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Discount Bankers Check
Rank: Member Joined: 5/22/2009 Posts: 206
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five-figure check, payee is the City Council of Nairobi, willing to pay 10% of the check value for the service.
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Rank: Elder Joined: 6/27/2008 Posts: 4,114
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What are doing with a cheque payable to City Council of Nairobi? Or did you mean that it is DRAWN by City Council - that is, they are the PAYERS? Second question: Are you aware of T+2? Bank the cheque today and it will be cash on Tues? Haraka Haraka Haina Baraka... Nothing is real unless it can be named; nothing has value unless it can be sold; money is worthless unless you spend it.
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Rank: Member Joined: 5/22/2009 Posts: 206
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mukiha wrote:What are doing with a cheque payable to City Council of Nairobi? Or did you mean that it is DRAWN by City Council - that is, they are the PAYERS?
Second question: Are you aware of T+2? Bank the cheque today and it will be cash on Tues? Haraka Haraka Haina Baraka... It's exactly what I say it is: Payee is the City Council of Nairobi and that is why I am unable to discount it through the normal channels. In essence, I need to find someone who plans to pay the City Council a lot of money. Secondly, we already paid the Council in cash, so we do not need the check. However, the person who drew the check is unavailable to cancel the check and refund our money in cash. So that's why we are willing to discount it at 10%.
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Rank: Elder You have been a member since:: 6/20/2012 Posts: 3,855 Location: Othumo
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Rank: Member Joined: 5/22/2009 Posts: 206
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Out of curiosity, what doesn't add up? After all, it's a bankers check so the money is in a bank account and not a personal account. In other words, there is no way in hell that check would bounce.
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Rank: Elder Joined: 6/27/2008 Posts: 4,114
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TNT wrote:Out of curiosity, what doesn't add up? After all, it's a bankers check so the money is in a bank account and not a personal account. In other words, there is no way in hell that check would bounce. Oh yes they do! In fact, more often than personal cheques... that's why banks don't honour banker's cheques over the counter!! Anyway, just return the cheque to the bank that drew it and the money will be returned to the person who ordered for it.... then you can get your money from him/her. But now that you say the person is not available, that story begins to sound long and convoluted.... Nothing is real unless it can be named; nothing has value unless it can be sold; money is worthless unless you spend it.
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Rank: Member Joined: 5/22/2009 Posts: 206
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mukiha wrote:TNT wrote:Out of curiosity, what doesn't add up? After all, it's a bankers check so the money is in a bank account and not a personal account. In other words, there is no way in hell that check would bounce. Oh yes they do! In fact, more often than personal cheques. Anyway, just return the cheque to the bank that drew it and the money will be returned to the person who ordered for it.... then you can get your money from him/her. But now that you say the person is not available, that story begins to sound long and convoluted.... Would you please enlighten me how bankers check bounce? I mean, the way I understand it, once you buy a bankers check, the issuing bank immediately transfers the money from a personal account to its account, so the money is effectively with the bank. So maybe you can shed some light on how bankers check bounce, if it is not too much to ask. The person who issued the check is an International Investor who works with International donors on energy saving projects. At the moment, I believe he is somewhere in the US talking to his donors.
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Rank: Member Joined: 5/22/2009 Posts: 206
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TNT wrote:mukiha wrote:TNT wrote:Out of curiosity, what doesn't add up? After all, it's a bankers check so the money is in a bank account and not a personal account. In other words, there is no way in hell that check would bounce. Oh yes they do! In fact, more often than personal cheques. Anyway, just return the cheque to the bank that drew it and the money will be returned to the person who ordered for it.... then you can get your money from him/her. But now that you say the person is not available, that story begins to sound long and convoluted.... Would you please enlighten me how bankers check bounce? I mean, the way I understand it, once you buy a bankers check, the issuing bank immediately transfers the money from a personal account to its account, so the money is effectively with the bank. So maybe you can shed some light on how bankers check bounce, if it is not too much to ask. The person who issued the check is an International Investor who works with International donors on energy saving projects. At the moment, I believe he is somewhere in the US talking to his donors. If you are unable to explain to me how bankers checks bounce, perhaps you could provide me with credible sources that support your allegations, such as credible media sources and bank reports, unless you want me to take your word as the gospel truth of course. You know, it is so because Mukiha says so.
