What’s the 6-Day Rule? I’m not sure one exists. There’s definitely a 3-day rule, otherwise known as “The 3 Day Right of Rescission.” It’s a law that protects consumers from certain purchases but not all. Of course, I’m not talking about the 3-day rule but a 6-Day Rule. This actually is something I made up but makes complete logical sense, if you know where I’m coming from.
There is something of a loophole with checks that scammers continually exploit. It involves making counterfeit checks and sending them to unsuspecting victims, requesting that they have them cashed and wire money to pay for a fee. The fee is generally, (the counterfeiter claims,) to pay for taxes on winnings or a grant, administrative costs, shipping for a sports car or other prize or whatever charge they think the victim will far for. What victims might not realize is that the check sent to them is fraudulent. Even if they do know that it’s fake, there is an assumption that the bank or credit union would pick up on it. After all, they are the experts. As I mentioned this is an “assumption.” The reality of it is that the banks/financial institutions assume no liability for the authenticity of the check. That falls back on the person depositing the check into their bank account. When that check bounces, it’s the account holder’s responsibility to pay when the counterfeiter can’t be found.
So what does all of this have to do with a 6-Day Rule? Simply put: If a consumer waits 6 days before wiring any cash, that would save a lot of headaches for the consumer, our banking system, money-transfer organizations, and consumer protection agencies, who handle these problems on a daily basis. By then, the check will have cleared the bank and will show that there are no funds on the other end. Doing this would keep money from getting into the hands of fraudsters a lot more often. Something to think about…and remember.
photo credit: <a href=”http://www.flickr.com/photos/bitxi/6246704805/”>imarigorta</a> via <a href=”http://photopin.com”>photopin</a> <a href=”http://creativecommons.org/licenses/by-nc-sa/2.0/”>cc</a>