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Accepting cashiers checks

Discussion in 'For Sale- Members only' started by steele, Mar 30, 2010.

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  1. steele

    steele TS Member

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    FYI. I just had the misfortune of a gun sale fall thru due to the bank (my bank) not accepting a cashiers until it clears in several days. The buyer did not want to wait for it to clear. I always thought a cashiers check was as good as cash. The bank manager advised that this is one of the new scams, forged cashiers checks. So basically, a cashiers check is no better than a personal check that has to have a waiting period to clear. Has anyone else encountered this?
     
  2. blkcloud

    blkcloud Active Member

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    I sometimes get 8-10 cashiers checks a week, my bank has never said anything but, would you like cash or to deposit them.. I can imagine if one were to come back bad they would not be on the loosing end but I would, which I don't blame them, I would go and pay them back for the amount.. 2 years ago a guy here in middle Tn sold a car on craigslits to a guy from Indy, they met half way, the guy paid with a cashiers check, the bank cashed it a few days later, and then a week later wanted their money back because it was a bogus check..
     
  3. short shucker

    short shucker TS Member

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    Way too many scams out there, and I've heard of bad cashiers checks floating around.

    I don't have a problem taking a personal check for payment. If I get the feeling that the check may be no good, I just call and verify the funds prior to shipping.

    If payment is the big hangup on the sale, just do a bank to bank transfer. It only costs a couple of dollars and you know the money is their.

    ss
     
  4. Urbans

    Urbans Member

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    I always enclose my banker's business card with the cashier's check, and any ?'s they can call my bank. Seems to soothe the bank on the other end.
     
  5. Porcupine

    Porcupine Active Member

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    Use a USPS Money Order. They harder to forge, and they can be cashed at any Post Office. Plus, I'll bet that the penalties for messing with the USPS are more severe than just forging a bank cashier's check.

    LA in MA
     
  6. VNVET

    VNVET Member

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    I have found that when you hold a check made out to you. and you call the bank that issued the check to verify funds, you will be refused that information. It seems that privacy issues take precident and your only alternative is to wait for the check to clear. I suspect that cashiers checks will have the same fate when trying to verify funds.

    Several years ago I sold a custom car for $75,000 and the buyer asked how I wanted to be paid. My reply was CASH.........and he did. Bank transfer is probably the safiest method of payment if cash is not an option.

    Jim
     
  7. TNCoach

    TNCoach Member

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    I'm not the LEO in the family, but I would think that it would be a felony?

    Either way I would call the law. I had a bank in IL magically loose a few thousand out of my account about 20 years ago and when I threatened to call the police it magically appeared out of nowhere.

    TNCoach
     
  8. cubancigar2000

    cubancigar2000 Well-Known Member

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    Yes there are phony cashier checks. I can show you one I recieved 4 years ago for $42,000. I was too savy for the scammer but he sure did have my banker fooled. I told him it was phony and he said it was real. I called the other bank while he was standing there and verified it ot be a fake. The scammer almost got my John Deere 5510 and some impliments
     
  9. vpr80

    vpr80 Active Member

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    Certified checks are no better than personal checks. They are NOT good as cash and my banks will NOT cash them on the spot. I have to deposit and wait for them to clear just like any check.

    If you are selling and the guy doesn't want to wait then he is either trying to scam you or is just an idiot (seems a lot of these around). I wouldn't send him ANYTHING until it clears in the bank account.
     
  10. steele

    steele TS Member

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    That was the situation here. He sent the check Priority Mail & expected me to ship as soon as I got the check. He got real irritated when I told him I had to wait. He reponded with, "ship it now or the deal is off" I offered to return the check (money) if if/when it clears. I'll post the results.
     
