Suspicious Cashiers Check-How Long Do You Hold?

mrearlygold

Received a cashiers check that I was NOT expecting. Received an email offer, I replied they did not reply and a week or so later I received what looks like a cashiers check for the offer price and still no communication from the person who sent the email offer. Bank told me that unless the other bank verified the check that there is no way to tell a real one from a fake! This is from the bank president.
Says 2 weeks should be sufficient time for the check if it's bad to come back. What say you all? What's your experience with this new age of checks?

mrearlygold

Oh, I DID receive a somewhat cryptic email with a zip code it in ( where I should ship ) so I emailed that I will not be shipping until after the FUN show in which I then receive an email suggesting this sounds like a scam. I cancelled the order and intend to wait on that bank before issuing any refunds. What would you do?

davewesen

can you call the bank that issued the check to see if it is good?

derryb

I would return the questionable check and clarify my payment requirements with the buyer.

Hemispherical

An authentic cashier’s check is as close as you can get for cash without it being cash. It should have all the bank’s info on cashier’s check to include the bank’s routing number.

The bank you deposit the check should tell you how long it will take to clear. Exceptionally large checks do take longer.

OnlyGoldIsMoney

Return the check. Require payment via Paypal.

ctf_error_coins

Contact the buyer and tell them that you did not expect a Cashiers Check.

Tell them that you will accept that as payment but it could take weeks to clear and that you can not ship it until the check clears as that is your companies policy.

Give the buyer the option to take the check back and then pay with payapl.

WillieBoyd2

This looks like a scam. Check not expected, cryptic email...

JBK

Buyer has no leverage. Wait until you are comfortable that it has cleared, and that may be longer than the banks standard time period, as I think checks can still bounce. Call the issuing bank - they are the ones who escrowed the $$.

Outhaul

Call the bank of issue to verify legitimacy.

A cashier's check is purchased with funds.

LindeDad

@Outhaul said:
Call the bank of issue to verify legitimacy.

A cashier's check is purchased with funds.

Not if they printed it theirselves.

Broadstruck

You need to wait another 2 weeks after it clears as it could still bounce.

LindeDad

And if your using the number on the check do you really know who answers that phone.

Namvet69

Don't do it. The suspect check can be bogus for many reasons. Thieves can make a bad check using magnetic ink which will cause the item to be read and forwarded thru the federal reserve system. This can take one month or more. Many bogus checks are forgeries on a long closed account. The declined check them has to come back to your bank as closed account or such. Do not deviate from the PayPal environment. Peace Roy

BAJJERFAN

@Outhaul said:
Call the bank of issue to verify legitimacy.

A cashier's check is purchased with funds.

Better yet send a quality pic of BOTH sides of the check to the issuing bank and ask them to verify it's authenticity. Of course it could still bounce if the account owner claims that the check was drawn from his account WITHOUT his approval.
I once received one of those craigslist checks dawn on a Bank of America account and a B of A employee from another message board confirmed it was fake.

davewesen

@LindeDad said:
And if your using the number on the check do you really know who answers that phone.

banks have internet presence and a phone number and address can be verified (unless the scammer made a website for fake bank as well)

PerryHall

@MLBdays said:
Anyone that dubious ought to be shot on sight ... Id send the check to the FBI and get them involved ....this IS NOT A REAL PURCHASE. Its a bogus check....Anyone sophisticated enough to send a cashiers check is not going to be cryptic IN THE LEAST.

It sounds like he already deposited the check.

1630Boston

I, for one, want to know how this turns out

Hemispherical

Every legitimate financial institution has a policy on deposited checks or for any monies for that matter. If it is already deposited, then it might be a good time to re-read the policy.

I agree @1630Boston.

numbersman

No legit deal goes down this way....just sayin'.

GRANDAM

I received a cashiers check last year and couldn’t see any watermark. The the issuing bank, they won’t verify over phone or in person.

When I deposited it I asked my bank if they could verify, they can’t so I deposited it. Took 13 days to clear. Of course a hold was put on the funds in my account.

A few days after clearing I get a letter from my bank saying my line of credit was cancelled because of suspicious activity on my account. I call my bank and ask WHY?? Lady didn’t know, letter was dated the day I deposited the cashiers check. She said that shouldn’t have happened but it did. I guess just asking about a cashiers check throws up red flags.

I got my LOC reinstated right over the phone but geezzzzz, that seemed like an over reaction to me. I had more than enough funds in my account to cover the cashiers check even if it did bounce.

1Bufffan

Walk away do not deposit into your regular checking account at the bank, information could be given as to where the money deposit was made you could lose all kinds of information especially if the check was made out for more than the purchase price and they want you to made a refund drawn on our account. WALK AWAY.

