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Old 04-13-2016, 02:28 PM   #21
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There is people in my area who claim to be "Certified Professional Yacht Brokers". Now who does the certifying is beyond me. But go to this broker's website and see if they claim to be a part of any standardized broker organization. If so, get after it. Also look into the laws the brokerage is in and see if he broke any.
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Old 04-13-2016, 02:46 PM   #22
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I am sorry to hear about this. I know several brokers and know them to be honest.
Finding out if the check was cashed and if so, getting a copy of it front and back is the first step. You may be able with the help of your bank, to trace the money to the place the check was cashed. I would get a written confirmation of that fact. Each state has its own rules on broker registration. In my state it is the Secretary of State's office. You might check to see if the broker is incorporated and if so, who the officers are. I would send a certified letter to them outlining what happened and requesting a refund. How deposits are to be handled may be different in your state. Here, brokers have to be registered with the state. You should also go to the police and file a theft report. If there is a Better Business Bureau, I would file a complaint there. Your state's Attorney General may have a consumer protection office and I would file a report there. Hiring a lawyer to help you is probably a good idea. They generally can wind through the maze, and frequently the fact that you get one may get the broker to cough up the dough. Good luck
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Old 04-13-2016, 02:55 PM   #23
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+4
Another organization that polices themselves.
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Old 04-13-2016, 03:18 PM   #24
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Yep...to my knowledge there is no stop payment on it. It has already been paid for.
Correct, no "stop payment" in the traditional sense but that piece of paper has to find its way back to the originating bank to complete the circle.

IOW, "your" money is still sitting in the banks account (not yours) waiting to be claimed; by you, the broker, the janitor or the mail carrier. If there is a smell attached, the bank "should" engage on it. That is, to a degree, how it works up here and the bank may sit on it for weeks before actually moving.
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Old 04-13-2016, 04:16 PM   #25
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The one issue I didn't see covered was "what state is the broker in and/or was the boat in?" Two states require broker and agent licensing, Florida and California. If Florida, you definitely have recourse through a state agency, but I'd think the immediate key is gathering the facts and finding out if the check was put into their account or not.

Yacht & Ship Licensing

The Florida licensing is through the Division of Condominiums, Timeshares, and Mobile Homes. Here is a link on enforcement and complaints through the Yacht and Ship Brokers section.

Yacht & Ship Enforcement
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Old 04-13-2016, 04:58 PM   #26
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Correct, no "stop payment" in the traditional sense but that piece of paper has to find its way back to the originating bank to complete the circle.

IOW, "your" money is still sitting in the banks account (not yours) waiting to be claimed; by you, the broker, the janitor or the mail carrier. If there is a smell attached, the bank "should" engage on it. That is, to a degree, how it works up here and the bank may sit on it for weeks before actually moving.
I called regions and they told me as long as a cashiers check hasnt been cashed and they were the issuing bank, they can cancel it for a small fee.

Havent you even called your own bank yet?
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Old 04-13-2016, 06:05 PM   #27
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I think you have jumped the gun with this thread. Sounds like a bad attitude on the part of the broker but you have no evidence of malfeasance. First thing I would have done is call the bank to find the status of the cashiers cheque. If it had been cashed, then and only then would I start a thread like this but for the moment .........
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Old 04-13-2016, 06:17 PM   #28
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Yep...to my knowledge there is no stop payment on it. It has already been paid for.

There is a slight difference between a cashiers check and a certified check. Here is the skinny.

