BEWARE-GUARANTY BANK CASHIERS CHECKS

mrearlygold · October 16, 2007 8:50AM

Sold an item on ebay. Received payment today. We specify payment in checks which we will hold, or cashiers checks. Received what appears to be a cashiers check ( will scan check after deleting certain information ) "Guaranty Bank""For your kind of life" . No address of the bank anywhere. So I searched online, found an actual bank, called their cust service number and was told "Sir, we cannot determine if the check you received is good or not".

I'm treating this as a suspect check. What say you?

UtahCoin · October 16, 2007 8:52AM

Does it have a perforated edge?

mrearlygold · October 16, 2007 8:55AM

No perforated edge. The buyer has 722 transactions on ebay with 100% feedback too. However, when the actual bank says they can't ( won't? ) verify the status of the check, that's enough as far as I'm concerned.

options26 · October 16, 2007 8:56AM

My bank - Charterone - issues their "official check" the same way, no address listed anywhere. I would still be very careful and allow time for it to clear. I also know several banks that have been mentioned up here will not verify if a check is good. I would say walk into the bank if it's local and try and cash it. otherwise wait and see if it clears.

Jim

mrearlygold · October 16, 2007 8:58AM

<< My bank - Charterone - issues their "official check" the same way, no address listed anywhere. I would still be very careful and allow time for it to clear. I also know several banks that have been mentioned up here will not verify if a check is good. I would say walk into the bank if it's local and try and cash it. otherwise wait and see if it clears.

Jim >>

Jim, it's definitey not local and 3rd tier.

ebaytrader · October 16, 2007 8:58AM

If there is micro printing on it, it is likely a genuine bank check but it doesn't mean it's not stolen. HOWEVER, since the bank won't commit neither should you. Wait till it's paid.

Do a little research while you're waiting.

Verify the routing number

Fraudulent & counterfeit checks

fc · October 16, 2007 9:01AM

i feel bad for you. you go through so much trouble with people
and their payments.

out of curiousity, what payment methods do you trust the most?
this may help others like me who may plan to buy a high end coin.

thanks.

mrearlygold · October 16, 2007 9:09AM

<< i feel bad for you. you go through so much trouble with people
and their payments.

out of curiousity, what payment methods do you trust the most?
this may help others like me who may plan to buy a high end coin.

thanks. >>

Thanks FC, it's part of doing business. However, it's a whole new coin business with the internet. There's also completely new banking than what it's been for the past generation. It's making business more costly and subject to a LOT more scams than previously.

Bonafide Bank Checks are the fastest other than a wire transfer. But I think we still need to hold them until clearance is confirmed. So a wire is fastest. Before, we would only give wire instructions to people we were used to doing business with. NOw, complete strangers want wire instructions and as we've all found out, that leaves us open to all kinds of identity theft.

Some days I really miss some of the old days.

coinkat · October 16, 2007 9:14AM

I think it is appropriate to hold the coin until such time you are satisfied that the funds are available and will clear without any problems...

Bochiman · October 16, 2007 9:22AM

You just don't have the luck lately when it comes to payments, do you?
If the bank won't tell you, which is likely the story, you may want to go to YOUR bank and have a manager there call the other bank to verify funds.

mrearlygold · October 16, 2007 9:28AM

Bochiman, that's of course what I'll do but we're finding the banks increasingly will not cooperate, even with other banks.

Here's the check

GAT · October 16, 2007 9:29AM

I had a Washington Mutual money order last month, for a gold coin, with no address, that was as good as gold.

mrearlygold · October 16, 2007 9:31AM

<< 

out of curiousity, what payment methods do you trust the most?
this may help others like me who may plan to buy a high end coin.

thanks. >>

OK, how about

No good nowadays?

OK how about

Mercury10c · October 16, 2007 9:36AM

Tom, bring it to your bank and have them look at it. An experienced teller will know if it's genuine or not. They also may be able to find a phone number for the bank and speak to someone who has a clue.

OPA · October 16, 2007 9:42AM

At least the ABA # is correct.

Link

AUandAG · October 16, 2007 9:48AM

Tom, does it have watermarks? Usually banks include them so as to deter copying. However, if it's a stolen check
that would not make a difference. When you do call a bank on a check, as for Accounting. Tell them you have been
presented a Cashiers check, number #### for $1,122 and will it clear. Trust me, if it's fake or has other probs you
will get a quick response from an Accountant. You should always ask for accounting.

good luck,
bob

StampAlarm · October 16, 2007 9:49AM

I have an account at Guaranty Bank. As far as I know they only have
branches in TX and CA. Customer service: 800 288 8822.