  11. Tailbuster

    Tailbuster TS Member

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    My bank requires a minimum 2 business day holding period for cashier checks and money orders. For the reasons already mentioned and also that the purchaser can actually stop it from being cashed. So practically all they get you is a shorter hold time than a personal check. Cash is the only thing you can take without fear of being cheated. Makes you wonder then, what are they good for? It seems to me that if someone purchases a MO or cashiers check that the money should be immediately removed from their account and paid out to the holder of the check unless the buyer of the check redeposits the un-cashed check. Always made sense to me anyway.
     
  12. SilverShooter

    SilverShooter TS Member

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    I ask for either US Post Office money orders or cashiers check from a large bank with a recognized name like Bank of America, Citicorp or Wachovia that I recognize. Since they are close buy, I can ask if it's good.

    However and inevitabley, I get cashiers checks and MOs from liquor stores or convenience marts. In all cases, I called/emailed the buyer and said they have two options...wait till it clears (and my bank says this can be 45 days), or send a replacement USPO MO and/or big name bank check within 5 days. In all cases except one, I got the replacement check/USPOMO, and sent back the no name CC/MO. The one exception: never a call back or response though i called about 5 times, I waited 6 weeks and i sent the archery sight. Go figure...
     
  13. OldRemFan

    OldRemFan Member

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    Bank of the West either wants cash or the appropriate amount removed from your account to cover the bank money order or cashiers check at the time or purchase, and you don't get it back unless you return the original document.

    USPS postal money orders are not fool proof either. The local post office has a several page list, of postal money orders that are counterfeit, they use to check any money order against before they will cash it.
     
  14. TNCoach

    TNCoach Member

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    Thanks Guys,

    I just sold an item and shipped it upon arrival of the USPS MO. I never thought that one of these could be anything but the real deal.

    TNCoach
     
  15. blkcloud

    blkcloud Active Member

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    cuban.. what did the guy do when you told him the check was a fake??? was he a farmer or just a shister??
     
  16. Allen-MX8

    Allen-MX8 Member

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    Cash--United States Currency or Electronic Transfers is the only way to go to be sure.

    Allen
     
  17. g7777777

    g7777777 TS Supporters TS Supporters

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    Actually a personal check clears faster under check 21 than a bank check.

    Now if you want immediate funds ( well semi immediate) you can do a bank transfer (you have to make the bank cutoff time and it costs some amount of money- my bank I think is like 17 dollar for a normal customer)
     
  18. hebbard

    hebbard TS Member

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    Man, that's AWFUL. I always used Cashier's checks 'cause I figured they were about as safe as you could get! Next you guys are gonna tell me there's no Santa Clause or something.
    Hebbard
     
  19. Smok'n Joe

    Smok'n Joe Active Member

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    This is a particularly timely and interesting thread, because I most recently lost a purchase because the seller refused to accept my personal check as payment. Furthermore, on a recent sale that I completed for TWICE the amount,
    I accepted a bank check and immediately shipped the gun, only to have my bank
    tell me that the funds would not be available until the check cleared.

    I would like to solicit your opinions on the purchase and sale of firearms.

    First of all, there is obviously a risk factor for both the buyer and seller.
    However, in my opinion, there is MORE risk for the buyer than the seller! Think about it, the buyer has the gun in his possession, the seller forwards cash, check or money order to the seller without ever seeing what he is buying
    first hand or knowing virtually anything about the seller or what he is selling. For example, the gun may be stollen, it might have a lien on it, it may have been used in a crime, it might even be the prize posession of the seller's father! Who knows???

    The buyer has sent hard earned REAL MONEY to the seller. The seller's only
    obligation is to send something he doesn't want or need, or as I suspect in many cases, something that he stands to make a considerable PROFIT on.

    My question is this, who has decided that the BUYER is the one that has to assume the risk in all these transactions? Especially in these economic conditions. It just seems to me that there should be a better way to transact business on this venue...just because that's the way it has been doesn't mean that's the way it should be.

    Smok'n Joe
     
  20. Hitapair

    Hitapair Active Member

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    VNVET, I assume you filed the required US Treasury form for receiving more than 10,000 in cash?
     
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