Cashiers Check

[hmiles619]

Someone offered to come by with a cashiers check to buy my bike. Is this always a bad idea? My instinct would say not to accept it, but I don't know for sure.

[Mole]

No! Definately take a cashiers check. The person issuing the check, usually a bank, verifies the person has the funds before they issue the check. You don't have to worry about the check bouncing.

[hmiles619]

you sure? I thought this was a scam 90% of the time

[hmiles619]

http://www.occ.treas.gov/ftp/ADVISORY/2007-1.html

Avoiding Cashier’s Check Fraud Many consumers have become victims of scams involving a fraudulent cashier’s check.A cashier’s check is a check that is issued by a bank, and sold to its customer or another purchaser, that is a direct obligation of the bank.Cashier’s checks are viewed as relatively risk-free instruments and, therefore, are often used as a trusted form of payment to consumers for goods and services.
However, cashier’s checks lately have become an attractive vehicle for fraud when used for payments to consumers.Although the amount of a cashier’s check quickly becomes “available” for withdrawal by the consumer after the consumer deposits the check, these funds do not belong to the consumer if the check proves to be fraudulent.It may take weeks to discover that a cashier’s check is fraudulent.In the meantime, the consumer may have irrevocably wired the funds to a scam artist or otherwise used the funds – only to find out later, when the fraud is detected – that the consumer owes the bank the full amount of the cashier’s check that had been deposited.

This OCC Consumer Advisory on Avoiding Cashier’s Check Fraud gives you information on some common scams and some steps you can take to avoid becoming a victim.Although this advisory focuses on cashier’s checks, you may find the information useful if you transact business using other official bank instruments, such as money orders and official checks.
COMMON SCAMS―Each scam involving a fraudulent cashier’s check may be different, but some of the more common scenarios are:
Selling goods–You sell goods in the marketplace – for example, over the Internet.A buyer sends you a cashier’s check for the price that you have agreed on, and you ship the goods to the buyer.The cashier’s check turns out to be fraudulent.

[Mole]

Nope. I've used cashiers checks on several occasions to purchase things. If you feel the person your doing business with is scamming you then don't take the check. But cashiers checks are very real very vaild ways to transfer funds.

[MarylandAG]

I always thought cashiers checks weren't much different than money orders, i.e. the money is there or else you wouldn't have the money order or the cashiers check. However, I can easily see someone learning how to make fake one, not much different that counterfeit money. Wonder if there is a way you could call the bank to verify the check, if the buyer balks at this will then you have a pretty good idea something isn't up to par.

[Thisjeffguy07]

i'd tell him you'll take the check, and the bike will be his as soon as the check is cashed

[SHAG69]

take the check ...Mole's as honest as they come.

[Slotback]

The issuing bank should have its phone number on it. If you have any doubts, call the bank.

[GregH]

I never accept CC's. Postal Money Ordders or Paypal, or even $$$$$ is the only form of payment we accept.

[Mole]

So what happened miles?

[Superaggie79]

you should accept it but have them meet you at the bank to verify its authenticity. There are lots of scams. Too bad my g/f said if my truck sold she might let me buy yours :(

[Mole]

You know you really shouldn't accept money because some of it might be fake.