Accepting Cashiers Checks

mrearlygold · March 15, 2007 3:54AM

What do you all do when getting paid with cashiers checks? Do you wait till they are paid? Do you wonder if the person will put a stop payment on it thereby leaving you holding air?

I have received a number of them in the last 2 weeks. The bank doesn't put any holds on my deposits yet that doesn't protect me in the event of a cashiers check gone bad. So I call the bank and TRY to get information about clearing times, etc. Today the story was as follows: In your business we recommend you wait 5-10 business days before sending merchandise ".

Some banks are cooperative. Some are totally worthless when it comes to releasing information.

EricSan · March 15, 2007 4:02AM

The last time I walked into a bank with a cashier's check, they treated me like I had walked in with a gun. I got lectured about the number of phony cashier's checks out there, then the check was confiscated - I was not allowed to deposit it. They charged me $15 to send it out for immediate collection and told me it may take up to 60 days to get my cash.

"So why do you even bother to issue them if no one trusts them?" I asked the bank manager. He had no reply.

Don't bother with cashier's checks, just take a personal check. It clears in 5 days and then you can ship the goods.

Eric

Coins101 · March 15, 2007 4:03AM

10 business day waiting period on Cashier/Bank checks, personal checks and non-USPS MOs. I disclose this fact in my listing.

notwilight · March 15, 2007 4:16AM

I just got one yesterday for $500 plus from a bank in CT. After reading this thread I googled the bank, called the customer service, she asked for the number on the check and verified it was valid and payable to me. Total time less than 30 seconds. Wow!!! I'm sure that's exceptionally easy but it makes up for some of the difficult ones we have to deal with. --jerry

mrearlygold · March 15, 2007 4:16AM

It's amazing they get away with this. GRRRRR.

291fifth · March 15, 2007 4:22AM

This is the golden age of the bunco artist (an old term.) It seems everyone is getting jumpy because they know law enforcement will likely do nothing to help them if they get stuck with a bad cashiers check or money order. I haven't gotten stuck with a bad one yet, but admit to being concerned about it. When selling on eBay I always look closely at the buyer's feedback and length of time on eBay. I still feel uneasy and may change my selling terms on more expensive items in the near future.

OPA · March 15, 2007 4:26AM

<< 10 business day waiting period on Cashier/Bank checks, personal checks and non-USPS MOs. I disclose this fact in my listing. >>

Having worked in the loss prevention end of the financial industry for over 40 years. I've learned not to accept any type of checks for eBay auctions, whether they are Official, Certitified, Cashiers or Personal checks. I only accept Postal Money Orders & PayPal. On Postal M.O. over $100, I check the P.O. website to make sure they are not stolen or counterfeit before I release the merchandise. Call it overcautios, paranoia, maybee, but I've never had a loss related to eBay payments in over 6 years.

jmski52 · March 15, 2007 4:26AM

If it's not counterfeit, why wouldn't it be payable immediately?

I hold personal checks 10 days, and my banker advised me that this is wise to do. Just because a personal check "clears" does not mean that the funds are secure. That takes time.

But a cashier's check? That's money already secured by the issuing bank, isn't it?

Now, I'm gonna have to ask my banker about this one.

Of course, how do you verify that a cashier's check is not counterfeit? Maybe that's why the waiting period.

mrearlygold · March 15, 2007 4:32AM

Maybe it doesn't matter but the amount of the checks are in excess of 25K each except one of them which is closer to 10K. It adds up to a lot of money. The customers want their coins asap and considering that I'd like to develop a relationship with customers over the long term, I'm more than happy and perhaps as eager as they are to deliver the coin ( s ), but finding the balance isn't easy sometimes.

What gets me is the attitude. Even my own bank tells me to wait 5-10 business days. That REALLY irks me. In 2 of these cases since I started this thread I called a local branch several times. The first two times I spoke to snotty representatives of Bank of America who as far as I'm concerned were rude and unhelpful . Then I got a call back from someone at BOA who was clearly from a different country who took the checks information down, then called me back again in less than 5 minutes with the date and times when those checks cleared. Was very helpful and polite.

Interesting huh?

OPA · March 15, 2007 4:33AM

<< 

<< 10 business day waiting period on Cashier/Bank checks, personal checks and non-USPS MOs. I disclose this fact in my listing. >>

Having worked in the loss prevention end of the financial industry for over 40 years. I've learned not to accept any type of checks for eBay auctions, whether they are Official, Certitified, Cashiers or Personal checks. I only accept Postal Money Orders & PayPal. On Postal M.O. over $100, I check the P.O. website to make sure they are not stolen or counterfeit before I release the merchandise. Call it overcautios, paranoia, maybee, but I've never had a loss related to eBay payments in over 6 years. >>

Oops....I forgot, I also accept BidPay for purchases up to $1,500 (max allowed by BidPay)

zzzz · March 15, 2007 4:39AM

<< But a cashier's check? That's money already secured by the issuing bank, isn't it? >>

That is supposed to be right ... but with many stolen blank cashiers checks to be on the side of caution I agree with notwilight ...

