Check-kiting

[+ dutchmuch]

It may not be a matter of being able to afford it, just that the account being used doesn't have the funds at that moment. In general though, not buying something you cannot afford is good, but UnAmerican advice.

 

Wallet empty and checking account about to be overdrawn?

Why hire escorts, you should run for Congress.

 

""The House banking scandal broke in early 1992, when it was revealed that the United States House of Representatives allowed members to overdraw their House checking accounts without risk of being penalized by the House bank (actually a clearinghouse).

 

This is also sometimes known as Rubbergate (from the expressions "rubber check" (bounced check) and "Watergate)". The term is misleading because House checks did not bounce; they were honored because the House Bank provided overdraft protection to its account holders, the Office of the Sergeant at Arms covered the House Bank with no penalties.[1] It was also sometimes known as the "check-kiting scandal".""

[Frequentflier]

Write a check to a male companion? Or pay with any form of credit card - directly or indirectly? Heck no. I want few, if any, trails for this hobby in this country. I always pay in cash that doesn't even have my fingerprints on it.

 

I do however give them my real name. Bond, James Bond. Same the other way, I assume the gentleman's real name isn't what is in their ad or review and I don't ask for it.

[Nebost]

I don't think I could enjoy a session unless I could easily afford it, nor do I want my escort worrying about whether my form of payment is valid. Cash it is.

[+ dutchmuch]

Postdated Checks & Criminal Law

A person writing a postdated check may violate the law if the check is returned by the bank to the recipient because the maker’s account does not have the funds on deposit necessary to cover the check. Although worthless check laws can vary somewhat from one state to another, all states make it illegal for a person to write a worthless check with the intent to defraud a person or business of goods or services. The maker of the postdated check must have the intent to defraud at the time of writing the postdated check. Therefore, a defendant who writes a postdated check that is returned because of insufficient funds will not be convicted of writing a worthless check unless the prosecutor is able to prove that the defendant wrote the postdated check with the purpose of defrauding the recipient or with the knowledge that the check would not be honored at the later date used on the check.

http://www.nolo.com/legal-encyclopedia/is-illegal-post-date-check.html

[+ honcho]

Completely off topic I felt moved to respond to:

 

I just don't understand the need for checks anymore. I personally can't remember the last time I even wrote a check.

 

I regularly do business with a relatively small music store in Berkeley that caters to double reed players. The long term workers there are share-holders in the business. That there is a charge which used to be 1.5% for debit

card transactions and approaching 3% for credit cards makes me want to give them a check for large purchases

like major yearly maintenance on professional instruments (~$300-$500), cane processing machines ($1500-$2000) or even instruments ($5000-$10,000 for oboes; I don't play bassoons but they can run $15-$50,000). 1.5% of $300 is nearly $5; I'd rather see them get that money than the bank.

 

Yeah, yeah everybody understands the phrase "the cost of doing business" but nevertheless . . .

[AdamSmith]

Yeah, yeah everybody understands the phrase "the cost of doing business" but nevertheless . . .

 

If memory serves, American Express merchant fees can be even worse, like 4.5% for low-transaction-volume merchants.

[+ VeryHappyCustomer]

Insist on paying in cash and they'll soon change their tune.

[actor61]

With ATM's on every corner, why on earth would it be necessary to write a check. And if you need to write a check, and have the escort hold it till funds are available, should you be hiring at all? Just curious?

I often ask myself the same question when somebody in the check-out line in front of me spends 10 minutes writing a check for groceries. It always makes me think they don't have enough money in their account, so they write a check and then dash to the bank to make a deposit and cover it.

[+ dutchmuch]

I often ask myself the same question when somebody in the check-out line in front of me spends 10 minutes writing a check for groceries.

 

And why can't they have the check and check register all filled out except the amount when they pull up to the Cashier?

[hekilio]

In today's day and age there is no need to write checks. The app VENMO is extremely easy to use. Don't have cash on hand? No worries, just link up your AMEX. Unlike paypal, although they are owned by paypal they don't ask what it is for and there are no additional forms to fill out. I actually welcome venmo payments with open arms. Why? I don't deposit cash into my bank accounts. I'll use it to pay my bills online, then deduct some bills as write offs and will claim my venmo payments as income. Keep in mind that there is a limit to how much cash you can transfer each day, I think it's 1,000. That's the only kicker. The other option is a certified bank check, which is probably the only acceptable check form of payment I could see people agreeing to. I never sought a service that I didn't have the money on hand to pay for. Because escorting is a service business, I always put myself in the shoes of the other provider and would imagine the stress of wondering if the check will clear. If it's as simple as you'll have the cash in a few days, then just wait a few days to meet up. Which is what my answer would be if someone is in that situation. Why over complicate what should be an uncomplicated enjoyable time?

 

If you take credit cards, then does mean that you pay taxes on your escort income?

[+ SundayZip]

In today's day and age there is no need to write checks. The app VENMO is extremely easy to use.

