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Holding Large Check for Gun????

Discussion in 'Shooting Related Threads' started by Shooting Coach, Jan 11, 2009.

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  1. Shooting Coach

    Shooting Coach Well-Known Member

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    Is it unreasonable to hold a sizable check from someone I do not know until it clears for a firearm?

    I was told a long time ago by my Banker to always wait until any check from a person unknown to me, even a Cashier's Check or a Postal Money Order, clears.

    I have $6000 worth of forged instruments at home that look like the real thing. I received them from an ad on GunsAmerica. It was the tired scam to send the gun and the overage of the check to the FFL. The scam was obvious, but the quality of the checks were impeccable. Paper, watermark, even the Bank was for real.

    I routinely send CMD lube to folks before I get payment. I have not been skinned once. However, my Banker of many years would not allow me to deposit the aforementioned check without a hold.
     
  2. ec90t

    ec90t Guest

    Shooting Coach,

    I wouldn't be affended if a big transaction was held up until everything clears. Way to many scammers out there these days. Anyone worth anything would also understand this.

    ec90t
     
  3. Hydra

    Hydra TS Member

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    Your bank can call the other bank in question and see if there are funds to cover the check. Some banks when asked will hold that amount for that check. Ask your banker if he can get that done for you.
     
  4. mixer

    mixer Well-Known Member

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    Hold the shipment until the check has cleared and you're sure the funds are in your account. Better safe than sorry.


    Eric
     
  5. Doubles/Bob

    Doubles/Bob TS Member

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    c


































































    Coach,
    If your banker of many years holds checks for clearance on you I suggest you find a new banker.
    Kind regards
    Bob
     
  6. Shooting Coach

    Shooting Coach Well-Known Member

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    When she retires, which will be soon, I may. She has been good to me over the years. When US BANK offered to take over her old bank, they would only buy it if she stayed on board. I am loyal to those who are loyal to me.

    If I did send off a gun and something happened, it would be up to me to try to get my money back. I am already out $15K because I helped a fellow trainer by buying him about 50 police trade in handguns to keep his doors open. He has gotten Alzheimer's and has forgotten he owes me. For those of you who think it is easy to get money back when defrauded, think again.

    I have bought several guns by wire transfer. That takes all the doubt out of it. This might be the way to go.
     
  7. cubancigar2000

    cubancigar2000 Well-Known Member

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    I alsways take cashier checks to the bank and ask them to call the other bank to verify authenticity. I had one that was phony which is why I am cautious
     
  8. Hitapair

    Hitapair Active Member

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    If it is a large sum, I require a cashiers check or MO unless I know the person. Postal MO is my preference w/ respect to MO's. If I have any question about what I receive, I take it to the bank and have them check it out. If I was buying from you I would not be offended if you did the same.
     
  9. Fast Oil

    Fast Oil TS Member

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    Lets go to what Hydra suggests above, not picking on you just want to explain why the banking system today is in the stone age.

    Your bank calls to check funds available at the bank the check is drawn on. All that is done is to make sure that the check for XYZ account is covered. They say yes the account has money to cover amount on check. You deposit and within several days you are told your funds are available.

    A month goes by and one of two things happen. Either the bank that the check is drawn on finds the check to be washed or the customer that has the account gets his statement (mail or on line) and sees that a fraudulent check has been passed on his account and disputes it. The bank did not see the instrament that was written when they oked the fact that there were funds to cover it.
     
  10. Bluerock1

    Bluerock1 Member

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    Coach,
    Adopt a "good funds" policy. You will not ship the merchandise until the money is actually in your bank account. Have a sheet of paper typed up with wiring instructions. If someone dosen't want to wait for his check to clear send him your instructions and all he has to do is give them to his banker and tell him how much to send. The money will be in your account in minutes and you can safely ship. As MIA says, if he can't or dosen't want to understand the procedure maybe you should walk away.
    Good luck,
    Bluerock
     
  11. k80bav

    k80bav Member

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    Gentlemen, all the advice you are giving is great if you are the seller. How does the buyer go about protecting himself from a fradulent seller. What does the buyer do to make sure the item is going to be sent when the funds are in the sellers account, and is the item in the condition it was advertised. Just curious .
     
