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Thread: Cashier's check=bad, postal money order=good

  1. #1
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    Cashier's check=bad, postal money order=good

    While this isn't directly about guns, it may be of some use to those who buy and sell via on-line auctions or forums.

    I bought something through Gunbroker. My wife got a cashier's check from our credit union because she was there anyhow. The payment never made it to the seller, lost in the mail who knows where. He's been very patient and good to deal with (actually seems like a real nice guy), but now I have to get a form from the bank, send it to him to sign, have notorized, and return to me, then I go back to the credit union and pay a $25 fee to cancel the lost cashier's check.

    Out of curiousity, I looked at the USPS procedure regarding lost or stolen money orders. Fill out a form at the post office, and pay a $5.20 fee.

    I'm sure most people probably already know more about this stuff than I did, but I'm learning quick. Nothing against Gunbroker or the seller, but I'm ticked at my credit union for their outrageous fees, and at myself for not thinking to check this out beforehand.

  2. #2
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    That sux but at least it will work out. We raise a few litters of puppies every year and do most of our business with famlies from out of state. We ONLY accept USPS money orders. It's easy and we haven't had any problems yet using them. funny thing we took a personal check 2 or 3 weeks ago for a deposit only and it bounced....back to money orders only!

  3. #3
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    I paid my estimated taxes once using a postal money order and it was lost in the mail. It took the post office 6 months to issue a refund.
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  4. #4
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    I treat Cashiers Checks just like I do Personal Checks. Nothing gets shipped until the check clears. There are just too many banks and credit unions for me to know who's legit and who isn't. (This, plus the current shaky financial problems, who knows if the issuer will even be in business tomorrow.)

  5. #5
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    A friend of mine in the business says much the same, there are too many forged and kited cashier's checks to trust. But the guy I have a gun on order with said he would make immediate shipment when he got my cashier's check but would hold a personal check to clear.
    I have a few facts and a lot of opinions.

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    Was watching Motorweek a few weeks back where they covered selling your car. According to the report, the safest way to receive payment is by registered certified check-claim it's safer than cash, check, cashier's check, etc.
    Don't know any particulars other than some things folks thought were safe can also be forged, bounced, etc.
    It only becomes class warfare when the working class decides to fight back.
    When they don't, it simply becomes a case of economic genocide.
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  7. #7
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    When you send the CC or USPS MO, make sure you send it certified mail, Delivery Confirmation etc. I am not talking about $25 purchases, but on gun purchases. I have done this and never once had a problem.

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    I get a certified check from my bank, I can get 1 free per day

  9. #9
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    United States postal money orders can be cashed at the post office when you're running your other mailing errands.
    "Tactical" is a mindset, not an equipment list.

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  10. #10
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    I understand someone can stop payment on a cashiers check but not a certified check.

  11. #11
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    You can always do a wire transfer if you don't mind paying the fees.

  12. #12
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    Might want to cruise over to www.clarkhoward.com and use his search engine on various check scams.

    Be cautious of cashier's checks
    When you receive a money order or cashier’s check from someone for a car, boat or other large purchase, you probably think it’s legit because it looks so officials. But phony cashier’s checks and money orders is a growing problem. The numbers of fake cashier’s checks more than tripled in the past five years and grew more than 50 percent in the past year. It’s possible because of the high quality printers out there today. They’re so good that even people in the banking business think they’re real. The fact that the clearance process is so antiquated makes the situation even worse. In 2006, it would be very easy to electronically verify that a cashier’s check is real. But banks don’t want to do that because they have less responsibility the current way and they want to keep it that way. So, anytime you receive a cashier’s check you want to meet the buyer at the bank and get real money from the bank in return.

    And while I’m sure no one in here is gullible enough to fall for this , look where it got this gal!

    A couple months ago, Clark shared the story of Shirley Tias. She had received checks in the mail from scam artists. They conned her into thinking she’d won a lottery. She deposits the checks thinking they’re legitimate. But they bounce and she ends up getting charged with fraud. She spent a night in jail and was facing more time behind bars if prosecuted. Thankfully, the charges were dropped once it got to court. But the process is ridiculous. How many times is law enforcement going to get this wrong? They go after the victim instead of the criminals, who in this case were in Canada. The reality is that we could stop this if banks updated their systems to verify checks electronically. There is no reason why a check that someone deposits can’t be checked on the spot to determine if it’s a fake. But banks don’t want to spend the money to upgrade. If nothing else, post signs warning people about phony cashier’s checks. Basically, the banks don’t care. As a result, about 50 innocent people get taken and end up in jail each year. They will continue to get taken unless the financial industry takes an interest.
    It only becomes class warfare when the working class decides to fight back.
    When they don't, it simply becomes a case of economic genocide.
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  13. #13
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    If nothing else, post signs warning people about phony cashier’s checks.
    It has long been the practice of banks that "deposits may not be available for withdrawal" until the deposited draft clears. Everyone should know this by now, so unless it's your paycheck not spend the money immediately
    Governments don't live together. People live together.

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    Another advantage of USPS money orders is that not delivering the item paid for is Federal mail fraud.

    John

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    I have filed a lost or stolen report on a USPS money order. It is fast and easy. I got a photocopy of the money order itself, which has both sides so you can see who endorsed it.