Certified Check or Cashier’s Check -- Which Is Better for You?
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Old 04-13-2016, 06:25 PM   #29
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With all those big guns you have in America the answer should be so simple or are the guns just for display and never have intent to use them
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Old 04-13-2016, 06:32 PM   #30
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Originally Posted by boatpoker;
Sounds like a bad attitude on the part of the broker.
Can't even really say that based on a few words from a near stranger. It "sounds like" the boat is a 46 CHB in Jupiter; maybe we'll hear from the broker.
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Old 04-13-2016, 07:01 PM   #31
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Can't even really say that based on a few words from a near stranger. It "sounds like" the boat is a 46 CHB in Jupiter; maybe we'll hear from the broker.
c'mon Hawg, be fair, at least quote the whole sentence.
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Old 04-13-2016, 07:13 PM   #32
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c'mon Hawg, be fair, at least quote the whole sentence.
Ok.
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Sounds like a bad attitude on the part of the broker but you have no evidence of malfeasance.
I agree with the second part but still can't call the character of the broker based on a one sided post from a near stranger.
A near stranger who "sounds like" he just might not like brokers.
Any brokers.
Anywhere.
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Old 04-13-2016, 07:40 PM   #33
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It was a cashier's check. My bank makes me pay for them when they give it to me.
Exactly right. Cash. The cash comes out of your account when the check is drawn. Cash. I handed the broker cash. He held the "cash" and when the deal failed he put the "cash" into a 1st class envelop and stuck a first class stamp on it and put it in the outgoing mail, "cash". Not to mention the cash had his name and business name written on it which would require him to endorse it and deposit it to confirm that I indeed made a deposit. But no he decided to hold the "cash" and then mail it back to me via USPS, first class. No tracker, no certification or any other way to assure delivery to the proper person.
So, I really do not see where I have been negligent in this transaction. I signed a contract and lived up my end. Now there is a large some of "cash" floating around the USPS ( or not ) and. I'm holding the bag.
Seems a bit off the mark, me thinks.
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Old 04-13-2016, 07:43 PM   #34
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Ok. I agree with the second part but still can't call the character of the broker based on a one sided post from a near stranger.
A near stranger who "sounds like" he just might not like brokers.
Any brokers.
Anywhere.
Correct. Before making conclusions you need to walk that mile in my shoes. You have no idea the crap brokers have pulled on me.
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Old 04-13-2016, 07:44 PM   #35
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Exactly right. Cash. :
State of broker and of boat?
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Old 04-13-2016, 07:53 PM   #36
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I think you have jumped the gun with this thread. Sounds like a bad attitude on the part of the broker but you have no evidence of malfeasance. First thing I would have done is call the bank to find the status of the cashiers cheque. If it had been cashed, then and only then would I start a thread like this but for the moment .........
Your post assumes I did not do that. The issue is the way he decided to return my deposit and the fact that he didn't bother to deposit the check, that I handed to him. If I had lost the check on the way to his office, my bad, my potential loss. I certainly would not put 50 100$ bills in a envelope and mail it first class. He did. Would you?
The brokers " malfeasance " is the fact that he did not follow proper guidelines and now the loss becomes mine. That is the issue.
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Old 04-13-2016, 07:59 PM   #37
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The one issue I didn't see covered was "what state is the broker in and/or was the boat in?" Two states require broker and agent licensing, Florida and California. If Florida, you definitely have recourse through a state agency, but I'd think the immediate key is gathering the facts and finding out if the check was put into their account or not.

Yacht & Ship Licensing

The Florida licensing is through the Division of Condominiums, Timeshares, and Mobile Homes. Here is a link on enforcement and complaints through the Yacht and Ship Brokers section.

Yacht & Ship Enforcement
Thanks and yes I have been there. Contact today and hopefully some interaction tomorrow.
Thanks for your support.
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Old 04-13-2016, 08:03 PM   #38
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Your post assumes I did not do that. The issue is the way he decided to return my deposit and the fact that he didn't bother to deposit the check, that I handed to him. .
I'd be as annoyed with the actions as you. However, unless I'm missing something, we haven't yet established that you suffered a loss. Did you call your bank today? What did they say about whether the cashier's check had cleared or not? What did they say about how you'd go about recovering your money?
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Old 04-13-2016, 08:06 PM   #39
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We canceled a deal on a boat purchase, the boat failed the survey. The broker delayed refunding our deposit for 7/10 days and when he finally did we said he mailed a check. 8 days later, no check. I ask him to stop payment on the check and reissue a new one and Fed X it.
He advised me he never deposited the cashiers check that I originally handed him, he just put it in an envelope and mailed it back to me. Now it's lost and my responsibility, according to him.
Assuming the broker did what he said, he did mail you "a check". Turns out it was not his check, but the unbanked "cashiers check" you sent him. Query he was being a smart ass, or just lost interest as the deal fell over.
I had a broker not bank my personal deposit cheque,when we settled he returned the cheque and I paid the full price, ignoring it. Not banking the cheque could suggest doubt about the deal completing.
At one time Banks here could not even stop payment of their own checks which we call a "Bank Cheque",and more or less equate to your cashiers check, without there being an enabling court injunction. They were/are(?) regarded as virtually equivalent to cash. Moonstruck`s post indicates stopping payment is not done lightly,sounds like you have enough material, presumably documented, to support cancellation. Namely, that the deal it relates to failed.
Having a difficult to stop "cashiers check" floating around somewhere, lost in transit, mislaid somewhere, or anywhere else, is not good. You need the Bank to cancel it asap. Presuming this was a 10% deposit or thereabouts, the Bank fee is not a consideration but, based on my limited understanding of US processes gleaned from other posts, urgency is.
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Old 04-13-2016, 08:08 PM   #40
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Still not "cash" just a peice of paper "garrantying" cash. With the brokers name on it. The only person who can "cash" it is the person who's name is on it. Even if you did loose it and someone else tried cash it, the entity cashing it would be required to ask for proper ID. Dont worry it'll be ok. I do understand where your coming from though.
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