Question On Guaranteed Payment Forms

BAJJERFAN

What payment form other than cash is 100% guaranteed safe with no fear of stop payment or any other encumbrances?

PBRat

Bearer Bonds.

airplanenut

Postal money orders

tjkillian

Actually even cash is not 100% as the money could be counterfeit. U.S. Postal money orders are the best money orders as the post office can verify the funds instantly and many times cash them right there on the spot.

Tom

airplanenut

and cashier's checks

jdimmick

When I buy something of significant value, I always use cashiers checks to send for payment. I have recieved these as payment as well, and usually cash and/or deposit in my account. While back, I had a cashiers check for about 5k that I was going to just cash, which they did, but my bank informed me that it is still possible to stop payment on a cashiers check?

Now on the other hand, just recently, I thought I had a lost cashiers check in the mail that did not show up to the seller, it was a situation where I was not going to take a chance of waiting around and losing out on the deal, so I was about to go and stop payment and send out another. Well thats when my bank informed me that it is policy that cashiers checks cannont be stopped or cancelled till at least 90 days from the date of purchase. Based on what I was informed this is a customary bank policy at all banks?

So to make a long story short, If this is so, then as long as you verify that the Cashiers check is valid upon arrival, then apparently nothing can be stopped or voided for 90 days. So as long as you deposit it timely, shouldnt be a problem. (You might want to verify this at your bank as well). Thats good for the seller to keep dihonest people from writing a cashiers check, then stopping payment, however, the bad part is, if you should have a payment truly get lost, your out of luck for 90 days. If a big purchase, you would be in a tough predicament.


Postal Mo's are another good source of guaranteed payment, just make sure you cash them at the window prior to mailing out coin, becuase they can tell right on the spot if valid. The postal service has tightened up buying and selling of PO's to be more secure , so make sure you have proper Identification, especially on the larger transactions.

lathmach

Postal Money Orders and Cashiers Checks? Airplane Nut, you gotta be kidding.
Payment on cashiers checks can be stopped.
Here's a link to stolen and lost USPS money orders.
Link
Think the Post Office doesn't check when a money order is cashed?

Ray

supercoin

If you're not face to face, wire transfer is probably your best bet for larger amounts. Somebody still has to trust someone, though... someone has to pay before delivery or vice versa.

MacCoin

gold dust

jbsteven

NOT cashiers checks

I have a $13,650 here that is bogus and they got away with my stuff. Lesson learned