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RBC customer's cheque was cashed ... not just once, but Twice !
May 14, 2024
8:48 am
Dean
Valhalla Mountains, British Columbia
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.
Apparently, this happens quite often . . .

Yet another reason to check your bank accounts ... some say Daily !

    Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

May 15, 2024
7:11 am
AR
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They should really have a 'check box' on cheques for after mobile deposit. I wonder why they don't...

May 15, 2024
7:27 am
Norman1
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One is not supposed to keep mobile deposited items indefinitely.

For example, as part of the product agreement, Simplii Financial requires one to mark the cheque after mobile deposit and not keep it more than 120 days afterwards:

Endorsements and procedures
• You agree to endorse any item transmitted through the mobile deposit service by signing your name and writing “For deposit only” on the back of the item or as we may otherwise instruct. Immediately after transmission of an image, you agree to mark the front of the item as “paid” or “void” or cross it with parallel lines to indicate that the item has been imaged and transmitted. You agree to follow any other procedures and instructions for use of the mobile deposit service as we may establish from time to time.

Destruction and replacement of transmitted items
• You agree to retain the item for at least 5 calendar days from the date of deposit and destroy it within 120 calendar days of deposit by shredding, pulping, burning, crushing, erasing or any other means that ensures that the item cannot be reused.

Also, five months is a long time not to have noticed an unauthorized amount taken. But, then again, some people didn't notice, until a news story appeared, that their gym was still debiting their bank account monthly for over a year after they canceled their membership!

May 17, 2024
8:54 am
InterestThis
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Interesting article, it does show how banks want to automate everything, as its much cheaper.
But in this case, its the customers fault. You have to reconcile your banks statements every 30 days.
If you do not, then its your own damn fault for being lazy.

Also classy wedding host, to double-cash people's gift cheques months later.

May 17, 2024
8:56 am
InterestThis
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May 17, 2024
9:15 am
smayer97
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InterestThis said
Interesting article, it does show how banks want to automate everything, as its much cheaper.
But in this case, its the customers fault. You have to reconcile your banks statements every 30 days.
If you do not, then its your own damn fault for being lazy.

Also classy wedding host, to double-cash people's gift cheques months later.  

First off, the 30 days is an arbitrary guideline established by the banks. The law allows up to 2 yrs to resolve such issues. Second, it is rather judgmental of you to claim someone is lazy... you have no clue other people's life circumstances.

May 17, 2024
9:34 am
InterestThis
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Fair enough, someone could be sick, or have another issue which makes the 30 days difficult.
But lots of other people are simply lazy or can't be bothered.

If the law allows 2 years, then its 2 years.
I have always seen the 30 days in the agreement you sign.

May 17, 2024
9:35 am
AltaRed
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I think everyone needs to scan their account statements every month and it is not at all hard to do. It could be a ritual on a particular Sunday morning on one's calendar. It is at most about a 5 minute exercise per account, is it not?

Errors are made honestly though in this particular case, the wedding host is clearly a POS. Two years later? C'mon already.

May 17, 2024
9:37 am
InterestThis
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Actually, that is false info. Its 30 days or bust.

https://www.canada.ca/en/financial-consumer-agency/services/resolving-unauthorized-transaction.html
In some cases, you may need to report the incident within a specific amount of time, as specified in your agreement. If you don’t, you may be held responsible for the transaction and you may not get the full amount back.
For deposit accounts, such as chequing or savings accounts, you usually have 30 days after the date of your statement to dispute a transaction. However, this could differ from one bank to another.

May 17, 2024
12:58 pm
smayer97
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"...you usually have 30 days after the date..."

People need to learn how to interpret the language. First, this is NOT law... Second, this is a guideline, as the emphasized word points out. Even "...this could differ from one bank to another." is about policy, not law.

The law allows up to 2 years before the statute of limitations applies.

May 17, 2024
1:01 pm
smayer97
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AltaRed said
I think everyone needs to scan their account statements every month and it is not at all hard to do. It could be a ritual on a particular Sunday morning on one's calendar. It is at most about a 5 minute exercise per account, is it not?

Errors are made honestly though in this particular case, the wedding host is clearly a POS. Two years later? C'mon already.  

Again, very judgmental to proscribe what "everyone needs" to do. What is "hard" or not is very relative to circumstances. I am glad that your life circumstances make this "not at all hard to do". Who are you to call this host a POS? get off your high horse.