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Rank: Member Joined: 5/22/2009 Posts: 206
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TNT wrote:TNT wrote:mukiha wrote:TNT wrote:Out of curiosity, what doesn't add up? After all, it's a bankers check so the money is in a bank account and not a personal account. In other words, there is no way in hell that check would bounce. Oh yes they do! In fact, more often than personal cheques. Anyway, just return the cheque to the bank that drew it and the money will be returned to the person who ordered for it.... then you can get your money from him/her. But now that you say the person is not available, that story begins to sound long and convoluted.... Would you please enlighten me how bankers check bounce? I mean, the way I understand it, once you buy a bankers check, the issuing bank immediately transfers the money from a personal account to its account, so the money is effectively with the bank. So maybe you can shed some light on how bankers check bounce, if it is not too much to ask. The person who issued the check is an International Investor who works with International donors on energy saving projects. At the moment, I believe he is somewhere in the US talking to his donors. If you are unable to explain to me how bankers checks bounce, perhaps you could provide me with credible sources that support your allegations, such as credible media sources and bank reports, unless you want me to take your word as the gospel truth of course. You know, it is so because Mukiha says so. It seems like Mukiha, the EXPERT ON BANKERS CHECKS, cannot support his allegations.
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Rank: Veteran Joined: 3/26/2012 Posts: 1,182
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@Mukiha. For the good of all,elaborate.
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Rank: Elder Joined: 6/27/2008 Posts: 4,114
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TNT wrote:TNT wrote:TNT wrote:mukiha wrote:TNT wrote:Out of curiosity, what doesn't add up? After all, it's a bankers check so the money is in a bank account and not a personal account. In other words, there is no way in hell that check would bounce. Oh yes they do! In fact, more often than personal cheques. Anyway, just return the cheque to the bank that drew it and the money will be returned to the person who ordered for it.... then you can get your money from him/her. But now that you say the person is not available, that story begins to sound long and convoluted.... Would you please enlighten me how bankers check bounce? I mean, the way I understand it, once you buy a bankers check, the issuing bank immediately transfers the money from a personal account to its account, so the money is effectively with the bank. So maybe you can shed some light on how bankers check bounce, if it is not too much to ask. The person who issued the check is an International Investor who works with International donors on energy saving projects. At the moment, I believe he is somewhere in the US talking to his donors. If you are unable to explain to me how bankers checks bounce, perhaps you could provide me with credible sources that support your allegations, such as credible media sources and bank reports, unless you want me to take your word as the gospel truth of course. You know, it is so because Mukiha says so. It seems like Mukiha, the EXPERT ON BANKERS CHECKS, cannot support his allegations. Ngo srow my friend; I was out for tea.... This is how: Bank clerk tears off a "Bankers Cheque" leaf from the book, sells it to an outsider. Outsider fill-in whatever details he/she wants. Presents the cheque whomever and collects goods... When this cheque is banked, it finds no funds! That's how they bounce. I lost money/goods by accepting such a banker's cheque and my bank manager - at the time, NIC, NIC House Branch - strongly advised me never to accept banker's cheques in future! Adding that they encounter more bounced bankers cheques than personal ones. Furthermore, he explained that this is the reason why banks don't honour Banker's cheques over the counter - they have to go through the normal clearing process. Satisfied? Nothing is real unless it can be named; nothing has value unless it can be sold; money is worthless unless you spend it.