    This is very good, because I'm currently in small claims court over it, and the defendant claims he never took my money. His company's rubber stamp is on the back of the money order. I can't wait for my day in court.
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    When you send the CC or USPS MO, make sure you send it certified mail, Delivery Confirmation etc. I am not talking about $25 purchases, but on gun purchases. I have done this and never once had a problem.
    Definitely what I'll do from now on, as well as using only postal money orders.
    It's been many years since I've had anything lost in the mail, but it does happen. It would be just my luck to go through the hassle of sending the form and paying the fee, then have the lost check show up the next day.
    I also feel bad about the seller having to wait so long for his money.

  17. #17
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    I'm pretty much to the point as a seller where I'm ready to just return anything other than a postal money order. There are just too many advantages of using them over other forms of payment. People still send MO's from walmart, cashiers checks from their banks and I so far still accept them just to save them some hassle but I'm trying to be even more clean. USPS MO is just the safest and easiet way to go I think.
    Every social movement (*snip*) that tries to break the bonds of mindless convention and tradition and that defies established privilege gets accused of being rude and worse, much worse, and there are always weak apologists for the status quo who use that pathetic etiquette excuse to try and silence the revolutionaries. Successful revolutionaries ignore the admonitions about which fork to use for their salad because they care only to grab the steak knife as they launch themselves over the table. -- Richard Dawkins

  18. #18
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    so unless it's your paycheck not spend the money immediately
    I had a boss once who, on payday would hop on his motorbike and speed over to the bank as soon as he got his paycheck. Not his bank, but the company's bank.

    (He didn't have a real high opinion of the character of the corporate leaders. When they raided the pension plan, I figured out he was right)
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  19. #19
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    Quote Originally Posted by TallPine
    It has long been the practice of banks that "deposits may not be available for withdrawal" until the deposited draft clears. Everyone should know this by now, so unless it's your paycheck not spend the money immediately
    I discussed this with the assistant manager of my bank branch just last week. You still have to be careful, because there's "cleared," and then there's ... cleared. HuH?

    Yeah, "Huh?" is kind of what I said. Because this same assistant manager had told me (I thought) awhile back that in-state checks typically "clear" in two days, and out-of-state checks "clear" in three days. This time she expanded on that a bit. It seems the two or three days is how long the bank makes you wait before they'll allow you access to the money. After that, the funds represented by those checks are "available, but not cleared." Which means you can spend that money three days after you deposit the check, but it may actually take a month or more before the check has completely and finally "cleared" all the way back to the originating bank. If, when it finally gets to the originating bank, there's a problem -- guess who gets to repay the missing money.

    Right ... you do. Even though your bank told you it was okay to spend the money, if they find out later they're not getting it from the "source" bank, they hold you responsible. YOU have to find a way to repay it, and then YOU have to go after the dirtbag who gave you the phony check in the first place. This is why those scams where somebody sends you a $5,000 check to buy a $50 item off e-Bay work. "Just cash the check and send me back the balance," is the offer. So you deposit the check, keep $50 and send off $4,950 to the "buyer," who doesn't exist. The cashiers check he sent you was a counterfeit, but your bank allowed you to "use" the money (which you sent back to the scammer) long before the fact it was counterfeit became known.

    USPS money orders only.

  20. #20
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    That's one reason I always send payment certified/ return receipt. That way you always have a record of delivery and can even track it somewhat.
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    in the mid 80's a guy showed up at the mayflower hotel. in limo dressed to 9's. he asked to see manager and explained he was moving to the usa and presented a 20 cashiers check.he explained it would take a while for his funds to clear and that this should cover him till then. they got him a suite and he went to town charged stuff at brooks brother and the jewelers as well as room service etc. then scooted in the next week middle of night. at which point we found out that you can stop payment on a cashiers check. and this guy was working the east coast
    "Why, no. I don't believe truth can be brought to people such as yourself. I doubt you'd recognize truth if your head was held tight and your nose was rubbed in it."
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  22. #22
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    I discussed this with the assistant manager of my bank branch just last week. You still have to be careful, because there's "cleared," and then there's ... cleared. HuH?
    Yeah-I'm pretty sure I heard of this on Clark Howard also, but couldn't remember the particulars-only that after a check has "cleared", you could still be on the hook for it!
    It only becomes class warfare when the working class decides to fight back.
    When they don't, it simply becomes a case of economic genocide.
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  23. #23
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    While I realise how much many of you dislike Wall Mart thier Money Orders are $.45 and I have never had one turned down.

    Oneshooter
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  24. #24
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    Quote Originally Posted by Soybomb
    I'm pretty much to the point as a seller where I'm ready to just return anything other than a postal money order.
    I'm already there, and I already have.

    All my sales ads say 'Payment in United States money order' right there in black and white (or whatever colors your forum preferences are).
    "Tactical" is a mindset, not an equipment list.

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  25. #25
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    If you think paying for a lost cashiers check is a hassle and expensive, try dealing with a lost certified check.

    Certified checks are 'collected funds.'

    The bank removes the money from the account when it certifies the check.

    Your regular personal check is embossed to indicate it is now a 'certified check' and payment is guaranteed.

    They are about as good a check as can be had, and are almost never free.

    The funds are transfered to the Fed until the check is presented for payment.

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