Any risk in taking a "cashiers check from a bank" from an Ebayer?

digicat · July 23, 2010 6:49AM

Ebayer has 16 feedback, and is asking this in regards to a <$50 item. I don't think I've ever taken a cashiers check before, so I want to make sure I'm not opening myself up to a world of scams by giving this guy the green light.

mealeworm · July 23, 2010 6:53AM

I think fake ones were used on a craigslist scam. There is always a chance that they are fake. I would just tell him you will have to wait until it clears.

Dave

bhelser · July 23, 2010 7:01AM

If it is a nationwide bank, go to the bank it is drawn on, and CASH it there - much safer than depositing it into your bank account. If deposited into your account, it can take up to 8 weeks for a fake check to be recognized....and you will be held responsible.

nightcrawler · July 23, 2010 7:02AM

He's the one taking the risk, no worries on your end as long as it clears. I think a person can void the check, but not after it clears, I'm not really sure about that.

ndleo · July 23, 2010 7:52AM

<< If it is a nationwide bank, go to the bank it is drawn on, and CASH it there - much safer than depositing it into your bank account. If deposited into your account, it can take up to 8 weeks for a fake check to be recognized....and you will be held responsible. >>

Some banks will give you a hard time cashing a cashiers check if you do not have an account with them. A Postal Money Order is the way to go.

milbroco · July 23, 2010 8:18AM

Make sure he "accidentally" does not make the cashiers check out for more than the item amount and then asks for the difference be returned. That is an old scam.
Bob

SidePocket · July 23, 2010 9:34AM

You cannot "void" or place a stop payment on a cashier's check unless it's lost and even then you have to wait 90 days to ensure it doesn't clear. A cashier's check is good funds unless it is counterfeit.

A counterfeit cashier's check cannot be returned for up to 8 weeks. The bank has a 24 hour reclamation period to pay or return the check other than forged endorsement.

digicat · July 23, 2010 9:38AM

Sounds like I'd be exposing myself to some risk here.

In what scenario would a person be "forced" to pay with a cashiers check, instead of a money order, check, or paypal?

nightcrawler · July 23, 2010 3:00PM

<< In what scenario would a person be "forced" to pay with a cashiers check, instead of a money order, check, or paypal? >>

He might have a bank account that isn't a checking account but offers free cashiers checks and doesn't want to have to buy one. A new ebayer that hasn't set up a paypal account.

There was a time when I was in that boat, but I'm not at all familiar with problems that can arise from forged cashiers checks.

SOM · July 23, 2010 3:22PM

Agreed with above: Make him get a USPS Money Order.

KbKards · July 24, 2010 1:09AM

There are probably more scams attempted with fake or altered USPS money orders than with fake cashier checks but for <$50 I don't know why anyone would bother. I hate when somebody wants to send a check or money order because it's like the buyer is scamming PayPal out of being able to collect 3.9% fees on the transaction. You just want to block somebody like that.

ndleo · July 24, 2010 1:15AM

<< There are probably more scams attempted with fake or altered USPS money orders than with fake cashier checks but for <$50 I don't know why anyone would bother. I hate when somebody wants to send a check or money order because it's like the buyer is scamming PayPal out of being able to collect 3.9% fees on the transaction. You just want to block somebody like that. >>

The buyer isn't scamming Paypal out of anything. If a buyer pays by MO or check, Paypal didn't do anything to earn their cut.

The best bet is have him get the check from a national bank, USPS, or Western Union. Then have them verify it. Yes it is pain but if you want 100% comfort that is the way to go.

Jackailius · July 24, 2010 1:21AM

I work in the banking industry and can say that we see a fair amount of bogus cashiers checks as well as money orders- including postals. The best bet would be to ask where the cashiers check is drawn off of and try to find a location of that financial located near you to cash it at.

Otherwise, let the buyer know that you will have to wait 4 business days after you deposit it into your bank account to make sure that the check routes through without any problems before shipping the item.

digicat · July 24, 2010 2:34AM

<< I hate when somebody wants to send a check or money order because it's like the buyer is scamming PayPal out of being able to collect 3.9% fees on the transaction. >>

If the buyer's not using Paypal's service, how are they scamming them out of fees?

