Q: I just sold my car to a company for scrap and I went to went to cash the check but it was no good.
Bank said check wasn’t in the system. Called company and they said I would have to wait a couple of hours for the check to clear. I signed over my ownership of the car shouldn’t funds be immediately available?
Dear scrappy consumer,
It sounds like the issue is more about your bank than the business you sold your vehicle to. Though it seems strange that the business would have a comment on this at all unless they use the same bank that you tried to cash the check at . . . either way, more information is needed.
Your consumer advocate
A: Sorry for your issues. The funds from the company should 'immediately' be good unless you had some other agreement with them. The bank saying the check was not in the system seems concerning. Monitor this closely, as the earlier you catch a fraudster, IF that is what happened here, the better chance you have to get your money.
A: When selling a car and receiving a check as payment, it is important to ensure the check is valid and funds are available before signing over ownership. It is unusual for a company check to take a significant amount of time to clear, especially if it is issued by a reputable company. However, the specific circumstances may vary, and it's advisable to contact your bank or financial institution for further guidance. They can provide information about the check's validity and advise you on the best course of action to resolve the issue. If the check does not clear or there are concerns about its legitimacy, you may need to consult with a legal professional or consider taking appropriate legal action to protect your rights and recover the funds owed to you.
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