andrew@hammer.UUCP (Andrew Klossner) (02/17/86)
[]
"My bank is Bank of America and I have a credit card from them
as well as a checking account. One of the services they
provide is overdraft protection - they will move money from the
credit card account into the checking account if the balance
falls below zero. This way, they can guarantee the checks I
write (up to a certain amount). They do that by giving me an
ATM card with words "Check Guarantee" on it. The merchants
will accept this card in lieu of my credit card. They write
down its number and expiration date on the check. The number
though, cannot be used for credit card purchases! Thus, the
solution to the problem."
When I banked with BofA, I had a similar arrangement. On more than one
occasion they lost part or all of a deposit that I made in a branch not
my home, and when my account went negative, the overdraft protection
kicked in. When they finally fixed the deposit, they refused to credit
me with the overdraft charge.
I have nothing but bad memories of BofA.
Many banks will issue a "check guarantee" card with no ATM or overdraft
power. It's just their note to the merchant that they think you're not
a deadbeat. These have been around since before credit cards were
widespread.
-=- Andrew Klossner (decvax!tektronix!tekecs!andrew) [UUCP]
(tekecs!andrew.tektronix@csnet-relay) [ARPA]ron@brl-smoke.ARPA (Ron Natalie <ron>) (02/21/86)
> > Many banks will issue a "check guarantee" card with no ATM or overdraft > power. It's just their note to the merchant that they think you're not > a deadbeat. These have been around since before credit cards were > widespread. > The use of CHECK GUARANTEE cards is very regional. In Denver, nearly anyone would take a check if you had a check guarantee card. Out here in the east, they aren't impressed by the fact that you have one at all. -Ron
hijab@cad.UUCP (Raif Hijab) (02/24/86)
> Many banks will issue a "check guarantee" card with no ATM or overdraft > power. It's just their note to the merchant that they think you're not > a deadbeat. These have been around since before credit cards were > widespread. > > -=- Andrew Klossner (decvax!tektronix!tekecs!andrew) [UUCP] > (tekecs!andrew.tektronix@csnet-relay) [ARPA] I have a BA check guatrantee card, and I have yet to find a merchant who did not ask to see a credit card as well. As far as I am concerned, they are useless.
tkoppel@udenva.UUCP (Ted Koppel) (02/25/86)
In article <1211@brl-smoke.ARPA>, ron@brl-smoke.ARPA (Ron Natalie <ron>) claims:
-->The use of CHECK GUARANTEE cards is very regional. In Denver, nearly
-->anyone would take a check if you had a check guarantee card. Out here in
-->the east, they aren't impressed by the fact that you have one at all.
-->
That is no longer strictly true. My experience in Denver (over the
last year or two) is that check-guarantee cards are almost NEVER
accepted by themselves, as they used to be. Almost any transaction now
requires a drivers license or a credit card IN ADDITION TO the C.G.
card, which sort of defeats the purpose.
One interesting note--my experience is that some of the more
sophisticated cash-register terminals do a lot of check verification
without requiring ID; the local Target store requires no ID on a check
less tahn $25-30; they key in the MICR number and their register
decides what is valid.
--
Ted Koppel : 1696 S. Mobile St. : Aurora, Colorado 80017 :
{boulder, cires, cisden, denelcor, hao, nbires}!udenva!tkoppel
{bilanc, csm9a, elsi, koala}!udenva!tkoppel