Safe to accept cashier's check for large payment?

[de8212]

I know cashier's checks are as good as cash generally but I guess I'm just paranoid.
Can they be counterfeited (sp?)? If it was a small amount I wouldn't be worried but it's ~$4000.

 

[Zim Hosein]

Safe to accept cashier's check for large payment?

Yes.

 

[brxndxn]

IMO, no. Cashier's checks can be forged fairly easily.

 

[FoBoT]

does it involve shipping a car to nigeria?
they can be faked

 

[Kadarin]

And if the cashier's check comes from someone in Indonesia, run.

 

[smack Down]

Your safe if you can cash it at the issueing bank. It might be hard to find the first bank of nigeria.

 

[RossMAN]

Originally posted by: brxndxn
IMO, no. Cashier's checks can be forged fairly easily.

I wouldn't say easily but there are a number of cashiers checks/money order scams out there.

Just confirm funds are available and it's legitimacy by calling the issuing branch of account.

 

[de8212]

No shipping, no nigeria, etc.

This is a face to face thing. I have no reason to doubt the authenticity, just playing it safe, maybe too safe.

 

[BigJ]

I'd just go ahead and have them wire you the money. Have it in your hand before you complete your end of the deal.

 

[FoBoT]

rossman is/was a banker, he would know. call the bank when you get the check to confirm it

 

[cubby1223]

You can still stop payment on a cashier's check, so it is definately not as good as cash.

 

[Zim Hosein]

Has anyone read the post by de8212?

 

[BigJ]

Originally posted by: de8212
No shipping, no nigeria, etc.

This is a face to face thing. I have no reason to doubt the authenticity, just playing it safe, maybe too safe.

If it is face to face, why don't they just hand you an envelope full of cash?

 

[Zim Hosein]

Originally posted by: BigJ

Originally posted by: de8212
No shipping, no nigeria, etc.

This is a face to face thing. I have no reason to doubt the authenticity, just playing it safe, maybe too safe.

If it is face to face, why don't they just hand you an envelope full of cash?

Receipts and a paper trail to CYA IMO.

 

[BigJ]

Originally posted by: Zim Hosein

Originally posted by: BigJ

Originally posted by: de8212
No shipping, no nigeria, etc.

This is a face to face thing. I have no reason to doubt the authenticity, just playing it safe, maybe too safe.

If it is face to face, why don't they just hand you an envelope full of cash?

Receipts and a paper trail to CYA IMO.

Draw up a receipt of sale. It's not all that hard to do.

 

[Zim Hosein]

Originally posted by: BigJ

Originally posted by: Zim Hosein

Originally posted by: BigJ

Originally posted by: de8212
No shipping, no nigeria, etc.

This is a face to face thing. I have no reason to doubt the authenticity, just playing it safe, maybe too safe.

If it is face to face, why don't they just hand you an envelope full of cash?

Receipts and a paper trail to CYA IMO.

Draw up a receipt of sale. It's not all that hard to do.

Exactly BigJ

 

[RossMAN]

Originally posted by: de8212
No shipping, no nigeria, etc.

This is a face to face thing. I have no reason to doubt the authenticity, just playing it safe, maybe too safe.

You can never be too paranoid.

A few weeks ago an AT'er contacted me on AIM about a Paypal post I had made. He didn't realize just how paranoid I can be

 

[de8212]

Originally posted by: BigJ

Draw up a receipt of sale. It's not all that hard to do.

I've already got a bill of sale made out. It won't mean much if the cashier's check is bad though. Well, it might help some but I think I will request cash just to be safe.

Thanks everyone.

 

[kranky]

Originally posted by: cubby1223
You can still stop payment on a cashier's check, so it is definately not as good as cash.

Are you sure about that? I asked a friend who is a bank VP and he said no way. My own bank's terms and conditions explicitly say they cannot stop payment on a cashier's check (also known as an "official check").

The only exception is if it's lost or stolen, and then you have to wait 90 days.

 

[amdforever2]

Deposit it and wait for it to clear totally. As in god himself couldn't charge back this instrument.


With some of the tellers in banks today, I wouldn't be surprised if they verified a check drawn up in crayon.

 

[Injury]

Originally posted by: amdforever2
Deposit it and wait for it to clear totally. As in god himself couldn't charge back this instrument.


With some of the tellers in banks today, I wouldn't be surprised if they verified a check drawn up in crayon.

If you must accept a cashier's check, then this is only safe way to play it.

Hold on to your goods until it does.

However, if you are meeting face to face, then there is no reason that they couldn't pay in cash, as a cashier's check must be purchased with cash or cash equivlent. If they ABSOLUTELY insist on a cashier's check so they have a record of the transaction, meet at the bank and tell them to purchase it in front of you, then immediately turn around and cash it. The teller will probably hate you, but too bad.