Check You Later...

This is one of my all time favorite stories. My father is an accountant, a CPA technically. I know, imagine that, a Jewish accountant. Anyway, earlier in his career he had one client that owed him payment for his services...approximately $1000. He sent a check to my dad, which my dad then deposited in the bank. The account had insufficient funds and my dad did not receive the payment and was charged a fee. Needless to say, he was pissed. He contacted the client who agreed to send him another check. He received the check, deposited it and guess what, it bounced again and he was charged the fee. He was now very super pissed. He called the guy again about the problem. The guy told him some story about having switched accounts and it was a mistake, blah blah blah...he'd send another check.

The check arrived, but this time my dad had a plan. It just so happened that the check was from the same bank where my dad did his banking. He went to the bank and explained that he had been burned by this guy on checks twice now. Knowing the cashier could not tell him the balance of the account, he asked the if there was sufficient funds to cash the check. A perfectly allowable question. She said no.....but it was "close". So my dad smiled and said, "Ok, I'd like to deposit $50 into the account number on the check"...knowing that cash posts instantly and can't be traced. He then asked the cashier "Is there sufficient funds in the account to cash this check?" The cashier replied "No, but it's really, really close". "Ok" Said my dad, "I'd like to deposit $50 into the account number on the check" The cashier deposited the cash. My dad said, "I'd like to cash this check, are there sufficient funds in the account? The cashier said "Yes there are." and gave him the $1000. So, for $100 cash and about $50 in service fees, a net gain of $850, he got to clean out the guy's account. Victory!