 

It is so much more convenient to use online payments and I use Paypal with friends and family all the time (although it's been a challenge getting them to setup Paypal accounts). Some escorts might be reluctant to use Paypal because it requires giving the client their email ID. I recently asked a NYC escort if he would accept Paypal. He said yes, but only because it was our second date and he trusted me. He would never accept Paypal for the first time with a client. I wonder if more escorts would accept payment with Venmo because it uses a different type of account ID (phone number I think)? Paypal claims to have more than 160 million active Paypal users. If Venmo is not yet highly adopted, you could have the same problem I used to have with Paypal.

 

How many escort would accept a Paypal payment? How about a Venmo payment?

[+ dutchmuch]

How'd you like to be a escort, and be told upon arrival that payment will be a post-dated check?

[+ quoththeraven]

It is so much more convenient to use online payments and I use Paypal with friends and family all the time (although it's been a challenge getting them to setup Paypal accounts). Some escorts might be reluctant to use Paypal because it requires giving the client their email ID. I recently asked a NYC escort if he would accept Paypal. He said yes, but only because it was our second date and he trusted me. He would never accept Paypal for the first time with a client. I wonder if more escorts would accept payment with Venmo because it uses a different type of account ID (phone number I think)? Paypal claims to have more than 160 million active Paypal users. If Venmo is not yet highly adopted, you could have the same problem I used to have with Paypal.

 

How many escort would accept a Paypal payment? How about a Venmo payment?

 

Don't know about Venmo, which I hadn't heard of before this, but accepting PayPal is risky. I haven't checked the ToS, but it includes, or is interpreted as including, a bar against use for adult entertainment/sexual services.

 

This is not so much a moral issue as a business one, as such charges carry much higher chargeback rates. Escorts who have used it and then been "caught" have lost substantial fees as a result of their PayPal accounts being frozen and then closed.

 

It would be great if escorts could use it strictly for deposits and advances/reimbursement for travel expenses, but even that carries risk.

[+ purplekow]

How'd you like to be a escort, and be told upon arrival that payment will be a post-dated check?

How would you like to be a doctor and be told your payment would be in a post dated check, usually after the service has been performed. Such is the risk of some businesses. Fortuantely the town in which i lived had a pretty aggressive judicial system and check bouncers were usually served and prosecuted. I have had several people come in and offer to make a check good in order to avoid court. Several others have come in to clear a bounced check to get it off their credit score. Still, if I had all the money lost with bounced checks, I could be spending the winter on St. Barts with Vin Marco.

[+ dutchmuch]

And you, as a good Doctor (filling teeth or probing anuses) , can write off losses.

An escort, not so easily.

[+ purplekow]

[

And you, as a good Doctor (filling teeth or probing anuses) , can write off losses.

An escort, not so easily.

You need to talk to my accountant. Or maybe I should hire you as my accountant. I would either have much more money with which to hire or I could be involved in one of those porno jail scenes. I think it would be the jail scene sans porno.

By the way, I helped an escort who was given a bad check get the police to have the client, actually the client's mother make good on a $1300 check. I am no advocating for all escorts to take all checks, I am advocating for all escorts to my checks lol.

[LouieD]

Since when can doctors and dentists write off losses?

One cannot write off an amount he has not previously reported as income.

I suggest a course in Accounting 101.

 

Is it really a good idea to get a client's mother involved in a situation such as this?

[Frequentflier]

[

You need to talk to my accountant. Or maybe I should hire you as my accountant. I would either have much more money with which to hire or I could be involved in one of those porno jail scenes. I think it would be the jail scene sans porno.

By the way, I helped an escort who was given a bad check get the police to have the client, actually the client's mother make good on a $1300 check. I am no advocating for all escorts to take all checks, I am advocating for all escorts to my checks lol.

 

Step 1 - record the check received as income

Step 2 - record a Bad Debt expense if the aforementioned check bounces

Step 3 - record as an expense legal fees or other Collection Expenses

 

Don't think we need to assume Step 1 was skipped by one of the above posters, just likely not mentioned. If the check amount isn't recovered, legal and collection costs (even though never included in income previously) can be deducted.

 

If a businessman has a noticeable level of bad checks being received and he doesn't change his business practices (cash or credit cards) he will struggle to demonstrate he is a good businessman. I think it's called Square but it allows a business to swipe a credit card on a smart phone and with a fairly low transaction cost. Need to watch the Square rules but the account is easy to set up, the escorts real name wouldn't be disclosed to the customer and there are no Square set up costs. Probably other competing services exist. I still think though people should be cautious, if they care about notoriety, about a trail that will exist for years related to their hobby.

[craigville beach]

Since when can doctors and dentists write off losses?

One cannot write off an amount he has not previously reported as income.

I suggest a course in Accounting 101.

 

Is it really a good idea to get a client's mother involved in a situation such as this?

 

 

I depends on the tax treatment. If it does accrual accounting than they can write it off. All my doctors are now "employees" of their Professional Corporation. I believe the same treatment would apply to those who are L.L.C's or L.L.P.

[bigvalboy]

If a doctor doesn't have enough 'bank' in the bank, to pay an escort, then I would say it's time to change *business practices, or at the very least, perhaps it's time for a new accountant.

 

*See Frequentflier's steps 1-3

[AdamSmith]

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