Check cashing

[B. Byrd]

And also, they don't waste staff time processing an application and then find the check didn't clear.

I've spent 25 years running a business with a similar procedure, that is deposit, process, and refund if the credentials don't measure up. Believe me, they are doing it the right way. I don't like it either, but it is the right way.

 

[jkaczyn18]

Thanks for the answers. Mine is cashed as of 10/24, is sent in 10/19 so pretty fast.

 

[B. Byrd]

Thanks for the answers. Mine is cashed as of 10/24, is sent in 10/19 so pretty fast.

Mine cleared yesterday too. Must have been a big day at the ATF.

 

[substratum]

In any business, not-for-profit corporation, or government entity that collects payments/funds, proper handling of the funds is something auditors look at closely. Un-deposited funds are vulnerable to being lost or stolen, and if the entity is of any size, could represent thousands to millions of dollars in unearned interest.

I run a 501(c)(3) corporation (by definition, a charity), and we have chain of custody, separation of duty, and timely deposit procedures related to funds (primarily checks and credit cards), that our auditors (CPA Firm) "test" by random sample each year during the audit. If we fail the test it gets noted as a shortcoming or finding in a "management letter" to my board of directors. Government entities, like ATF, have the same sort of things in place to assure they are good stewards of the money coming in the door.

Some big government agencies even use a third party "lock box" company (or another agency) that opens the mail, copies/deposits the payment, and forwards the paperwork and a copy of the payment to the recipient agency.

Not every business hires auditors to look their business practices over, but not-for-profits, and many businesses who have government contracts are required to do it. State and Federal governments generally have their own auditing agencies.

 

[substratum]

Any checks that accidently get sent to the IRS get cashed non refundable. 60 minutes did a show on it a few years back, you'd be surprised how many people send the wrong item in the wrong envelope or the USPS sorts or delivers it wrong.

I remember that. The IRS had an office called "Document Perfection Office", where they would stamp "TREASURY" across checks that were clearly payable to SEARS or ABC Mortgage Company. If anyone else had done exactly what the IRS was doing, they would have been led away in handcuffs.

 

[jkaczyn18]

Mine cleared yesterday too. Must have been a big day at the ATF.

I am hoping for around 4-5 months that would be great, but we will just have to wait and see. When did you mail yours? I was really surprised to see that it had cleared already. I was expecting atleast a week. Crossing my fingers that things are speeding up just a little bit.

 

[B. Byrd]

I am hoping for around 4-5 months that would be great, but we will just have to wait and see. When did you mail yours? I was really surprised to see that it had cleared already. I was expecting atleast a week. Crossing my fingers that things are speeding up just a little bit.

18th You're an optimist.

 

[jkaczyn18]

18th You're an optimist.

That I am. There have been some clearing in that time frame though. For now just going to try and forget about it though.

 

[sovietak474u]

I sent mine on the 16th and they cashed it on the 22nd. Wasted no time!!! Im glad they got my paperwork in the stack though

 

[ugagrad04]

I am hoping for around 4-5 months that would be great, but we will just have to wait and see. When did you mail yours? I was really surprised to see that it had cleared already. I was expecting atleast a week. Crossing my fingers that things are speeding up just a little bit.

ATF always cashed the checks fast, that is no indicator on the time it takes for approval. 6 months door to door is what its been taking lately.