  12. OldGoat

    OldGoat Well-Known Member

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    Shooting Coach, you are not unreasonable at all. As far as protecting your interest and yourself, as Michael Corleone said: "This isn't personal; this is business." Being "unreasonable" gets into the "personal" side of the transaction. Best Regards, Ed
     
  13. HSLDS

    HSLDS Well-Known Member

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    Shooting Coach,

    Whenever I buy something 'on line' I take the time to communicate with the selling party as how best to pay. (NOTE - I do not use paypal)

    Just from the convenience (and tax?) point of view I tend to use business checks (company name is the same as my last name, so it is not so 'out there' to do this), I ALWAYS ask the seller to hold shipping until my check has cleared to their satisfaction.

    If the seller has asked for cashiers check, MO, etc. the same still holds - hold shipping until YOU are happy with the $$.

    I've bought from you in the past and I made the same offer to you - you were kind enough to ship before it cleared, but the trust built on this site tends to be unique. Said differently, if someone here 'pulled a fast one' on another poster the word would get out fast and 'black listing' would occur...

    I would tell you to hold shipping until the funds had cleared - and even wait a day or three beyond that to make sure it didn't come back to you (I've seen this once - a VALID check was altered, so it passed initial bank muster, only to be found fraudulent AFTER it was sent to the original writer about a month later - ultimately this was the BANK's fault, but it was nasty for a while...).

    Good luck on this one. If you are suspicious you are most likely right. Go with your gut on this one.

    I think your banker is trying to protect you. If she is asking you to wait until it clears it is not a reflection on you, but she is doing her job as your financial representative and is looking after your money.

    Think about this - you are BOTH suspicious of this check - doesn't that tell you something??

    David D
     
  14. W.P.T.

    W.P.T. TS Member

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    I like to have the money wired into an account that I use specificly for that purpose if the buyer wants the gun or merchandise shipped right away ... Postal Money orders will be held by most banks for up to 30 days before you can draw any money against them, even if they are verified as real with the Post Office ... The Post Office will seldom, if ever have the amount (large amounts) of money on hand to cash the money orders for you even once verified ... The people I have dealt with in the past have established my trust in them, all others cash ... Those that I have had dealings with know me and and trust me knowing I am a man of my word ... I went through this not long ago and everything went nice and smooth, everyone was happy when it was done ...


    K80bav,

    If you talk to the seller (phone) and feel confident that he or she is legit so be it, if not run away ... Thats the only thing you can do ... WPT ... (YAC) ...
     
  15. WGB

    WGB Member

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    Your banker gave you good advice. Some posters here did not. Hold the personal check until it clears, it's just a piece of paper, no better or worse than a money order or a cashiers check. Many forgeies today involve fake cashiers checks, and phony money orders. You can make them on a home printer.
    Ddon't forget it's just paper.

    Your bank will charge your account back if it fails to go through. Due to privacy laws most banks will not "verify funds" any longer. Most banks will also not "hold" for submittal any longer. If the buyer is good for the money they should understand that their piece of paper has no value until turned into money in your account, your shotgun does have value. Good luck.
     
  16. mixer

    mixer Well-Known Member

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    TjayE,

    Regarding wire transfer fees. Both partys pay a fee, one is a sending fee, and a receiving fee. It varies from bank to bank but figure it's about $15.


    Eric
     
  17. Jawhawker

    Jawhawker TS Member

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    OK lets answer k80bav's question....
     
  18. otnot

    otnot Active Member

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    Why not just go cash the check?
     
  19. halfmile

    halfmile Well-Known Member

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    My last money transfer, the fee was 12.00. That seems to be in line.

    I used to be able to reserve funds for a check if they were in the account, however I think this practice has gone by the boards. You may want to check.

    Extreme caution needs to be used in the case of large transactions, an no one can fault you for being careful.

    HM
     
  20. motordoctor

    motordoctor Shoji Tabuchi in Branson

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    guess my bank is the same on my funds. They hold all checks for one day and out of town check i beileve for up to three days. Check the bank rules. Wire transfer is the best but it is about 15 to 20 dollars but it does work fine. motordoc
     
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