Hulver's site || Screwed. $9k screwed.

Diaries
Everything
Who's Online?
FAQ / Help

Screwed. $9k screwed.

Death

By coryking (Fri Aug 31, 2007 at 03:10:43 PM EST) suck, business, doing your mom (all tags)

Steps:

Contractor C and business B agree on a three month contract.
Business B is owned by $LONGTIMEFRIEND
Business B gives partial deposit for 9k.
Said deposit is from a personal check of business b's Investor Z.
Business B also had investor Z write other checks to other vendors totating amount $BIGNUMBER.
Investor Z turns out to be a 25 year old kid whos dad transfered $BIGNUMBER from Investor Z's joint checking account.
Investor Z does not have money to cover $BIGNUMBER and bounces all checks written on behalf of Business B.
Contractor C gets screwed
Business B gets screwed
???
Profit

Moral? Dont take out of state third party checks. It might be temping, but damn... big mistake. At least it was a deposit so Contractor C is only screwed for work he or she has not completed.

Suck.

I've heard horror stories of vendors bouncing a check that was to be payroll for two months. It could be worse.

In other news, between contract whorage and mozicode, there is no news.

< A Day in the Life | BBC White season: 'Rivers of Blood' >

Login

Related Links

- coryking's Diary

Google

Comment Controls

Screwed. $9k screwed. | 16 comments (16 topical, 0 hidden) | Trackback

$LONGTIMEFRIEND isn't. by greyrat (4.00 / 1) #1 Fri Aug 31, 2007 at 03:22:42 PM EST

$LONGTIMEFRIEND should also call $VINNY and $GUIDO to make a "collection" from Investor Z and/or Investor Z's daddy.

Turnip >> Blood by coryking (4.00 / 1) #3 Fri Aug 31, 2007 at 03:32:11 PM EST

... as the saying goes.

His law guy is on it though. We'll see. Our hero, Contractor C, will probably never see any of it though.

Moral? Wire transfer is the way to go. Shit, even paypal :-)
We are Siamese if you please. We are Siamese if you don't please.
[ Parent ]

Another difference twixt Europe and t'Colonies by Vulch (2.00 / 0) #9 Fri Aug 31, 2007 at 04:10:25 PM EST

Over here these days we use $IVAN and $BORIS for such purposes.

[ Parent ]

: Greetings my good friend by debacle (2.00 / 0) #13 Fri Aug 31, 2007 at 04:31:28 PM EST

How are you doing today, ah?
"I'm very responsive to certain stimuli, and pain is pretty much at the top of that list." - BadDoggie

[ Parent ]

You guys have just got to stop using cheques. by komet (4.00 / 1) #2 Fri Aug 31, 2007 at 03:31:31 PM EST

Everyone else has stopped using cheques except the USA precisely because of stuff like this.

--
<ni> komet: You are functionally illiterate as regards trashy erotica.

you are telling me by coryking (4.00 / 1) #4 Fri Aug 31, 2007 at 03:33:20 PM EST

The moral of the story is really that you shouldn't fuck with checks. Wire transfer is only like $20 and when $20 << $HUGEAMOUNT it is a good price.
We are Siamese if you please. We are Siamese if you don't please.
[ Parent ]

Wire transfer is $20??? by komet (2.00 / 0) #5 Fri Aug 31, 2007 at 03:41:27 PM EST

Wow, I didn't know that. This is clearly a failing of your legislation. Domestic wire transfers are free in every European state I can think of, and the EU is going to great lengths at the moment to install free cross-border Euro transfers. Legislators ought to have an interest in increasing certainly of payment in the interest of a stable economy.

--
<ni> komet: You are functionally illiterate as regards trashy erotica.
[ Parent ]

A friend and myself were discussing this by coryking (2.00 / 0) #6 Fri Aug 31, 2007 at 03:48:56 PM EST

We've got "wire transfers" and ACH (automated clearing house) transfers here in the US.

I honestly think wire transfers are done by paper.

ACH transactions are used for direct deposit (aka, paid by employeer with no check), paypal withdrawls, a lot of ecommerce sites that do checks and other fun things.