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Rank: Member Joined: 5/22/2009 Posts: 206
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mukiha wrote:TNT wrote:TNT wrote:TNT wrote:mukiha wrote:TNT wrote:Out of curiosity, what doesn't add up? After all, it's a bankers check so the money is in a bank account and not a personal account. In other words, there is no way in hell that check would bounce. Oh yes they do! In fact, more often than personal cheques. Anyway, just return the cheque to the bank that drew it and the money will be returned to the person who ordered for it.... then you can get your money from him/her. But now that you say the person is not available, that story begins to sound long and convoluted.... Would you please enlighten me how bankers check bounce? I mean, the way I understand it, once you buy a bankers check, the issuing bank immediately transfers the money from a personal account to its account, so the money is effectively with the bank. So maybe you can shed some light on how bankers check bounce, if it is not too much to ask. The person who issued the check is an International Investor who works with International donors on energy saving projects. At the moment, I believe he is somewhere in the US talking to his donors. If you are unable to explain to me how bankers checks bounce, perhaps you could provide me with credible sources that support your allegations, such as credible media sources and bank reports, unless you want me to take your word as the gospel truth of course. You know, it is so because Mukiha says so. It seems like Mukiha, the EXPERT ON BANKERS CHECKS, cannot support his allegations. Ngo srow my friend; I was out for tea.... This is how: Bank clerk tears off a "Bankers Cheque" leaf from the book, sells it to an outsider. Outsider fill-in whatever details he/she wants. Presents the cheque whomever and collects goods... When this cheque is banked, it finds no funds! That's how they bounce. I lost money/goods by accepting such a banker's cheque and my bank manager - at the time, NIC, NIC House Branch - strongly advised me never to accept banker's cheques in future! Adding that they encounter more bounced bankers cheques than personal ones. Furthermore, he explained that this is the reason why banks don't honour Banker's cheques over the counter - they have to go through the normal clearing process. Satisfied? Any credible sources to support your allegations? Or I should just believe your very convenient cock and bull story? Of course, workplace fraud is ubiquitous in all sectors but I do not believe it is that rampant in the bankers check space, unless you can prove me wrong with credible sources rather than your dubious personal stories. Now, it is not rocket science really, so any idiot should be able to get it: a bankers check is effectively a guarantee by the bank to the payee that money is available. Now, like I said, it doesn't take a genius to figure out what would happen to a bank that cannot deliver on its promises. If you do not get it, the backlash would literally destroy such a bank. Finally, what is that nonsense about honoring bankers checks over the counter? Are you even serious? Any idiot should know that all checks, both personal and bankers, must go to the clearing house.
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Rank: Elder Joined: 6/27/2008 Posts: 4,114
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Like I said before, ngo srow, my friend. You are too young to die of stress inflicted by an argument on the web. Back to the point at hand: why not do just return the cheque to the issuing bank, then tell your client [the investor] to wire you the refund? That should cost you less than 10% BTW: a "few" years ago, banks used to pay for banker's cheques on sight, until people got too smart and started stealing the leaves...and others printing their own somewhere on Kirinyaga road... Nothing is real unless it can be named; nothing has value unless it can be sold; money is worthless unless you spend it.
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Rank: Member Joined: 5/22/2009 Posts: 206
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mukiha wrote:Like I said before, ngo srow, my friend.
You are too young to die of stress inflicted by an argument on the web.
Back to the point at hand: why not do just return the cheque to the issuing bank, then tell your client [the investor] to wire you the refund? That should cost you less than 10%
BTW: a "few" years ago, banks used to pay for banker's cheques on sight, until people got too smart and started stealing the leaves...and others printing their own somewhere on Kirinyaga road... More and more stories yet no concrete proof. Only problem is I am too old for fairy tales. Perhaps if you knew anything about the cost of doing business you would appreciate the 10%. Clearly, you are just a waste of my time.
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Rank: Elder Joined: 6/27/2008 Posts: 4,114
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TNT wrote:mukiha wrote:Like I said before, ngo srow, my friend.
You are too young to die of stress inflicted by an argument on the web.
Back to the point at hand: why not do just return the cheque to the issuing bank, then tell your client [the investor] to wire you the refund? That should cost you less than 10%
BTW: a "few" years ago, banks used to pay for banker's cheques on sight, until people got too smart and started stealing the leaves...and others printing their own somewhere on Kirinyaga road... More and more stories yet no concrete proof. Only problem is I am too old for fairy tales. Clearly, you are just a waste of my time. Then just stop reading what I post. Nothing is real unless it can be named; nothing has value unless it can be sold; money is worthless unless you spend it.