Call the supposed issuing back they will tell you whether it is good or not

ABSilvercoins · March 15, 2007 4:40AM

A cashier's check and a personal check are basically the same thing with one difference--the cashier's check has the money held in reserve. It probably will not bounce.

Remember this: You can stop payment on a Cashier's check. I have done so when I got ripped off on high-end optics. It takes the bank's cooperation, and if they feel that there is a good enough reason, they will stop payment.

(The banks don't LIKE to stop Cashier's checks, that is certain. It might make them the middleman -or arbitrator?- in a deal gone sour.)

A money order from the same bank cannot be 'stopped'.

Counterfeit checks and money orders is a different story. (The bottom of the barrel is a grocery store, WU, or WalMart money order. Impossible to verify with any certainty.)

The real problem for me is timely notification from my own bank that a deposited item has bounced. They once waited 12 (TWELVE) days before notifying me a $1000 check had bounced.

OPA · March 15, 2007 4:43AM

<< If it's not counterfeit, why wouldn't it be payable immediately?

I hold personal checks 10 days, and my banker advised me that this is wise to do. Just because a personal check "clears" does not mean that the funds are secure. That takes time.

But a cashier's check? That's money already secured by the issuing bank, isn't it?

Now, I'm gonna have to ask my banker about this one.

Of course, how do you verify that a cashier's check is not counterfeit? Maybe that's why the waiting period. >>

Stolen checks, counterfeit checks .. be especially carefull of Master/Card or Visa cash advance checks, can take up to 30 days or longer to be discovered as bogus & you will end up eating the check. On stolen checks, the charge back as long as 60 days per regulation cc.

cwazzy · March 15, 2007 4:43AM

I work in a bank and we are always leary of cashier's checks. If you get one you should always call the bank and verify the funds before you send the item. What is important to remember is that you should never call the number on the check. If it is a bad cashier's check the person that answers is going to tell you it is good. Always look for a website or phonebook for the number and call that one. Hope this helps some.

Chris

291fifth · March 15, 2007 4:48AM

The real problem for me is timely notification from my own bank that a deposited item has bounced. They
once waited 12 (TWELVE) days before notifying me a $1000 check had bounced. >>

This is the real problem. My own bank has been bought out so many times in the past ten years I have no idea just how fast their notification is. In one case, about ten years ago, it took the bank over three weeks to let me know a check was NSF. The most recent one I received was about 3 1/2 years ago. At that time the bank took more than a week to notify me. Under the current bank ownership, who knows?

mrearlygold · March 15, 2007 4:49AM

<< I work in a bank and we are always leary of cashier's checks. If you get one you should always call the bank and verify the funds before you send the item. What is important to remember is that you should never call the number on the check. If it is a bad cashier's check the person that answers is going to tell you it is good. Always look for a website or phonebook for the number and call that one. Hope this helps some.

Chris >>

Thanks Chris, lots of banks will help, but Bank of America cannot be counted on to divulge that information. That's really what started this thread. Bank of America. VERY un-cooperative.

cwazzy · March 15, 2007 4:52AM

<< 

<< I work in a bank and we are always leary of cashier's checks. If you get one you should always call the bank and verify the funds before you send the item. What is important to remember is that you should never call the number on the check. If it is a bad cashier's check the person that answers is going to tell you it is good. Always look for a website or phonebook for the number and call that one. Hope this helps some.

Chris >>

Thanks Chris, lots of banks will help, but Bank of America cannot be counted on to divulge that information. That's really what started this thread. Bank of America. VERY un-cooperative. >>

For some reason the bigger the bank the less cooperative they are. I work for a small community bank and I all of the ones that I have dealt with are usually more than willing to help you in any way they can. Bank of America sucks. They are the worst of the bunch.

Chris

LincolnCentMan · March 15, 2007 4:54AM

The last time I walked into a bank with a cashier's check, they treated me like I had walked in with a gun. I got lectured about the number of phony cashier's checks out there, then the check was confiscated - I was not allowed to deposit it. They charged me $15 to send it out for immediate collection and told me it may take up to 60 days to get my cash.

Man, if that happend to me, I think I might find myself another bank.

I usually call the issuing bank to verify the checks validity. If that works out, I send the coin out the same or next day.

-David

MoneyCollector · March 15, 2007 5:01AM

I have only dealt with this a few times but I will take personal checks down to the bank it was drawn on if it is a bank with branches here in the Dallas area. I do this with some of my renters also to insure the money is there b/c if it bounces I get hit with a fee also and then I have to try and collect from my renter which is difficult. Many banks will charge you a fee to cash a check drawn on their bank if you don't have an account there which has never sounded right to me but that's how it is. If the teller tells me the funds are there I go put it in my bank and cross my fingers.

Randy

ziggy29 · March 15, 2007 5:05AM

When someone is paying me for something I'm selling, PayPal and verified USPS money orders go out immediately. Everything else ships a few days later. I explicitly mention this.

mrearlygold · March 15, 2007 5:25AM

What is the limit on money orders?

bushmaster8 · March 15, 2007 5:48AM

USPS M.O. limit is $1K

Accepting Cashiers Checks

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