I mow my own lawn, but I'm not "scamming" the local landscaping guy out of being able to be paid for his work.

diamondman · July 24, 2010 8:10AM

<< There are probably more scams attempted with fake or altered USPS money orders than with fake cashier checks but for <$50 I don't know why anyone would bother. I hate when somebody wants to send a check or money order because it's like the buyer is scamming PayPal out of being able to collect 3.9% fees on the transaction. You just want to block somebody like that. >>

sometimes it is easier to send cash or a money order than paypal. reason zero funds in paypal or frozen paypal funds due to some paypal claim or type of paypal acct some accts you are only allowed to spend so much a year.

this is a few reasons other than trying to screw paypal out of their 2.9% or 3.9% once again depending on what type of paypal acct you have.

ShawnyD · July 24, 2010 10:16AM

any chance you can to not put money in Ebay/paypals pocket, take it, but be careful.

meuandthelot · July 25, 2010 8:57AM

Good question...
What is the final verdict on this?

Sans the "My bank didn't have change for the 4-Hundreds I had, please cash and send me the $250 extra type scams"
I've seen where some places actually request a cashiers check, due the fact it's paid for, then actually drawn against the issuing bank.
Making them a very secure form of payment.

Hope it turns out well.

SOM · July 25, 2010 2:46PM

<< I work in the banking industry and can say that we see a fair amount of bogus cashiers checks as well as money orders- including postals. The best bet would be to ask where the cashiers check is drawn off of and try to find a location of that financial located near you to cash it at. >>

I agree with trying to find a local branch of a national bank. That won't work too well for smaller, hometown banks though.

The reason USPS MOs are so practical is because you (usually) don't have to travel very far to find a branch, and you can determine if the MO is a fake right then and there.

digicat · July 25, 2010 3:30PM

The cashiers check is from a bank that has a local branch within 30 miles of where I live, but since this whole transaction will be for less than $50, it's really not worth the hastle for me. Since this guy was asking before even bidding, I just said no.

MeteoriteGuy · July 26, 2010 2:33AM

<< 

<< If it is a nationwide bank, go to the bank it is drawn on, and CASH it there - much safer than depositing it into your bank account. If deposited into your account, it can take up to 8 weeks for a fake check to be recognized....and you will be held responsible. >>

Some banks will give you a hard time cashing a cashiers check if you do not have an account with them. A Postal Money Order is the way to go. >>

I've cashed 100's of cashiers checks at their banks and have never had or heard of a problem. I am pretty sure the bank would have to accept it, legally. A bank likely will not take your cashier check, or any other check, if the bank did not issue it, and you have no account, of course. A cashier check however is only worth something because the bank backs it.

In this case, buyer messaging before and it not being that large a sale, I would have no problem.

For the longest time I would take payment in any form, cash, credit, gold, silver, stamps, overseas money, et al. At the end of the month, it is all about the same.

MeteoriteGuy · July 26, 2010 2:37AM

Over a decade ago, I spent years as a fast food manager. I cashed a fake cashiers check one time with the after lunch deposit. Less then 30 min. after cashing it, I had Feds at the resturant showing me photos of the ladies involved in the scan and the like. I think they may have bought my cashier check as they had it and my deposit slip never came back short. Feds of course take money very serious.

KbKards · July 26, 2010 5:40AM

"I hate when somebody wants to send a check or money order because it's like the buyer is scamming PayPal out of being able to collect 3.9% fees on the transaction. You just want to block somebody like that."

I guess I should have put a smiley in there for clarification.
Actually most people would consider Paypal as the scammer for sucking about $2 out of your deal for doing next to nothing. A buyer asking if you would accept a check or money order is putting you in a situation where you don't have to pay Paypal fees. This isn't a difficult decision for most people. Saying no to somebody wanting to send a check doesn't mean they'll just use Paypal instead. Many buyers won't use Paypal. If you were running an auction then all bids are important.

If you don't want people paying you 100% on the sale of your card you can block Ebayer's who don't have a Paypal account from participating in your listings.

digicat · July 26, 2010 6:25AM

While I'd save $1.75 in Paypal fees to take a $50 cashier's check, I'd end up paying 1 hour of my time plus about $6+ for the 2 gallons of gas I'd use up to drive to and from the local branch of the bank the cashier's check was from.

Any risk in taking a &quot;cashiers check from a bank&quot; from an Ebayer?

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Any risk in taking a "cashiers check from a bank" from an Ebayer?