Check-kiting

[+ dutchmuch]

Since some recent threads here have been about money, I have a different question.

Escorts, do you allow some of your clients to check-kite? "Here's a check for $300, but don't cash it for a couple of days".

I realize there maybe a difference btwn. a regular and new customer. Another difference could be that tis approach is done at the start of a session, or end of session.

Your call?

[Kevin Slater]

I have a few clients who make up a hugely disproportional part of my business. From them, I'd gladly accept a post-dated check. All else pay cash.

 

Kevin Slater

[craigville beach]

as a banker in a former life, what you describing isn't check-kiting. We used to call what you described as "hanging paper".

[bigvalboy]

With ATM's on every corner, why on earth would it be necessary to write a check. And if you need to write a check, and have the escort hold it till funds are available, should you be hiring at all? Just curious?

[instudiocity]

Yup, Check-kiting involves a person with multiple banks/bank accounts writing checks back and forth between said accounts for the purpose of moving their cash shortfall back and forth to avoid over drafting.

 

Back in the 1970's my uncle (by marriage) shared some time at ClubFed for these offenses. It was only $200K or so, but then that was like 20 times the average income of a family of four.

[+ dutchmuch]

as a banker in a former life, what you describing isn't check-kiting. We used to call what you described as "hanging paper".

 

 

1. Check kiting is a form of check fraud, involving taking advantage of the float to make use of non-existent funds in a checking or other bank account. In this way, instead of being used as a negotiable instrument, checks are misused as a form of unauthorized credit.
   Check kiting - Wikipedia, the free encyclopedia
   https://en.wikipedia.org/wiki/Check_kiting
   

[+ overeasy]

Sorry Dutch ---you're wrong on this one. Your quote from the esteemed and all-knowing Wikipedia is ok as far as it goes....just doesn't go far enough in allowing that kiting is taking advantage of floating funds between various accounts YOU control....giving the appearance that you have more money than you really do. The partial definition by Wikipedia is kinda like you can tell the truth without telling the whole truth - or nothing but the truth....just falls a little short.

[coriolis888]

Sorry Dutch ---you're wrong on this one. Your quote from the esteemed and all-knowing Wikipedia is ok as far as it goes....just doesn't go far enough in allowing that kiting is taking advantage of floating funds between various accounts YOU control....giving the appearance that you have more money than you really do. The partial definition by Wikipedia is kinda like you can tell the truth without telling the whole truth - or nothing but the truth....just falls a little short.

 

 

You are absolutely correct

 

With modern banking, there usually is no "float" time between banks. A deposit made to one bank will usually clear the same business day at each bank. Sometimes there is a "hold" placed on deposited funds but not as a rule.

 

The days of "check kiting" belong in the history books.

[craigville beach]

a classic "kiting" always needed at least 2 bank accounts at different banks. It was always a good scheme to use 1 regular bank and a second account at a credit union or a classic savings bank. What would happen is the individual would create a deposit at bank 1, using a check drawn on bank 2. Then draw the money from bank 1 out before bank 2 had a chance to return the NSF item. Then repeat the scheme with a deposit to bank 2 with a check drawn on bank 1. When using a 3rd bank, you could spend your whole day running between banks. Most banks and clearing houses today, clear using only the image of the check and not the actual check. Actually most banks who clear through the FRB system get prior notification of what is coming to them overnight around 11 am in the morning. FRB also will pre notice the banks for any return items over a certain amount that are coming back for any reason. FRB is the Federal Reserve. They are by far the largest processor of clearing items every day.

[Lookin]

http://d1zlh37f1ep3tj.cloudfront.net/wp/wblob/54592E651337D2/927/DF587/sFu8MwRT_hVZLxrF0Jvv6Q/capone.jpg

Very interesting, gentlemen, but whaddabout the escort question?

[+ dutchmuch]

The House banking scandal broke in early 1992, when it was revealed that the United States House of Representatives allowed members to overdraw their House checking accounts without risk of being penalized by the House bank (actually a clearinghouse).

 

This is also sometimes known as Rubbergate (from the expressions "rubber check" (bounced check) and "Watergate)". The term is misleading because House checks did not bounce; they were honored because the House Bank provided overdraft protection to its account holders, the Office of the Sergeant at Arms covered the House Bank with no penalties.[1] It was also sometimes known as the "check-kiting scandal".

[AdamSmith]

http://www.boytoy.com/forums/uploads/monthly_10_2013/post-100548-0-42082400-1381972332.jpg

[sincitymix]

Since some recent threads here have been about money, I have a different question.

Escorts, do you allow some of your clients to check-kite? "Here's a check for $300, but don't cash it for a couple of days".

I realize there maybe a difference btwn. a regular and new customer. Another difference could be that tis approach is done at the start of a session, or end of session.

Your call?

 

Im not an escort, but I am thinking Hell No!

[TruHart1]

Since some recent threads here have been about money, I have a different question.

Escorts, do you allow some of your clients to check-kite? "Here's a check for $300, but don't cash it for a couple of days"...etc.

 

...(y)our call?

 

as a banker in a former life, what you describing isn't check-kiting. We used to call what you described as "hanging paper".

Im not an escort, but I am thinking Hell No!

 

Makes the phrase, "I'll gladly pay you Tuesday for a hamburger today" come to mind!

 

Truhart1

[sincitymix]

Makes the phrase, "I'll gladly pay you Tuesday for a hamburger today" come to mind!

