Re: I thought you guys would appreciate this one. - Saab General Bulletin Board - Saabnet.com
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Re: I thought you guys would appreciate this one.
Posted by thegens (more from thegens) on Sun, 5 Aug 2007 07:50:59
In Reply to: I thought you guys would appreciate this one., saabhubby, Sun, 5 Aug 2007 05:54:15
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I can't answer your question -- is the $5 worth all the hassle? -- but from my experience, you are lucky you got a "check" from the insurance company, and not a "draft." There is a big difference, even though a bank check and a bank draft look almost identical.
Years ago, I was in an accident, and sued the guy who hit me in small claims court. He didn't show up, and I won the case. After the time period during which he could appeal the decision had passed, I forwarded the court judgment to his insurance carrier (Allstate) and they sent me a bank draft (which I thought was a check.)
A day or two after I received the check (sorry, the draft) from Allstate, I was served with papers that the guy had appealed the case (even though the appeal period had expired.) I immediately tried to cash the draft. It was then that i learned the difference between a draft and a check.
A check is, in effect, a promise to pay. But with a draft, there is no "promise" until the draft is presented to the issuer, and the issuer agrees to pay.
In my case, I phoned Allstate. They had not heard about the appeal, so I drove to their regional office (about 50-miles from my home) and they gave me simple letter stating that they would honor the draft. I presented the letter with the draft to Allstate's bank and collected the cash.
posted by 71.105.105...
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