May 17, 2024
1:12 pm
AltaRed
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smayer97 said

Again, very judgmental to proscribe what "everyone needs" to do. What is "hard" or not is very relative to circumstances. I am glad that your life circumstances make this "not at all hard to do". Who are you to call this host a POS? get off your high horse.  

I stand behind my comments. Being responsible in basic life activities is part of being a functioning adult, just like showing up to work on time each day and performing one's job function is too, and/or operating a business. Never mind raising children if that is indeed the case. That is not too much to ask, is it?

Added: However, I agree with the earlier thought that FIs should have some kind of algorithm that would know if that is a duplicate cheque and reject the request back through the clearinghouse. The ultimate solution someday will be the elimination of cheques as they have disappeared in many countries.

May 17, 2024
1:54 pm
JohnnyCash
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smayer97 said
Who are you to call this host a POS? get off your high horse.  

It would be interesting if it turned out the host was in fact a POS.sf-embarassed

May 17, 2024
2:04 pm
AltaRed
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JohnnyCash said

It would be interesting if it turned out the host was in fact a POS.sf-embarassed  

I really did not intend this item to derail the thread but who would deposit a cheque in July 2022, presumably shortly after the wedding and then somehow dig it back up in Dec 2023 and think that an 18 month old cheque (by then) had not: 1) been deposited with all the others at that time, and 2) was still valid anyway? Why would that host not checked their own bank records to be sure? Something is fundamentally wrong with that picture.......

May 17, 2024
2:10 pm
Dean
Valhalla Mountains, British Columbia
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.
Meanwhile, back at the Ranch (eyes rolling) . . .
.
The text in the article (linked in Post #1) boils down to this

    " The vast majority of cheques are deposited using a mobile banking app. Despite the popularity and convenience of these applications, banking security expert Chester Wisniewski said banks don't have a good system in place to detect double cheque deposits.
    .
    "The issue is that the fraud levels are small and fixing it is expensive, so the banks don't care," said Wisniewski, a research scientist at the cybersecurity company Sophos.
    .
    He said this puts the onus on customers to frequently check their statements and to report problems immediately.
    .
    Most victims don't catch double deposits, said Wisniewski. "

.
So ... regardless of the excuses conjured up, the responsibility remains with the Customer to check their accounts and statements on a regular, timely basis. The term; "Govern Yourself Accordingly" applies here.

Otherwise, you're playing 'Russian Roulette' with your bank accounts . . .


.

O&O,

    Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

May 17, 2024
2:55 pm
InterestThis
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It's a clever idea, save all your smaller personal cheques, and recash them in 18 months and hope people don't notice?

May 17, 2024
2:59 pm
AltaRed
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FIs are the custodians of an account holder's assets and have an obligation to exercise their fiduciary duties to keep those assets secure and confidential within the law. The account holder is responsible for incoming and outgoing activity with respect to his/her assets. There are practical limitations to the amount of gatekeeping a FI can do with deposits and withdrawals.

An extreme example would require an account holder to come down to the brick and mortar branch in person, validate their credentials, and either approve or disapprove under signature, any request to withdraw funds in whatever form that request was made. We know that won't work so compromises must be made for functionality.

Some FIs may be better at it than others, obviously, and so the customer has to decide whether to go with A, B or C. Nothing is perfect. Getting rid of cheques would be a step in the right direction as would real-time digital payment processing.

May 17, 2024
3:03 pm
AltaRed
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InterestThis said
It's a clever idea, save all your smaller personal cheques, and recash them in 18 months and hope people don't notice?  

FWIW, out of curiosity, what do you (or anyone reading this) do with the physical cheque once you have deposited a cheque using mobile app photo? Draw a line through it? Write a deposit date on it? Hold the 'so marked' cheque for a week or so before shredding it?

May 17, 2024
5:05 pm
Loonie
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The person who opens the chequing account and the bank have a partnership, a business deal. You deposit money; the bank agrees to only release it on your order.
When bank fails to hold up its end of the bargain because it doesn't want to spend the necessary money on security, it is failing to meet its obligations.
Whether you discover this right away, next year, or never, the bank has still failed to honour its obligations. And apparently they still have the gall to claim that your security etc is their highest priority blah blah. BS. As always, their real priority is always their bottom line, not yours.
Let's not make excuses for them.

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