Banks and Check Cashers Report Unusually High Occurrances of "Stop Payment" Orders Placed On Checks From Gold Buying Businesses
Individuals selling gold to stores receiving bad checks and then are threatened with a warrant issued if they don't make restitution immediately.
GDO Report -
Senior News Reporter Frankie Upchurch
ATLANTA - Atlanta area banks, financial institutions and check cashing stores are reporting unusually high incidents of "Stop Payment" orders being placed on checks originating from one single industry - Gold Buying businesses.
The most tragic results of such violations are the manner in which they effect those who've parted with their valuable gold and already spent the money on their most pressing financial responsibilities. In most cases, two to three weeks after having cashed the check, the victim receives a very rude call from a check casher or other types of check cashing institutions threatening to have a warrent issued for their arrest if restitution is not made in full immediately.
At first, it doesn't seem fair, but if you think about it - the person who unknowingly presented the worthless document to the financial institution is usually the one who exited the premesis with the store's money in their hand. And now, at holiday season, when cash is so tight that these people had to sell their valuable gold to meet those financial obligations now face the threat to have a warrent put out for their arrest when they actually did nothing wrong at all.
And, believe it or not, the gold buyer is not criminally liable. Usually the paperwork one signs when completing the transaction of selling their gold almost ALWAYS covers situations like these - to the store's benefit, of course. The entire matter simply becomes a civil matter for the gold buyer. The victim of the situation's ONLY recourse is to hire an attorney for thousands of dollars and hope someone's around to collect from in a couple of years, should they win their case.
Unfortunately, these "We Buy Gold" companies will skip town faster than they popped up and will file a $300 bankruptcy on their way out. Victims will have lost ALL their gold and received less than nothing in return but heart-ache.
The Good News:
Gwinnett Daily has performed ALL the required research on the subject and unfortunately, the best precaution we can recommend is to NOT accept checks of ANY kind for your valuable gold. If a business tries to talk you into accepting one of their checks, then you're better off simply going to the next buyer on your list.
We've learned that most stores try to make it sound like they're doing their customers a favor by writing them checks because walking out with so much cash is too dangerous. If it's that dangerous, simply divide the sale into smaller ones or race to the nearest bank and deposit it there - even if you have to do it through their ATM because the bank may be closed at the time.
Your Best Solution for Getting the Highest Price Paid in Cash for Your Gold...
Simply do business with local Gold Brokers.. They've been around the longest, they're the most reputible, They pay the highest rates, pay by CASH ONLY at the exact time of sale. To find the one closest to you, simply search Google for "Gwinnett Gold Brokers," "Buford Gold Brokers," "Mall of Georgia Gold Brokers" or even "Atlanta Gold Brokers." After the six months intensive research that Gwinnett Daily has done on the subject - we found these facts to be close to 100% reliable.
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