So this is pretty funny.

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GermX
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So this is pretty funny.

Postby GermX » Wed May 19, 2010 12:41 pm

So, in order to remain as anonymous as possible, this story will have slight inaccuracies. As you recall I was withdrawing from a certain school and wanted to see if I could ask them not to deposit my seat deposit, which they obviously forgot to deposit (2 months after sending it in they hadn't deposited it yet).

Anyways, I swear to god this is not a joke, the minute I send the e-mail, within 30 minutes that check was found and deposited, and I never even got a response. lol! Talk about paranoia. I don't mind the money being deposited, after all, that's what I sent it for, I'm just saying, I am so glad I didn't sign up to that vicious school.

Anyways, thought I would share.

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JWicker10
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Re: So this is pretty funny.

Postby JWicker10 » Wed May 19, 2010 4:14 pm

You should have just contacted your bank and voided the check.

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kalvano
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Re: So this is pretty funny.

Postby kalvano » Wed May 19, 2010 4:15 pm

Call and put a stop payment on the check.

If they just deposited it, it hasn't gone through yet.

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JWicker10
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Re: So this is pretty funny.

Postby JWicker10 » Wed May 19, 2010 4:18 pm

Call and put a stop payment on the check.

If they just deposited it, it hasn't gone through yet.



He's right. Hustle up.

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Bronte
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Re: So this is pretty funny.

Postby Bronte » Thu May 20, 2010 4:12 pm

How is this "vicious"? The purpose of a seat deposit is that it's a nonrefundable commitment to attend the school. You're not entitled to get the money back because you're withdrawing, and I wouldn't recommend canceling the check considering you have no valid reason to do so.

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kalvano
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Re: So this is pretty funny.

Postby kalvano » Thu May 20, 2010 4:14 pm

He's not going to the school. If they were too lazy to cash the check, that's their problem.

fiftyonefifty
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Re: So this is pretty funny.

Postby fiftyonefifty » Thu May 20, 2010 4:16 pm

looks like you got jipped for X amount when it could have been prevented

d34d9823
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Re: So this is pretty funny.

Postby d34d9823 » Thu May 20, 2010 4:17 pm

Bronte wrote:How is this "vicious"? The purpose of a seat deposit is that it's a nonrefundable commitment to attend the school. You're not entitled to get the money back because you're withdrawing, and I wouldn't recommend canceling the check considering you have no valid reason to do so.

Hey, something that kalvano and I agree on!

He's entitled to whatever his bank says he is. You can't just hold checks in reserve and cash them at random future times. If you don't cash it promptly, you have to expect that it will have been voided by the issuer.

d34d9823
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Re: So this is pretty funny.

Postby d34d9823 » Thu May 20, 2010 4:18 pm

fiftyonefifty wrote:looks like you got jipped for GermX amount when it could have been prevented

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Bronte
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Re: So this is pretty funny.

Postby Bronte » Thu May 20, 2010 4:33 pm

kalvano wrote:He's not going to the school. If they were too lazy to cash the check, that's their problem.


LOL. You don't get your deposit back because you decide not to go to the school. That's the point of seat deposits. Whether or not they waited too long to cash the check is a separate issue. I can concede that after a certain period of time you may lose the right to collect.

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kalvano
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Re: So this is pretty funny.

Postby kalvano » Thu May 20, 2010 4:40 pm

Bronte wrote:
kalvano wrote:He's not going to the school. If they were too lazy to cash the check, that's their problem.


LOL. You don't get your deposit back because you decide not to go to the school. That's the point of seat deposits. Whether or not they waited too long to cash the check is a separate issue. I can concede that after a certain period of time you may lose the right to collect.



If they had deposited it and then he withdrew, then no, no refund. But this isn't a refund. The school was too lazy to deposit the check until he told them he wasn't going. Putting a stop payment on an outstanding check is in no way wrong.

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Bronte
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Re: So this is pretty funny.

Postby Bronte » Thu May 20, 2010 4:49 pm

kalvano wrote:If they had deposited it and then he withdrew, then no, no refund. But this isn't a refund. The school was too lazy to deposit the check until he told them he wasn't going. Putting a stop payment on an outstanding check is in no way wrong.


He was supposed to give them the money. He's not supposed to get that money back. Canceling the check results in him getting that money back. You're saying canceling an outstanding check is not wrong. It is often wrong: for example, if you buy a dishwasher and then cancel the check two days later, it's wrong. It's called stealing. Now, maybe there's some period of time--like two months--that voids the counterparty's right to receive the money. I don't know what that period of time is, but maybe this situation qualifies.

