Posted by Hugh Nations Signing Agents of Austin on 1/2/08 1:23pm
Msg #228642

Credit card checks

I have a Bank of America credit card, which I keep just to keep the level of my access to credit up and my credit score okay. I'll use it just once a year to keep it active (BOA is such a crappy company, I don't want to give them any more business than necessary to suit my ends).

Frequently nowadays, I get the instant checks through the mail, most often from BOA. They seem to be ready made for mischief, so I routinely shred them. Has anyone ever had someone unauthorized attempt to negotiate one of those checks, or know of anyone who has had that happen? I'm wondering if it is easier to pass one of the instant checks than to pass a regular check.

Reply by Dennis D Broadbooks on 1/2/08 1:53pm
Msg #228647

Sometimes...

...the best way to get paper to pass through your digestive system is to add a little salsa while dining on the BOA cuisine. Paper oftentimes will get balled up unless...wait a minute! Are you referring to passing checks through the banking system? Never mind!

To give you feedback on your legitimate question here's an article I found after a quick search which might give you some insight.

http://www.creditcards.com/Credit-Card-Checks-Can-be-Costly.php

Reply by Carmi/CA on 1/2/08 1:54pm
Msg #228649

Several years back I had a credit card that I never used.

When I decided to use it, it got declined. I called the credit card company and they told me that I used one of their checks. Everything was taken care of but since then, I kept a close watch on all of my credit cards by checking them online or getting a copy of my credit report.

I also worked for a credit union a few years back and from experience, these type of checks are handled with great caution. They put a longer hold on it just to make sure that funds are still available.

Reply by Linda Spanski on 1/2/08 1:55pm
Msg #228650

Hugh, I had the same concern, though I've no evidence that those checks are more fraud-prone than others. But why worry? You can call your credit card company and ask that they stop sending those checks to you. I've also requested that the Credit Bureaus stop selling my name for those pre-approved credit cards, which look like another way a fraudster could open credit in my name. And because I hate junk mail, I put my name on the Direct Marketing Assn's list of folks who do not want any solicitations of any sort. The effort was well worth it.

Reply by Philip Johnson on 1/2/08 2:03pm
Msg #228655

Do you have a Heloc?

If so and this is just sitting there anyway, why not take that 0% check and deposit up to the credit limit in your Heloc? I do this quite regularly and have saved quite a bit of interest. Do make sure that they have a limit on the balance transfer fee most are either 3% or max $75.00. Just make sure to pay it back on time and it should work out for your fine.

Reply by Carmi/CA on 1/2/08 2:10pm
Msg #228660

A friend of mine received an offer from her credit card

a few months back for 0% until balance paid in full with no transaction fees. She used it to pay off some of her other credit cards and the rest into a CD. It worked out great because she's not paying any interest on that credit card plus receiving interest from her CD.

Reply by CF on 1/2/08 3:01pm
Msg #228674

Had a BO use one of these for funds due.

BO told me when I called to confirm that he was going to use one of these. I told him to call LO and I told him I was going to call TC and verify that this was OK. TC said said fine and Lender. I thought to myself, that this Bo may not even have the available amount that he was going to write it for???? TC never questioned it. It was around $23,000 that he wrote it for. That was a first for me in 4 years that anyone used one of these checks.

Reply by linda/ca on 1/2/08 4:48pm
Msg #228684

Hello Hugh,

I have a friend that had this happen to her. Someone stole the checks and wrote the check amounts for up to 4,000.00.

It angers me when credit card companies send those blank checks and feel that they are very irresponsible and they realize it, however, they don't care as they are trying to tepmt you to spend more money.

I have also asked not to send those checks to me.

Reply by LKT/CA on 1/3/08 1:18am
Msg #228781

Many credit card companies require those checks to be "activated" before they can be used by first calling an 800 # from the HOME phone of the account holder, essentially rendering the check useless if they were not first activated, specifically from the home phone.

So if someone gets to them for fraudulent purposes, it would have to be an "inside" job.