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