Who Needs Check Guarantee?
As many of you who represent check guarantee services know, there are still people out there who just don't get check guarantee. "Who needs it?" they ask. "The police collect for me," "I don't get bad checks," "I can tell a bad check writer." You've heard all the objections.
Well, maybe a vivid picture can help. Case in point, Museum Mercantile, Ltd. It seems Museum Mercantile, which deals in consignment of paintings, fine art, antique toys, and rare books among other items, accepted a check for $2,516.82 in February of 1992.
Here's where the story gets interesting. The check was returned NSF. It was re-submitted, and again, returned NSF. The third time it was returned with payment stopped. How can you stop payment on funds that don't exist? We're just as puzzled as Museum Mercantile was.
Needless to say, Museum Mercantile was out $2,516.82 because the check was not guaranteed. As a result, the company felt they had to change their check policy to acceptance of Cashiers checks drawn upon a MAJOR US bank only.
Just think what check guarantee could have done for them when that $2,516.82 check was returned and what it could be doing for them today! (PS You can see the check for yourself at http://museummercantile.com/OrdFrm/check.htm).
