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Re: How to verify a cashier's check is legit
Old 03-19-2007, 06:56 PM   #41
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Re: How to verify a cashier's check is legit

I just sold a car and was very leary of cashier's checks after hearing Clark Howard and other consumer gurus warn of the horror stories. I met the other guy at the bank (lucky the we both banked at the same place) and got cash deposited into my account. I know that's not very likely to happen often but it sure made me feel better.

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Re: How to verify a cashier's check is legit
Old 03-19-2007, 08:17 PM   #42
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Re: How to verify a cashier's check is legit

I kicked around Paypal a bit. Generally I find them to be obnoxious -- they nickel and dime you, self-promote incessantly. But they do offer a couple of advantages for this kind of transaction. If the buyer arrives and agrees to the sale, they can pay you by charge card in real time on your computer by loggin on to Paypal and entering the credit card transaction in real time. They don't have to be a member of Paypal, and this might make the feel like they have some recourse if the deal goes bad.

The funds appear in your paypal account balance in real time so you know you have your money.

Chargebacks by the buyer are not easy and get vetted along with escrowing of the funds involved in the dispute. Given that most chargebacks are either a scam with a phoney credit card, or a seller who fails to deliver this is not an unreasonable process.

Downside: you pay a fee (not sure how much -- 2% comes to mind); your buyer must be savvy enough to fill out the Paypal online form to charge the item; you as the seller need a Paypal acct in advance. I have one only because of the occasional eBay transaction.

Just another solution for the next time.

Oh yeah, to stay in tune with the other posts on this thread, you can keep your AK47 in the desk beneath your computer if you need support .

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Re: How to verify a cashier's check is legit
Old 03-19-2007, 09:37 PM   #43
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Re: How to verify a cashier's check is legit

I HATE paypal. Bunch of morons. They wont stand behind their guarantees, and once they have your bank and credit card information they'll never remove it from their easily and frequently hacked database servers.

(Oh come on bunny, tell us how you REALLY feel...)

Al - when I sold my wifes corvette, the battery exploded right after the security system locked up and wouldnt let them start the car. They still bought it. Proof that there are plenty of suckers still left in the world.
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Re: How to verify a cashier's check is legit
Old 03-19-2007, 09:45 PM   #44
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Re: How to verify a cashier's check is legit

There's a lot of good ideas on making sure you get paid.

To me, more important is making sure you release your liability.

Guy I know sold a car to a guy who paid cash. Seller signed over title to buyer. Buyer never transferred title - got several parking tickets which were in sellers name.

I've heard that if the buyer got in a serious auto accident - the seller might still be a legal "target" for a lawsuit as the car was still in his name.

I've always gone with the buyer to DMV to make sure title was reissued and registered in buyers name.



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Re: How to verify a cashier's check is legit
Old 03-19-2007, 09:50 PM   #45
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Re: How to verify a cashier's check is legit

Thats a good point. Its a nice idea to take the vehicle to the DMV to transfer ownership on the spot...they'll be sure to correctly identify the individual in the process.

I sold my wifes bazillion year old pickup truck to a farm worker who paid with cash. We're still getting the recall notices for it, so he didnt put in for a new registration on it...
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Re: How to verify a cashier's check is legit
Old 03-19-2007, 09:52 PM   #46
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Re: How to verify a cashier's check is legit

Quote:
Originally Posted by Delawaredave
I've always gone with the buyer to DMV to make sure title was reissued and registered in buyers name.
I don't go that far, but I do have the buyer sign a sheet I type up which says he has purchased the car and received a signed title from me. Don't know if that would help if he never processes the title transfer and goes out and kills forty-seven people while DUI. But, that's what I do. I figure it's better than just signing the title and handing it to him and finding out that later he's in an accident and claims it's my car that I just loaned to him.
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Re: How to verify a cashier's check is legit
Old 03-19-2007, 09:59 PM   #47
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Re: How to verify a cashier's check is legit

My standard bill of sale...the lawyers oughta have a good time with this one...