 

Truhart1

LOL I was thinking about that line when i was posting also :)

[+ purplekow]

i will frequently pay with checks. I prefer them to cash as I do not have to take a considerable amount of money with me to meet an escort. No one ever tells you a gunpoint to turn over your check book. I have a tendency to lose things, so I would rather not tempt fate in losing cash and a single check can be easily stopped. There are times where my bank account has been low for whatever reason and I have asked the escort to hold the check just so I can be sure funds are available. I do not keep a lot of money in my non-interest bearing checking account. I do have overdraft protection should the escort become impatient. I I usually ask the escort beforehand if it okay to pay by check. i have had escorts cancel for that reason.

I have had a few escorts who travel say they prefer checks as they are not as cumbersome as large amounts of small bills are.

i had one escort Fed Ex cash to his partner. While that is a terrible idea and cost this escort more than $5000, he managed to salvage my overnight fee, as I had paid him by check and was able to stop the check and make good on it.

[bigvalboy]

In today's day and age there is no need to write checks. The app VENMO is extremely easy to use. Don't have cash on hand? No worries, just link up your AMEX. Unlike paypal, although they are owned by paypal they don't ask what it is for and there are no additional forms to fill out. I actually welcome venmo payments with open arms. Why? I don't deposit cash into my bank accounts. I'll use it to pay my bills online, then deduct some bills as write offs and will claim my venmo payments as income. Keep in mind that there is a limit to how much cash you can transfer each day, I think it's 1,000. That's the only kicker. The other option is a certified bank check, which is probably the only acceptable check form of payment I could see people agreeing to. I never sought a service that I didn't have the money on hand to pay for. Because escorting is a service business, I always put myself in the shoes of the other provider and would imagine the stress of wondering if the check will clear. If it's as simple as you'll have the cash in a few days, then just wait a few days to meet up. Why over complicate what should be an uncomplicated enjoyable time?

 

Curious..can Venmo be linked to Master card or Visa? I no longer have Amex..This new tech shit is over my head sometimes..lol

[+ dutchmuch]

Why over complicate what should be an uncomplicated enjoyable time?

 

I think that was the gist of why I asked the question.

If money is going to be an issue when you hire, wait until it isn't an issue.

"Don't buy anything that you can't afford."

[bigvalboy]

It could be linked to any mainstream credit card. YOU GOT THIS BVB

 

I wish you had told me sooner...lunch would have been extended.

[+ purplekow]

In today's day and age there is no need to write checks. The app VENMO is extremely easy to use. Don't have cash on hand? No worries, just link up your AMEX. Unlike paypal, although they are owned by paypal they don't ask what it is for and there are no additional forms to fill out. I actually welcome venmo payments with open arms. Why? I don't deposit cash into my bank accounts. I'll use it to pay my bills online, then deduct some bills as write offs and will claim my venmo payments as income. Keep in mind that there is a limit to how much cash you can transfer each day, I think it's 1,000. That's the only kicker. The other option is a certified bank check, which is probably the only acceptable check form of payment I could see people agreeing to. I never sought a service that I didn't have the money on hand to pay for. Because escorting is a service business, I always put myself in the shoes of the other provider and would imagine the stress of wondering if the check will clear. If it's as simple as you'll have the cash in a few days, then just wait a few days to meet up. Which is what my answer would be if someone is in that situation. Why over complicate what should be an uncomplicated enjoyable time?

 

VENMO is something new to me and does sound handy for the client that doesn't mind having his credit card charges reviewed. There are probably a few clients with wives or significant others who would rather not explain that $600 charge every two weeks. I suppose those same significant others could be reviewing the checkbook. I assume if this is by credit card, there has to be a recipient account, do all escorts have this capability? Is it to a bank account or a special VENMO account?

As far as paying for services, my lawyer bills me, my doctor bills me, my dentist bills me, my accountant bills me. I am not expecting my escort to bill me, but i cannot think of another service for which I pay cash or by check. As a service provider, taking a check from a known reliable person was never stressful. Getting payment from people who passed bad checks was, but was such a small percentage that, at that time, it was worth taking the checks. Times have changed and perhaps checks, like many other things are left to us with one foot in the grave.

 

This thread did lead me to consider that since escorting is illegal in most states, would using methods of payment other than cash be evidence of promoting a criminal activity or racketeering?

[AdamSmith]

lunch would have been extended.

 

We love it when you talk dirty.

[+ purplekow]

So just so I'm understanding this correctly. When having a joint bank account one can't easily retrieve copies of cashed checks? Some how I knew the concern of discretion would be discussed, and somehow I knew that it would make absolutely no sense when comparing writing a check to making an online payment.

So just so I'm understanding this correctly. When having a joint bank account one can't easily retrieve copies of cashed checks? Some how I knew the concern of discretion would be discussed, and somehow I knew that it would make absolutely no sense when comparing writing a check to making an online payment.

Somehow did you miss this part of my statement " I suppose those same significant others could be reviewing the checkbook. "

[+ purplekow]

Somehow did you miss this part of my statement " I suppose those same significant others could be reviewing the checkbook. "

Of course I read it.

i see Thank your for your editing.

[+ purplekow]

I think that was the gist of why I asked the question.

If money is going to be an issue when you hire, wait until it isn't an issue.

"Don't buy anything that you can't afford."

It may not be a matter of being able to afford it, just that the account being used doesn't have the funds at that moment. In general though, not buying something you cannot afford is good, but UnAmerican advice.

[bigvalboy]

I just don't understand the need for checks anymore. I personally can't remember the last time I even wrote a check. I pay cash for almost everything, or use a debit card, and about the only time I use a credit card is for making reservations on line. I don't think carrying a few hundred dollars with me to pay an escort is at all burdensome.

 

Of course the next time I see Killian, I will be sure to have my little VENMO system up and running, ya know...just in case.