can cashiers check funds be cancelled or fraudulent?

[z0mb13]

I am selling my car and I told the potential buyer that I take cashiers check/cash only.

The transaction will be done at my bank, so I will cash the check then after it clears I will sign over the title of the car.

My question is, can the cashiers check be fraud or undone in any way? I know I am being too paranoid but this will be a pretty hefty sum so I need to be extra careful. I know you can reverse payment on a normal check, but can you do that using cashiers check?

 

[jpeyton]

No you can't.

 

[homercles337]

Just have the funds wired to your bank. Thats what i did when i sold my car.

 

[z0mb13]

Originally posted by: homercles337
Just have the funds wired to your bank. Thats what i did when i sold my car.

hmm I dont think this can be as "on the spot" as a cashiers check IMO

 

[JS80]

Originally posted by: jpeyton
No you can't.

you can stop pay a cashier's check

 

[jpeyton]

Originally posted by: JS80

Originally posted by: jpeyton
No you can't.

you can stop pay a cashier's check

After it has cleared? Which is what the OP stated; he'll wait for it to clear.

 

[JS80]

Originally posted by: jpeyton

Originally posted by: JS80

Originally posted by: jpeyton
No you can't.

you can stop pay a cashier's check

After it has cleared? Which is what the OP stated; he'll wait for it to clear.

My reading comp FTL

OP: you should cash the cashier's check at the bank it was issued.

 

[z0mb13]

Originally posted by: JS80

Originally posted by: jpeyton

Originally posted by: JS80

Originally posted by: jpeyton
No you can't.

you can stop pay a cashier's check

After it has cleared? Which is what the OP stated; he'll wait for it to clear.

My reading comp FTL

OP: you should cash the cashier's check at the bank it was issued.

I cant do this at my bank? Is there a difference?

 

[jpeyton]

Originally posted by: z0mb13

Originally posted by: JS80

Originally posted by: jpeyton

Originally posted by: JS80

Originally posted by: jpeyton
No you can't.

you can stop pay a cashier's check

After it has cleared? Which is what the OP stated; he'll wait for it to clear.

My reading comp FTL

OP: you should cash the cashier's check at the bank it was issued.

I cant do this at my bank? Is there a difference?

Clearing period is a lot shorter (or instant) if you do it at the issuing bank.

 

[JS80]

Originally posted by: z0mb13

Originally posted by: JS80

Originally posted by: jpeyton

Originally posted by: JS80

Originally posted by: jpeyton
No you can't.

you can stop pay a cashier's check

After it has cleared? Which is what the OP stated; he'll wait for it to clear.

My reading comp FTL

OP: you should cash the cashier's check at the bank it was issued.

I cant do this at my bank? Is there a difference?

Huge difference. If you cash it at the place where it was made, it's guaranteed funds and it's done. If you "cash" it at YOUR bank (and I assume it's not the same bank as the cashier check) if the check bounces YOU are liable for the funds.

 

[z0mb13]

Originally posted by: JS80

Originally posted by: z0mb13

Originally posted by: JS80

Originally posted by: jpeyton

Originally posted by: JS80

Originally posted by: jpeyton
No you can't.

you can stop pay a cashier's check

After it has cleared? Which is what the OP stated; he'll wait for it to clear.

My reading comp FTL

OP: you should cash the cashier's check at the bank it was issued.

I cant do this at my bank? Is there a difference?

Huge difference. If you cash it at the place where it was made, it's guaranteed funds and it's done. If you "cash" it at YOUR bank (and I assume it's not the same bank as the cashier check) if the check bounces YOU are liable for the funds.

I thought cashiers checks are guaranteed Not to bounce.. thats why its called cashiers check.. otherwise its just regular check?

 

[PAB]

Originally posted by: z0mb13
My question is, can the cashiers check be fraud or undone in any way? I know I am being too paranoid but this will be a pretty hefty sum so I need to be extra careful. I know you can reverse payment on a normal check, but can you do that using cashiers check?

Yes, there have been occourences of washed checks/money orders.

 

[z0mb13]

Originally posted by: PAB

Originally posted by: z0mb13
My question is, can the cashiers check be fraud or undone in any way? I know I am being too paranoid but this will be a pretty hefty sum so I need to be extra careful. I know you can reverse payment on a normal check, but can you do that using cashiers check?

Yes, there have been occourences of washed checks/money orders.

I am talking about cashiers checks, not regular checks or money orders

 

[jpeyton]

Umm, just wait for it to clear and you'll be okay.

[/thread]

 

[z0mb13]

Originally posted by: jpeyton
Umm, just wait for it to clear and you'll be okay.