ACH transfers usually are about $0.10 and take up to three business days.

Wire transfers are "instant", but I suspect they are only instant because your bank calls the other bank and does some kind of "put the funs on hold" while the money gets routed. I think it costs $20 because it involved human labor.

So... are we slow here? Yes. I suspect there is a lot of legacy crap built into our system. I also suspect it has to do with ways you can commit fraud on top of the legacy crap.

Some day though...

Just curious: How long does it take to withdraw money from your paypal account? Do you guys have the same concept of routing & account numbers?
We are Siamese if you please. We are Siamese if you don't please.
[ Parent ]

There are various ways of transferring funds, by komet (2.00 / 0) #7 Fri Aug 31, 2007 at 04:00:01 PM EST

from the bank's point of view. You can transfer funds directly from Bank A to Bank B if one has an account with the other. Or you can involve a central clearing house. The Swiss clearing house is supported by the central bank. Also, every bank has a post office giro account which can also be used for transfers.

The important thing is that this is all transparent to the customer. The customers simply says "send amount $X to bank routing code $R, account number $A" and the bank decides how best to route the funds. It's all free of charge (except when paying cash at any post office, which can also be done to any bank account) because the money disappears one day and appears on the destination account the following day; in those few hours in between the bank has your money and can do whatever magic it is that banks do to earn money.

Socialism might have been a factor. The modern wire transfer systems in Europe grew conceptually out of the British giro system that the government used in the 50s to send unemployment benefits to the poor.

I've never tried to withdraw money from Paypal. Paypal kind of solves a problem that we don't have quite as much in Europe.

--
<ni> komet: You are functionally illiterate as regards trashy erotica.
[ Parent ]

sounds like... by coryking (2.00 / 0) #10 Fri Aug 31, 2007 at 04:13:09 PM EST

Pretty much sounds like over here, only teh freez0r.

So your system is about one business day for a wire? If so, colour me jealous.
We are Siamese if you please. We are Siamese if you don't please.
[ Parent ]

yes by komet (4.00 / 1) #11 Fri Aug 31, 2007 at 04:24:21 PM EST

Usually you can submit the payment instruction before midnight and the funds arrive at about 4am. The Swiss clearing house operates in realtime, though I understand this was quite rare when it started back in the 80s - most countries had a batch system at that point.

--
<ni> komet: You are functionally illiterate as regards trashy erotica.
[ Parent ]

you = suck by coryking (2.00 / 0) #12 Fri Aug 31, 2007 at 04:28:17 PM EST

So... What about credit cards? If I was a merchant over there, would it take a business day to go from your card -> gateway -> my account?

You guys have everything. Why, according to my shampoo bottles you guys even use better hair care products!

We are Siamese if you please. We are Siamese if you don't please.
[ Parent ]

I don't know by komet (2.00 / 0) #14 Fri Aug 31, 2007 at 04:38:13 PM EST

I don't take credit cards. Why should I? People can pay by wire transfer.

Did I mention that my bank sends me files via secure FTP that contain all the payments I received that day, containing a unique reference number that I can use to automatically reconciliate with the accounts receivable database? I haven't had to actually look at a payment for years.

--
<ni> komet: You are functionally illiterate as regards trashy erotica.
[ Parent ]

: did I mention... by coryking (2.00 / 0) #15 Fri Aug 31, 2007 at 04:41:36 PM EST

you suck?
;-)
We are Siamese if you please. We are Siamese if you don't please.
[ Parent ]

PayPal by ti dave (2.00 / 0) #16 Fri Aug 31, 2007 at 05:16:22 PM EST

3-4 business days, in the US.

I don't care if people hate my guts; I assume most of them do.
The important question is whether they are in a position to do anything about it. --W.S. Burroughs
[ Parent ]

sounds like by aphrael (4.00 / 1) #8 Fri Aug 31, 2007 at 04:04:08 PM EST

a lawsuit or three in the making.

If television is a babysitter, the internet is a drunk librarian who won't shut up.

Screwed. $9k screwed. | 16 comments (16 topical, 0 hidden) | Trackback