Suspects Wanted For Writing Bad Checks

I would never accept checks if I had a coin shop or any retail business.

If you have a checking account, it either came with a debit card or you can easily get one. Use it and everyone is happy.

i don't even know anywhere in Canada that accepts cheques

I take checks in my shop, about $25000.00 worth a year, roughly 8% of my business. Or about 250 checks per year. I am definitely a niche market (pond supplies) and a discretionary spending destination, but in 7 1/2 years in business I've had two returned checks, one made good immediately, the other never heard from again. I much prefer checks to debit/crdeit cards due to the outrageous fees I have to pay to accept them, versus no fees for checks. I even offer a bonus for paying by check or cash.

I wonder if the fact that he has some numismatic knowledge had anything to do with the dealers trusting him a little bit more. I also wonder if he paid a little more for some of the items than the dealers thought they would get ? I can't see any reason someone would take a check from someone they didn't know and let them walk out with something as liquid as collector coins or bullion. No doubt they will both be in prison soon and I hope they get the book thrown at them. Anyone know if losses like that are covered by any types of insurance?

The suspects pictured above have been arrested in Northern California for theft by check and are awaiting extradition to Arizona for writing bad checks to coin dealers. The subjects wrote bad checks to dealers in Arizona, Oregon and California.

The suspects entered a coin shop in northern California and attempted to purchase coins. The owner recognized the suspects from a recent alert sent out by the Numismatic Crime Information Center and called police. The suspects left prior to police arriving but were later apprehended at a California checkpoint.

Unless the dealer knows me well, they hold the coins until the checks clear the bank. Looks like the dealers that got burned didn't use common sense. Still the scum bags need to get caught and do some time with Bubba.

I'm not saying he does this but, many people who only accept cash for their sales usually are under reporting their sales to either the state tax board, the IRS or both. Cash transactions can be easily undocumented whereas a customer paying by check, debit or credit card leaves a paper trail.

Many of the dealers I have dealt with over the years have had more bad checks from other dealers than retail customers.

I leave my check book at home when I go to a coin show and take only enough cash that my budget will allow to keep from getting carried away and overspending although most of the dealers I buy from allow me to buy coins on lay-a-way which makes it easier to buy the higher priced coins over a short term period.

Ed
ANA LM-3175