How long does a money order take to clear? (RBC Bank)?I deposited a money order for $850 yesterday into my RBC Bank account and I was wondering how long it would take until I will be able to access it. |
How long does a money order take to clear? (RBC Bank)?I deposited a money order for $850 yesterday into my RBC Bank account and I was wondering how long it would take until I will be able to access it. |
you'll know in about 6 to 8 weeks whether the thing was a fake or not.
they'll allow you to draw money out within a few days, BUT that does not mean the thing can't come back forged or fraudulent in two months -- it can.
Money Orders should only be accepted from people you know and trust. There are many, many fake money orders out there being used to scam people out of hundreds to thousands of dollars.
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One popular scam works like this:
you get "hired" to act as a collection agent for some foreign company. Payments from their "customers" are sent to you via money order, etc. Your job is to deposit them, wait until the bank makes the funds available, and then send the money onward, less your fee of N percent.
almost all the items will prove to be forged or fraudulent -- it takes 2 to 3 months to find this out. you'll have sent 90 plus percent of the money onward and the bank will hold you liable for the entire value of all the forged or fraudulent items.
so you'll end up losing about 90 percent of all the monies that ever flowed through your "business".
bankruptcy? yes -- yours. them? hey, they're in some foreign country, perhaps three layers of fake agents deep, and will not be caught. They do have your money, though. And they won't be giving it back.
Why am I fearful you have deposited a $850 counterfeit money order?
Do NOT spend it. Even IF the bank releases some or all of it to you in a few days.
I got a bad feeling about this.
Who did you get this MO from? Did you wire some of it back to the sender? ugh!!!