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Archive 2009 · Money Order or Cashiers Check?
  
 
MorrieC
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p.1 #1 · p.1 #1 · Money Order or Cashiers Check?


What is a safer way to receive a payment, Money Order or Cashiers Check? Is there a possibility of a Cashiers Check being recalled after the check has been cashed?

Thanks for looking
Morrie



Mar 04, 2009 at 03:35 AM
trenchmonkey
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p.1 #2 · p.1 #2 · Money Order or Cashiers Check?


You can call the issuing bank on a Cashier's check and USPS M.O. are as good as gold. Great for the seller...
the buyer has NO recourse however...might as well be sending cash. I like using Google for that reason.



Mar 04, 2009 at 12:07 PM
rachp
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p.1 #3 · p.1 #3 · Money Order or Cashiers Check?


I have dealt with a few banks that do not guarantee a Cashier's check. I have even been told by a few banks that their customer can CANCEL a cashier's check that they purchased. If possible, I check with the issuing bank to see if the check is guaratneed or can be canceled and if the funds are there to cover it.

If I cannot verify the funds and make sure the check cannot be canceled then I wait until the funds clear my bank before I ship. If I get a USPS money order then I ship as soon as possilbe. Anything other than USPS money order then it will have to clear my bank before I ship......



Mar 04, 2009 at 05:39 PM
pompo
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p.1 #4 · p.1 #4 · Money Order or Cashiers Check?


Nigerian scams are done quite often with Cashier's Check, they fake em pretty good and after a few weeks that ya cashed it it may come back as a fraud and guess what...You are the one that cashed it and you get in trouble for it.

I don't trust cashier's checks at all,not nowdays!!



Mar 04, 2009 at 08:05 PM
pompo
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p.1 #5 · p.1 #5 · Money Order or Cashiers Check?


A question tho is there a maximum amount on USPS money orders?


Mar 04, 2009 at 08:06 PM
rachp
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p.1 #6 · p.1 #6 · Money Order or Cashiers Check?


pompo wrote:
Nigerian scams are done quite often with Cashier's Check, they fake em pretty good and after a few weeks that ya cashed it it may come back as a fraud and guess what...You are the one that cashed it and you get in trouble for it.

I don't trust cashier's checks at all,not nowdays!!


Sure but I'm not selling or shipping to anyone from Nigeria For sales here in the US, that is why you call the issuing bank.



Mar 04, 2009 at 08:29 PM
trenchmonkey
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p.1 #7 · p.1 #7 · Money Order or Cashiers Check?


pompo wrote:
Nigerian scams are done quite often with Cashier's Check, they fake em pretty good and after a few weeks that ya cashed it it may come back as a fraud and guess what...You are the one that cashed it and you get in trouble for it.

I don't trust cashier's checks at all,not nowdays!!

yeah, we do a lot of deals with Nigerian FM'ers



Mar 04, 2009 at 08:40 PM
Trout Guy
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p.1 #8 · p.1 #8 · Money Order or Cashiers Check?


Limit on Postal MO is $1K so if more than that....you get multiples to cover the proper amount. It's very easy to do. You can instantly cash a Postal MO at any post office (as long as they have enough cash on hand) I've even taken them in and received credit for a money order I was purchasing...either had to pay the difference or was paid the difference.

TG



Mar 04, 2009 at 08:47 PM
pompo
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p.1 #9 · p.1 #9 · Money Order or Cashiers Check?


Obviously ya all need to read up on NIgerian scams...They're getting more hi-tech and you ain't shipping your gear to Nigeria either, at all! Once I had on person wantin' to pay me for a lot of pictures in advance with a larger amount of money that I was asking for (Cashier's check) than Fedex would have picked up the package to be shipped to England and I would have put the rest of money I owed in the package.

They try to trick you into thinking you ain't dealing with a Nigerian, and if they can fake a Cashier Check don't ya all think that anybody else can too?

Thanks but no thanks

Edited on Mar 05, 2009 at 05:57 AM · View previous versions



Mar 04, 2009 at 09:05 PM
dan727
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p.1 #10 · p.1 #10 · Money Order or Cashiers Check?


pompo wrote:
Obviously ya all need to read up on NIgerian scams...They're getting more hit-ech and you ain't shipping your gear to Nigeria either, at all! Once I had on person wantin' to pay me for a lot of pictures in advance with a larger amount of money that I was asking for (Cashier's check) than Fedex would have picked up the package to be shipped to England and I would have put the rest of money I owed in the package.

They try to trick you into thinking you ain't dealing with a Nigerian, and if they can fake a Cashier Check
...Show more

Just don't ever ship the goods until you have actual cash in your hand. That means that any cashiers check or postal money orders. Once the banks clears the funds.. then ship. Otherwise you will get burnt.

I prefer the postal money order, but like others have said, the PO might nothave $2000 on hand to give you. If it is a smaller amount, you get the cash instantly.




Mar 04, 2009 at 10:54 PM
 

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pompo
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p.1 #11 · p.1 #11 · Money Order or Cashiers Check?