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A'nold
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Re: So this is pretty funny.

Postby A'nold » Thu May 20, 2010 4:50 pm

Bronte wrote:
kalvano wrote:If they had deposited it and then he withdrew, then no, no refund. But this isn't a refund. The school was too lazy to deposit the check until he told them he wasn't going. Putting a stop payment on an outstanding check is in no way wrong.


He was supposed to give them the money. He's not supposed to get that money back. Canceling the check results in him getting that money back. You're saying canceling an outstanding check is not wrong. It is often wrong: for example, if you buy a dishwasher and then cancel the check two days later, it's wrong. It's called stealing. Now, maybe there's some period of time--like two months--that voids the counterparty's right to receive the money. I don't know what that period of time is, but maybe this situation qualifies.


Are you freaking insane?

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kalvano
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Re: So this is pretty funny.

Postby kalvano » Thu May 20, 2010 4:54 pm

Bronte wrote:
kalvano wrote:If they had deposited it and then he withdrew, then no, no refund. But this isn't a refund. The school was too lazy to deposit the check until he told them he wasn't going. Putting a stop payment on an outstanding check is in no way wrong.


He was supposed to give them the money. He's not supposed to get that money back. Canceling the check results in him getting that money back. You're saying canceling an outstanding check is not wrong. It is often wrong: for example, if you buy a dishwasher and then cancel the check two days later, it's wrong. It's called stealing. Now, maybe there's some period of time--like two months--that voids the counterparty's right to receive the money. I don't know what that period of time is, but maybe this situation qualifies.



And if he canceled the check, they'd come take the dishwasher back.

In this case, if he cancels the check, he won't attend the school.

d34d9823
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Re: So this is pretty funny.

Postby d34d9823 » Thu May 20, 2010 4:56 pm

kalvano wrote:
Bronte wrote:He was supposed to give them the money. He's not supposed to get that money back. Canceling the check results in him getting that money back. You're saying canceling an outstanding check is not wrong. It is often wrong: for example, if you buy a dishwasher and then cancel the check two days later, it's wrong. It's called stealing. Now, maybe there's some period of time--like two months--that voids the counterparty's right to receive the money. I don't know what that period of time is, but maybe this situation qualifies.

And if he canceled the check, they'd come take the dishwasher back.

In this case, if he cancels the check, he won't attend the school.

Yeah, this is where it gets hazy. If you pay for an actual item, they'll just repossess it. But this is an intangible service. I think you'd have to speak with your bank representative to see how this works (and I guarantee you they have a policy).

fiftyonefifty
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Re: So this is pretty funny.

Postby fiftyonefifty » Thu May 20, 2010 4:57 pm

Bronte wrote:
kalvano wrote:If they had deposited it and then he withdrew, then no, no refund. But this isn't a refund. The school was too lazy to deposit the check until he told them he wasn't going. Putting a stop payment on an outstanding check is in no way wrong.


He was supposed to give them the money. He's not supposed to get that money back. Canceling the check results in him getting that money back. You're saying canceling an outstanding check is not wrong. It is often wrong: for example, if you buy a dishwasher and then cancel the check two days later, it's wrong. It's called stealing. Now, maybe there's some period of time--like two months--that voids the counterparty's right to receive the money. I don't know what that period of time is, but maybe this situation qualifies.


No. If he don't give the school the money, then the school doesn't offer him a spot in the class.

This wouldn't be any different from a school requesting a deposit and someone doesn't have the funds to pay for it. The school will just give the seat to someone else.

d34d9823
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Re: So this is pretty funny.

Postby d34d9823 » Thu May 20, 2010 5:01 pm

fiftyonefifty wrote:
Bronte wrote:He was supposed to give them the money. He's not supposed to get that money back. Canceling the check results in him getting that money back. You're saying canceling an outstanding check is not wrong. It is often wrong: for example, if you buy a dishwasher and then cancel the check two days later, it's wrong. It's called stealing. Now, maybe there's some period of time--like two months--that voids the counterparty's right to receive the money. I don't know what that period of time is, but maybe this situation qualifies.


No. If he don't give the school the money, then the school doesn't offer him a spot in the class.

This wouldn't be any different from a school requesting a deposit and someone doesn't have the funds to pay for it. The school will just give the seat to someone else.

What if they extended a seat to him on the basis of the receipt of his deposit check?