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Rank: Member Joined: 5/22/2009 Posts: 206
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mukiha wrote:TNT wrote:mukiha wrote:Like I said before, ngo srow, my friend.
You are too young to die of stress inflicted by an argument on the web.
Back to the point at hand: why not do just return the cheque to the issuing bank, then tell your client [the investor] to wire you the refund? That should cost you less than 10%
BTW: a "few" years ago, banks used to pay for banker's cheques on sight, until people got too smart and started stealing the leaves...and others printing their own somewhere on Kirinyaga road... More and more stories yet no concrete proof. Only problem is I am too old for fairy tales. Clearly, you are just a waste of my time. Then just stop reading what I post. While it is evident that you are not the brightest button around here, even you should be able to realize that I am the originator of this thread. Go waste someone else's time on another thread.
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Rank: Elder Joined: 6/27/2008 Posts: 4,114
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TNT wrote:mukiha wrote:TNT wrote:mukiha wrote:Like I said before, ngo srow, my friend.
You are too young to die of stress inflicted by an argument on the web.
Back to the point at hand: why not do just return the cheque to the issuing bank, then tell your client [the investor] to wire you the refund? That should cost you less than 10%
BTW: a "few" years ago, banks used to pay for banker's cheques on sight, until people got too smart and started stealing the leaves...and others printing their own somewhere on Kirinyaga road... More and more stories yet no concrete proof. Only problem is I am too old for fairy tales. Clearly, you are just a waste of my time. Then just stop reading what I post. While it is evident that you are not the brightest button around here, even you should be able to realize that I am the originator of this thread. Go waste someone else's time on another thread. Why don't you start charging people to post in your threads? Nothing is real unless it can be named; nothing has value unless it can be sold; money is worthless unless you spend it.
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Rank: Member Joined: 5/22/2009 Posts: 206
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mukiha wrote:TNT wrote:mukiha wrote:TNT wrote:mukiha wrote:Like I said before, ngo srow, my friend.
You are too young to die of stress inflicted by an argument on the web.
Back to the point at hand: why not do just return the cheque to the issuing bank, then tell your client [the investor] to wire you the refund? That should cost you less than 10%
BTW: a "few" years ago, banks used to pay for banker's cheques on sight, until people got too smart and started stealing the leaves...and others printing their own somewhere on Kirinyaga road... More and more stories yet no concrete proof. Only problem is I am too old for fairy tales. Clearly, you are just a waste of my time. Then just stop reading what I post. While it is evident that you are not the brightest button around here, even you should be able to realize that I am the originator of this thread. Go waste someone else's time on another thread. Why don't you start charging people to post in your threads? Mukiha at his insolent and petty best. Bravo. Perhaps you should throw a nice little tantrum for effect. All I have requested you to do is to take your personal sob stories elsewhere. I am sorry if that has hurt your feelings, but I like to deal with solid facts rather than sob stories. Now, kindly f*** off.
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Rank: Elder Joined: 6/27/2008 Posts: 4,114
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@TNT: the last time some one hurled that kind of obscenity at me in this type of a debate was just yesterday. It was a conman pretending to be from Airtel only that he'd called my orange line. Do the math... Nothing is real unless it can be named; nothing has value unless it can be sold; money is worthless unless you spend it.
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Rank: Member Joined: 5/22/2009 Posts: 206
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mukiha wrote:@TNT: the last time some one hurled that kind of obscenity at me in this type of a debate was just yesterday. It was a conman pretending to be from Airtel only that he'd called my orange line. Do the math... Yeah right, the personal sob stories keep on pilling up. I bet you have thousands of those. Tell me another one. I'd really love to hear the story that precedes yesterday's conman story, preferably one that involves your Safaricom line this time, then one about your YU line, then one about your Airtel line et cetera.
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