[/thread]

How long do I have to wait? I told the guy the transaction would be done at the bank. Is it more than a day or more instant?

 

[RossMAN]

Can you cash it at the same bank where the CC is issued?

Can they do a USPS MO instead?

Wire transfer is the SAFEST and takes about 2 hours for you to receive it.

 

[Trikat]

Originally posted by: z0mb13

Originally posted by: jpeyton
Umm, just wait for it to clear and you'll be okay.

[/thread]

How long do I have to wait? I told the guy the transaction would be done at the bank. Is it more than a day or more instant?

You have to talk to your bank for the clearing time, but so far I haven't really seen anyone that has reported a set date for a check clearing. It all varies and can take over a week. I know my bank doesn't really have a set date.

 

[JS80]

Originally posted by: z0mb13

Originally posted by: JS80

Originally posted by: z0mb13

Originally posted by: JS80

Originally posted by: jpeyton

Originally posted by: JS80

Originally posted by: jpeyton
No you can't.

you can stop pay a cashier's check

After it has cleared? Which is what the OP stated; he'll wait for it to clear.

My reading comp FTL

OP: you should cash the cashier's check at the bank it was issued.

I cant do this at my bank? Is there a difference?

Huge difference. If you cash it at the place where it was made, it's guaranteed funds and it's done. If you "cash" it at YOUR bank (and I assume it's not the same bank as the cashier check) if the check bounces YOU are liable for the funds.

I thought cashiers checks are guaranteed Not to bounce.. thats why its called cashiers check.. otherwise its just regular check?

it's guaranteed funds BUT they can stop pay it and say it was lost. or print a phony cashier's check from home

 

[DeviousTrap]

Originally posted by: z0mb13

Originally posted by: jpeyton
Umm, just wait for it to clear and you'll be okay.

[/thread]

How long do I have to wait? I told the guy the transaction would be done at the bank. Is it more than a day or more instant?

You'd have to wait 1 or 2 business days for it to clear. Although cashiers checks can be canceled, it's usually a tedious process as the bank does not want to chance someone committing fraud. Remember, the check is written from the Bank's name, and the money is removed from the buyers account instantly when the check is written.

 

[JS80]

Originally posted by: z0mb13

Originally posted by: jpeyton
Umm, just wait for it to clear and you'll be okay.

[/thread]

How long do I have to wait? I told the guy the transaction would be done at the bank. Is it more than a day or more instant?

Don't worry I'll meet you at my bank, make the cashier's check, and you can cash it on the spot.

 

[z0mb13]

Originally posted by: RossMAN
Can you cash it at the same bank where the CC is issued?

Can they do a USPS MO instead?

Wire transfer is the SAFEST and takes about 2 hours for you to receive it.

he said his bank is on the east coast. I shouldve asked what bank he used.

USPS MO for >$20k?? that can be done? That probably would be too much of a hassle for the guy

Hmm I will ask if he can do wire transfer

 

[z0mb13]

Originally posted by: JS80

Originally posted by: z0mb13

Originally posted by: jpeyton
Umm, just wait for it to clear and you'll be okay.

[/thread]

How long do I have to wait? I told the guy the transaction would be done at the bank. Is it more than a day or more instant?

Don't worry I'll meet you at my bank, make the cashier's check, and you can cash it on the spot.

lol I dont want to carry that much cash on me.. I'd much rather have it go straight to my bank account

 

[RossMAN]

Ok $20k nope you can't do a USPS MO for that

I doubt you will find a more paranoid person than me on ATOT. I was in your shoes, I would go with a wire transfer. After it's been received I would surrender the title.

 

[JS80]

Originally posted by: z0mb13

Originally posted by: JS80

Originally posted by: z0mb13

Originally posted by: jpeyton
Umm, just wait for it to clear and you'll be okay.

[/thread]

How long do I have to wait? I told the guy the transaction would be done at the bank. Is it more than a day or more instant?

Don't worry I'll meet you at my bank, make the cashier's check, and you can cash it on the spot.

lol I dont want to carry that much cash on me.. I'd much rather have it go straight to my bank account

i'll escort you to your bank lol hmmm...maybe we have same bank? i'm with WF

 

[JS80]

Originally posted by: z0mb13

Originally posted by: RossMAN
Can you cash it at the same bank where the CC is issued?

Can they do a USPS MO instead?

Wire transfer is the SAFEST and takes about 2 hours for you to receive it.

he said his bank is on the east coast. I shouldve asked what bank he used.

USPS MO for >$20k?? that can be done? That probably would be too much of a hassle for the guy

Hmm I will ask if he can do wire transfer

east coast bank will take longer to clear if you have a west coast routing # (i used to work at a retail bank)