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Risk associated with accepting certified check??
Posted on 3/1/16 at 8:55 am
Posted on 3/1/16 at 8:55 am
I'm selling some stuff on a website, and I listed that I would accept USPS MO as payment. What I am used to doing as a payer. But I've had two different people ask if they are the buyer, if they can pay with a certified check. One said "Bank of America certified check" if that makes any difference. So am I taking on any extra risk by accepting a certified check as payment? Should I delay shipping for a certain number of days? Can they stop payment on a certified check? If so, how long do they have to stop payment? TIA.
8
Posted on 3/1/16 at 8:58 am to Kingpenm3
Why not use Paypal, Chase Quick Pay, or any of the other 100s of ways to transfer money digitally between two parties?
Posted on 3/1/16 at 8:59 am to Kingpenm3
Could be a forged check.
Otherwise if it is legitimate there's very little risk. I think the bank puts a hold on those funds in the account.
Otherwise if it is legitimate there's very little risk. I think the bank puts a hold on those funds in the account.
Posted on 3/1/16 at 9:01 am to Kingpenm3
There is slightly more counterfeit risk with a "certified check" than with a USPS money order just because they are easier to duplicate on a PC.
What I would do is ask them for an "official bank check" which used to be called a cashier's check.
The bank actually issues their check to you and puts a hold on the buyer's bank account for the amount of the check insuring the funds are in the account for you.
ETA: Or as Stout suggested, use PayPal, if both parties have a PayPal account.
What I would do is ask them for an "official bank check" which used to be called a cashier's check.
The bank actually issues their check to you and puts a hold on the buyer's bank account for the amount of the check insuring the funds are in the account for you.
ETA: Or as Stout suggested, use PayPal, if both parties have a PayPal account.
This post was edited on 3/1/16 at 9:03 am
Posted on 3/1/16 at 9:02 am to Kingpenm3
Is the buyers name Frank Abagnale?
Posted on 3/1/16 at 9:03 am to Pax Regis
The bank will debit the funds out of the persons account to create the cashiers check. In order for a bank to put a stop pay it has to be issued for at least 45 days. They're normally safe but anything can be counterfeit these days. A wire is normally your most secure way. Hope this helps
Posted on 3/1/16 at 9:03 am to Kingpenm3
Sounds like a scam. Tell them to get with the times and get a chase quick pay account.
Posted on 3/1/16 at 9:03 am to Pax Regis
quote:
Could be a forged check.
If my bank deposits it, am I in the clear? I'm assuming the risk of a forged check is if you were to meet in person and they have you leave with a forged check?
Posted on 3/1/16 at 9:05 am to Kingpenm3
quote:No, your endorsement on the back of the check obligates you in the event the check is forged.
If my bank deposits it, am I in the clear?
In that event, the bank can charge the amount of the check back to your account.
Posted on 3/1/16 at 9:05 am to Kingpenm3
No you are not in the clear. The check can still come back. The only way to be sure is to go to the issuing bank and cash the check.
Posted on 3/1/16 at 9:06 am to tigernation81
potentially claw back the money from your account. Similar to the money order scam.
Posted on 3/1/16 at 9:07 am to Kingpenm3
quote:
If my bank deposits it, am I in the clear?
You are unless you try to draw money out based on the amount of the deposit. You are responsible for that amount until it clears 100%.
This post was edited on 3/1/16 at 9:08 am
Posted on 3/1/16 at 9:08 am to Kingpenm3
quote:
If my bank deposits it, am I in the clear?
Really?
You will be at fault and liable
Otherwise, every demartrious will write shaquita a a fake check. Shaquita knows better
Posted on 3/1/16 at 9:08 am to Kingpenm3
I wouldn't do it. Google certified check scams and see why.
I sell on ebay and use Paypal only. Never had a problem.
I sell on ebay and use Paypal only. Never had a problem.
Posted on 3/1/16 at 9:11 am to Kingpenm3
I wouldn't do it. Too many fraudulent "cashier's checks" out there.
I know a guy in Lafayette who sold a vette from his car lot and took a cashier's check for it. It was a fake. Vette gone, he's fricked.
I know a guy in Lafayette who sold a vette from his car lot and took a cashier's check for it. It was a fake. Vette gone, he's fricked.
This post was edited on 3/1/16 at 9:13 am
Posted on 3/1/16 at 9:13 am to Kingpenm3
They can cancel the check. Tell them you'll go to the bank with them and get cash if they want to give you a bank check
Posted on 3/1/16 at 9:16 am to Hammertime
quote:
They can cancel the check. Tell them you'll go to the bank with them and get cash if they want to give you a bank check
This is all long distance. But I don't have to send them the parts until I am satisfied the money is in the clear.
Posted on 3/1/16 at 9:19 am to ksayetiger
quote:
Is the buyers name Frank Abagnale?
No.
Posted on 3/1/16 at 9:19 am to stout
quote:
Why not use Paypal, Chase Quick Pay, or any of the other 100s of ways to transfer money digitally between two parties?
It's gun parts. So paypal is a nono. Is it difficult to use chase quick pay if neither party has a chase account?
Posted on 3/1/16 at 9:20 am to Kingpenm3
quote:
This is all long distance. But I don't have to send them the parts until I am satisfied the money is in the clear.
I used to work in a bank and certified check scams are easy to pull off. They just print a check out, send it to you and in 3 weeks your bank informs you that the check was fake. You've already sent the goods off and you owe the bank money.
The only way I would ever do it is to get the check and immediately call the issuing bank and they can check to make sure the check is good. But you also need to make sure that the bank is real.
At the end of the day if I'm selling something and sending it off somewhere, I'm using Paypal. And I ship after I've swept my paypal account into my bank account.
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