BAJJERFAN

If it's a major bank like B of A any branch should be able to verify it as one of theirs.

mustangmanbob

On one of the automotive forums I am on, a guy had a cashier's check come back bad over 5 months after the sale, and the car was out of the country. His loss was in excess of $60,000. He THOUGHT he did all the correct things, held it, called for verification, checked ID, etc.

The only way I would consider one is if I could go to the issuing bank, get cash, walk out, and there was NO WAY it could back at me.

In my book, cashier's checks are worthless. Period.

Another car guy, in the classic auto trade, has a section of the wall papered with worthless cashier's checks.

Run Forest Run.

cameonut2011

3-4 weeks at least

cameonut2011

What bank was the check issued from? Some of the larger banks like Chase and Wells Fargo are very helpful.

Batman23

Wow, so what exactly is the secure safety with receiving "Cashiers Checks"? Seems like there could be more/worse potential issues than a personal check. In this day and age of information and computers, I do not understand how it takes more than a week or two to verify the legitimacy of a bank cashiers check.

TradesWithChops

@Batman23 said:
Wow, so what exactly is the secure safety with receiving "Cashiers Checks"? Seems like there could be more/worse potential issues than a personal check. In this day and age of information and computers, I do not understand how it takes more than a week or two to verify the legitimacy of a bank cashiers check.

lol. you assume the system has been upgraded along with technology as times change.

Rich49

Stolen Checks and the machine that makes them out are out there.Use PayPal.

davewesen

@1Bufffan said:
Walk away do not deposit into your regular checking account at the bank, information could be given as to where the money deposit was made you could lose all kinds of information especially if the check was made out for more than the purchase price and they want you to made a refund drawn on our account. WALK AWAY.

So it could be a 'phishing cashiers check' ?

291fifth

If the red flags are waving cancel the sale and return the check.

Coins101

I received a US Bank "Money Order" yesterday and took it to my local US Bank to cash it. They told me there was a $7.00 charge to cash their own Money Order because I wasn't a customer. I said, "Really??? Well can you tell me is it is a legit MO?" The teller just looked at it and said, "It looks good."

I told her she now knows why I do not have an account at there and left.

BAJJERFAN

@291fifth said:
If the red flags are waving cancel the sale and return the check.

too late fer dat, but I know what you meant!

BillJones

A cashier’s check is supposed to have money set aside from the account as soon as it is drawn. I can’t see why there would be any holding time for a good cashier’s check.

JBK

A cashiers check still needs to make its way back to the paying back even if electronically, and be verified as authentic.

Gluggo

If its from Africa or there abouts you should be OK.

coinpalice

I only accept Wells Fargo cashier’s checks

Hemispherical

Of course there is...

https://www.helpwithmybank.gov/index.html

Mission16

"How long do you hold?"
I don't. Especially on a cashiers check. It can be MONTHS after you deposited it and suddenly your bank will pull the funds back.
PP or bank wire.

TwoSides2aCoin

Only thing I hold with "suspicious", is my nose. Cancel the non deal.

ARCO

I received a bogus cashiers check for something like 7K. The explanation was that I was owed some amount less and would I cash the cashiers check and send them the difference.

I called the bank to verify and the account number was bogus. Check with the issuing bank. That will confirm everything.

fiftysevener

I sent a Wells Fargo money order to Great Collections that got lost and never found. Cost 31.00 to stop payment. Always use Pay Pal

mrearlygold

@1630Boston said:
I, for one, want to know how this turns out

I'll try and remember to update when that happens . And for the record, I've been screwed for a lot with these cashiers checks especially in the last year. There is no way I am accepting these cashiers checks without an authorized bank representative to back them up. Paypal is out of the question as a) the fee will not be absorbed by me when my net is hovering at around 7% on a pretty neat gold coin and b) paypal can hold my money in 6 months from now which is not acceptable even if I made 10%!

mrearlygold

I do request wires at a certain amount and will credit the wire fee in many cases but in this case there was no confirmation of an order. This cashiers check came in with no email ahead of time. I ALWAYS send an invoice prior to payment. In this case that did not happen.

ifthevamzarockin

"I've been screwed for a lot with these cashiers checks especially in the last year"

Sorry you have been screwed for a lot, sounds like a good time to quit taking them.

Cashiers checks are very high risk these days. I have heard of them coming back 6 weeks later.

Topdollarpaid

Send the check back. We don’t take cashiers checks period.

BAJJERFAN

@Topdollarpaid said:
Send the check back. We don’t take cashiers checks period.

Sounds like from his second post that he deposited the check.

KeithMS70

Take it into the issuing bank. Tell them your concerns