An aquaintance of mine is currently overseas. He wants me to open a trust account for him at my bank under my name so that a debtor to him can send a check to be deposited or make a transfer of funds, after which I am to wire him the money from a money order, so that he has the cash in hand for living expenses. Do you see where this would have any negative implications on me in any way, such as if the check is NSF, or if the funds transfer is reversed, or anything else that could be possible, as I am not well versed in things of the banking world? Please let me know before I agree to do this.
To start with, it is never a good idea to open an account in your name to facilitate someone else's financial transactions. The suggestion that you'd receive a check for deposit and wire out funds has all the markings of a bogus check scam that would leave you holding the bag when the check comes back unpaid. The fact that you describe the other individual as an acquaintance leads one further to believe you should avoid this arrangement at all costs.
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To start with, it is never a good idea to open an account in your name to facilitate someone else's financial transactions. The suggestion that you'd receive a check for deposit and wire out funds has all the markings of a bogus check scam that would leave you holding the bag when the check comes back unpaid. The fact that you describe the other individual as an acquaintance leads one further to believe you should avoid this arrangement at all costs.