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Bronte
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Re: So this is pretty funny.

Postby Bronte » Thu May 20, 2010 5:03 pm

fiftyonefifty wrote:No. If he don't give the school the money, then the school doesn't offer him a spot in the class.

This wouldn't be any different from a school requesting a deposit and someone doesn't have the funds to pay for it. The school will just give the seat to someone else.


He promised them payment in the form of the check. He already received his end of the deal in the form of a reserved seat. I don't understand why this is so confusing.

Whether or not he has the right to stop payment on the check is a completely separate issue from the seat deposit. He purchased the right to a seat in class, which is the same purchasing a stock option or a dishwasher. He has no per se right to get his money back.

On the other hand, there may be a period after which any outstanding check expires, whether it was written for a seat deposit, a stock option, or a dishwasher. It appears, however, that that period is traditionally six months: http://www.getrichslowly.org/blog/2008/ ... t-a-check/.

What if they extended a seat to him on the basis of the receipt of his deposit check?


They did!

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Matthies
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Re: So this is pretty funny.

Postby Matthies » Thu May 20, 2010 5:09 pm

oh oh! A commercial paper question, I know the answer to this! Its bascilly if you write a check...wait, nope, forgot it all.

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A'nold
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Re: So this is pretty funny.

Postby A'nold » Thu May 20, 2010 5:20 pm

Bronte wrote:
fiftyonefifty wrote:No. If he don't give the school the money, then the school doesn't offer him a spot in the class.

This wouldn't be any different from a school requesting a deposit and someone doesn't have the funds to pay for it. The school will just give the seat to someone else.


He promised them payment in the form of the check. He already received his end of the deal in the form of a reserved seat. I don't understand why this is so confusing.

Whether or not he has the right to stop payment on the check is a completely separate issue from the seat deposit. He purchased the right to a seat in class, which is the same purchasing a stock option or a dishwasher. He has no per se right to get his money back.

On the other hand, there may be a period after which any outstanding check expires, whether it was written for a seat deposit, a stock option, or a dishwasher. It appears, however, that that period is traditionally six months: http://www.getrichslowly.org/blog/2008/ ... t-a-check/.

What if they extended a seat to him on the basis of the receipt of his deposit check?


They did!


If you are a 0L, you have no idea what awaits you in the form of the socratic method if you ever say anything like the bolded above.

fiftyonefifty
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Re: So this is pretty funny.

Postby fiftyonefifty » Thu May 20, 2010 5:28 pm

Bronte wrote:
fiftyonefifty wrote:No. If he don't give the school the money, then the school doesn't offer him a spot in the class.

This wouldn't be any different from a school requesting a deposit and someone doesn't have the funds to pay for it. The school will just give the seat to someone else.


He promised them payment in the form of the check. He already received his end of the deal in the form of a reserved seat. I don't understand why this is so confusing.

Whether or not he has the right to stop payment on the check is a completely separate issue from the seat deposit. He purchased the right to a seat in class, which is the same purchasing a stock option or a dishwasher. He has no per se right to get his money back.

On the other hand, there may be a period after which any outstanding check expires, whether it was written for a seat deposit, a stock option, or a dishwasher. It appears, however, that that period is traditionally six months: http://www.getrichslowly.org/blog/2008/ ... t-a-check/.

What if they extended a seat to him on the basis of the receipt of his deposit check?


They did!


They asked for deposit. He gave a check. They didn't cash it. He cancelled the check. They take the seat away

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dood
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Re: So this is pretty funny.

Postby dood » Thu May 20, 2010 5:42 pm

...
Last edited by dood on Sun Jul 04, 2010 3:02 am, edited 1 time in total.

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Matthies
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Re: So this is pretty funny.

Postby Matthies » Thu May 20, 2010 5:47 pm

If your bank refuses to pay it cuase you told them not to, the school could put it on your credit report.

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kalvano
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Re: So this is pretty funny.

Postby kalvano » Thu May 20, 2010 5:49 pm

No, I don't think they can. It's not a debt you're obligated to pay, like a revolving line of credit.

Nothing says you have to pay a deposit.

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Matthies
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Re: So this is pretty funny.

Postby Matthies » Thu May 20, 2010 5:51 pm

kalvano wrote:No, I don't think they can. It's not a debt you're obligated to pay, like a revolving line of credit.

Nothing says you have to pay a deposit.


Wait what? Yes nothing says you have to PAY a deposite, but I thought he already PAID the deposit, they just had not chased it yet.




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