I agree but the point is that if u get a fake cashier's check that looks so good that even a bank will cash it, once it "comes back as counterfeit" you're responsible for it unless you can trace the son of a gun that mailed it to you.

It's like with counterfeit money, if somebody scams you and give 'em to you, you get pretty much stuck with them



Mar 04, 2009 at 11:01 PM
MorrieC
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p.1 #12 · p.1 #12 · Money Order or Cashiers Check?


This is great information and clears up a lot of the questions that I had. Thanks for the response.
Morrie



Mar 05, 2009 at 05:54 AM
reko
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p.1 #13 · p.1 #13 · Money Order or Cashiers Check?


Just sold a $4800 telephoto and took payment with a cashiers check. Took it to the bank and to make a long story short the clerks explanation left no doubt that cashiers check is not safe for the seller. Glad I trust the guy who bought the lens or I'd be worrying.


Mar 05, 2009 at 12:00 PM
Anon Moss
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p.1 #14 · p.1 #14 · Money Order or Cashiers Check?


USPS money orders can be counterfeited too (and are).
If deposited in your account, I suppose that a bad one could come back on you also.
I don't know how it works exactly when you cash a large one at the PO...do they have you fill out anything...and/or do they write down your ID information? If so, I suppose that could come back too.
Last year, my banker got me paranoid telling me horror stories about how just about anything can come back...even weeks or months later - maybe not common, but possible - she has seen it. She recommended bank wires as being the safest route all things considered...and I try to use them on big ticket items. Outgoing ones are free for me, and I think incoming ones are only $8-12...not bad really.



Mar 07, 2009 at 08:18 PM
MorrieC
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p.1 #15 · p.1 #15 · Money Order or Cashiers Check?


I have a friend that is a watch collector and buys and sells watches as a hobby. He now only deals in bank wire transfers for he got burned on a fraudulent cashiers check. One word of advice he has given, make sure the wire transfer is not re-callable by the issuing bank

Thanks for the tips.
Morrie



Mar 08, 2009 at 04:39 PM
Anon Moss
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p.1 #16 · p.1 #16 · Money Order or Cashiers Check?


Morrie,
My banker told me that bank wires (at least here in the states) travel over the Federal E system (whatever that is) and as they travel from point 'a' to point 'b', they pass through nodules that are like one-way doors...so that once in motion...they can't be recalled (or bounce) generally speaking...and that when the funds arrive - it's basically like cash. She said that only in cases of bank error or fraud is there any attempt to 're-call' them...which she said is very rare. She also advised that I set up a separate account just for receiving/sending wires...which I did. As soon as $$ arrives...I transfer it to another account, so that it is definitely not 're-callable'. At that point, if an unscrupulous person were to try and re-call their funds, it would require legal/court action.
Sidenote: Some folks feel queasy about giving a stranger their routing number (bank acct information)...but think about it - every time you give someone a check or pay a bill by check...you are giving those folks your account information too - it's no different...and I've never seen anyone lose sleep over that. And if you set up a separate wire acct, and don't keep a balance in it...you're pretty well covered IMHO.



Mar 08, 2009 at 05:48 PM
Soenda
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p.1 #17 · p.1 #17 · Money Order or Cashiers Check?


Anon Moss wrote:
Sidenote: Some folks feel queasy about giving a stranger their routing number (bank acct information)...but think about it - every time you give someone a check or pay a bill by check...you are giving those folks your account information too - it's no different...and I've never seen anyone lose sleep over that. And if you set up a separate wire acct, and don't keep a balance in it...you're pretty well covered IMHO.


That's exactly why I avoid paying by check as much as possible. There you hand over not just your bank routing number, but your account number as well.



Mar 08, 2009 at 07:37 PM
gunfighter48
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p.1 #18 · p.1 #18 · Money Order or Cashiers Check?


I got some cashiers checks a number of years ago to pay for some astronomy equipment. You had up to two weeks to cancel the check! I only take or send USPS Money Orders. And I don't send anything until I have MO in the bank.


Mar 09, 2009 at 05:58 AM
pompo
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p.1 #19 · p.1 #19 · Money Order or Cashiers Check?


what about Paypal? Is it safe for LARGE payments and do you all know the maximum payment you can make/get?

Thanks!



Mar 10, 2009 at 03:21 PM
dan727
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p.1 #20 · p.1 #20 · Money Order or Cashiers Check?


pompo wrote:
what about Paypal? Is it safe for LARGE payments and do you all know the maximum payment you can make/get?

Thanks!


Paypal is not the best either. Lets say you ship a $1000 lens to someone. If they paid through a credit card, they can do a charge back. Paypal will pull the money from you and you can easily be out $1000. Even if you provide paypal evidence that you shipped the item more often the not paypal will side with the buyer.

If you pay for anything use a credit card. Buyers are definitely better protected than sellers.

As with any form of payment, just be careful and mindful of who you are dealing with.



Mar 11, 2009 at 06:58 PM
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