Jerry

BlindedByEgo · October 16, 2007 9:50AM

Guaranty Bank
PO Box 1807
Cedar Rapids, IA 52406
319-286-6200
319-362-7894 fax
H.M. Beeker, Chairman

mrearlygold · October 16, 2007 10:01AM

This place is great

oxy8890 · October 16, 2007 10:06AM

<< Sold an item on ebay. Received payment today. We specify payment in checks which we will hold, or cashiers checks. Received what appears to be a cashiers check ( will scan check after deleting certain information ) "Guaranty Bank""For your kind of life" . No address of the bank anywhere. So I searched online, found an actual bank, called their cust service number and was told "Sir, we cannot determine if the check you received is good or not".

I'm treating this as a suspect check. What say you? >>

As an ex-banker I love these types of answers. My next response when I receive this boiler plate reply is "I am not asking you to determine if the check is good. I'm asking you if check #1205 was issued on October 15th 2007 to Tom Pilitowski and Associates for $1122. If you can tell me that I will be willing to make my own determination if the check is good or not."

If the bank still won't help me, I explain that I am going to return the check to their customer, explaining that the lending institution they have chosen to do business with refuses to verify and cross reference any information on the cashiers checks they issue. I have never had a problem past this point.

Banks are interested in customer retention and almost always work with you. It is the word "good" that raises red flags at a bank. A bank can't tell if it a cashier check is "good" until they see it and cross reference it themselves. That is often why some banks initially break out into a "soft shoe" or "shut you down" at that question.

If I still could not get information at that point I would not hesitate to send the check back and relist the coin.

Good luck

oxy8890 · October 16, 2007 10:08AM

<< i feel bad for you. you go through so much trouble with people
and their payments.

out of curiousity, what payment methods do you trust the most?
this may help others like me who may plan to buy a high end coin.

thanks. >>

Cash, Paypal and checks from banks that I can verify funds/information.

StampAlarm · October 16, 2007 10:13AM

<< Guaranty Bank
PO Box 1807
Cedar Rapids, IA 52406
319-286-6200
319-362-7894 fax
H.M. Beeker, Chairman >>

I guess there are two of them. Maybe 3?

Jerry

mrearlygold · October 16, 2007 10:19AM

The buyer has replied to me and he seems like stand up guy. Gave me the local numbers for the branch and I'll proceed more liberally at this point but believe me, this check situation is just starting in this business.

BlindedByEgo · October 16, 2007 10:38AM

<< 

<< Guaranty Bank
PO Box 1807
Cedar Rapids, IA 52406
319-286-6200
319-362-7894 fax
H.M. Beeker, Chairman >>

I guess there are two of them. Maybe 3?

Jerry >>

Yeah, but the logo and tagline matched on the one in Iowa.

Animalkeeper · October 16, 2007 11:06AM

Had the exact same issue with a Guaranty Bank money order - no address or telephone number. Mine was only about a tenth the value of your's though. Contacted the buyer and told him I had concerns. He had 100+ eBay purchases and 100% positive feedbank. He gave the branch location (St. Louis I recall) and the telphone numbers. I googled it anyway, got the same info. Called the bank and they verified account number, name and amount. You'd think they would make their money orders a little more unique but they probably save money?

plansim · October 16, 2007 11:41AM

If your bank accepts it, make sure you wait a while before sending out the coins.

Sometimes it takes a few days for a bank to find out that a "real-gud" counterfeit check is bad.

Ask your bank how long it will take before they consider the check to be legit.

Don't sign the check. That makes you responsible for it. Just deposit it into your account. If you insist on not signing it, they must honor your wish (although this might depend on state law)

TwoSides2aCoin · October 16, 2007 12:01PM

Banks have funny rules. They charge me to keep my money. Then they charge me if someone else writes me a bad check for my money. Then they charge me for the statement they print to show me how they charged me for someone else screwing me out of my money. At the end of the month, they still got all the money.

jdimmick · October 16, 2007 12:04PM

Tom,

I had one of those, with no bank info or nothing. I called and was told the same thing. I ended up holding as a standard check, customer wasnt too happy, but it turned out to be a good one.
Jim d

claychaser · October 16, 2007 3:24PM

I bank with Gauranty Bank, and have drawn several cashier's checks. The "real deal" cashier's check does NOT look like that one. My bank is HQ in Dallas, but has branches in CA. The bank name looks like the one in their website:

Linky

BlindedByEgo · October 16, 2007 3:41PM

<< I bank with Gauranty Bank, and have drawn several cashier's checks. The "real deal" cashier's check does NOT look like that one. My bank is HQ in Dallas, but has branches in CA. The bank name looks like the one in their website:

Linky >>

It's a different bank. Here is Guaranty Bank and Trust.

Keys: Logo and tagline.

BEWARE-GUARANTY BANK CASHIERS CHECKS

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