Date: _____________________________
Bill of Sale for an Automobile
_______________of __________, CA (Seller), in consideration of the sum of _______ received from _______________________ (Buyer) of ____________________, the receipt of which is acknowledged, hereby sells, transfers, and conveys the following personal automobile: _______________________ Color________ VIN _______.
1. The total price for the automobile is ______ paid by $____ deposit and $_____ paid by check. Buyer warrants that sufficient funds are available and will compensate the seller for any attempts and costs associated with obtaining payment if the check cannot be cashed in the full amount, and that ownership of the vehicle reverts to the seller in the event that a failed payment is not resolved within 3 days of the date of sale.
2. Seller warrants that he is the lawful owner of the automobile and is selling it free of all liens and encumbrances. The Seller will defend title of the automobile against any claim or demand. This automobile is sold as-is with no warranty of merchantability or fitness or any other warranty either expressed or implied by the seller.
3. Buyer has examined the automobile and has agreed to purchase it as is. Buyer accepts all liabilities associated with the ownership and operation of the vehicle as of the signing of this document. The seller advises the buyer to add this vehicle to his automobile insurance policy before operating, and to register the vehicle in his name at the earliest possible opportunity.





Buyer:____________________________________________ Date:_____________

Seller:___________________________________________ _ Date:_____________
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Re: How to verify a cashier's check is legit
Old 03-20-2007, 12:54 AM   #48
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Re: How to verify a cashier's check is legit

Just to add another horror story. And this one does go back a few years. I sold a monitor (at the time it was very expensive - about $2500), and was paid with a cashiers check. Called the bank and they said it was authorized, so everything seemed legit. Turns out, that in that state (think it was Conneticut, or one of the New England states), a cashiers check can be cancelled by the issuer, just like a personal check, with a stop payment put on it.
Took me 6 months, and I had to pay court costs in that state, to get my monitor back, and of course it was not in the same condition as when I shipped it. Learned a lesson "In God we trust -- all others pay cash!"
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Re: How to verify a cashier's check is legit
Old 03-20-2007, 07:05 AM   #49
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Re: How to verify a cashier's check is legit

Quote:
Originally Posted by whitestick
Turns out, that in that state (think it was Conneticut, or one of the New England states), a cashiers check can be cancelled by the issuer, just like a personal check, with a stop payment put on it.
According to BankersOnline.com, "From Bankers, For Bankers" , a stop payment order on a cashiers check is a big no-no:

Question: When can a stop payment be placed on a cashier's check?

Answer: One cannot place a stop payment on a cashier's check.

A bank may refuse payment of its cashier's check under certain circumstances, such as alteration, forged endorsement, or a claim against the payee/presenter. But it should be sure of its position before doing so, because the penalties for wrongfully refusing payment are stiff. Particularly when a holder in due course is involved, the bank that refuses payment of its cashier's check is walking in a minefield.

Another situation in which a bank may refuse payment of a cashier's check is in the special circumstances of a lost, stolen or destroyed check, which are described in detail in UCC §3-312.

But stop payment, an emphatic "no."


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Re: How to verify a cashier's check is legit
Old 03-20-2007, 08:05 AM   #50
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Re: How to verify a cashier's check is legit

Cash. Maybe you keep the boat until you have the check clears, but cash is the best way. Just too much of a pita to go to court to solve a problem that you should not have had in the first place. Cash and release of liability; then you can live happily ever after. Oh, there's a 10% fee for this advice.
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Re: How to verify a cashier's check is legit
Old 03-20-2007, 09:20 AM   #51
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Re: How to verify a cashier's check is legit

From what I've heard, even Banks cannot tell immediately that a cashier’s check is bad. Sometimes the money will be credited to your account only to later find out the check is bad. From what I've read you are responsible for the money if you have withdrawn it.
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Re: How to verify a cashier's check is legit
Old 03-20-2007, 09:31 AM   #52
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Re: How to verify a cashier's check is legit

Quote:
Originally Posted by Bikerdude
From what I've heard, even Banks cannot tell immediately that a cashier’s check is bad. Sometimes the money will be credited to your account only to later find out the check is bad. From what I've read you are responsible for the money if you have withdrawn it.
What a nightmare! Whew. Glad I am not in that predicament.
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Re: How to verify a cashier's check is legit
Old 03-20-2007, 09:42 AM   #53
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Re: How to verify a cashier's check is legit

Thanks everyone for your input. I'll let you know how it turns out.

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Re: How to verify a cashier's check is legit
Old 03-20-2007, 11:13 AM   #54
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Re: How to verify a cashier's check is legit

Quote:
Originally Posted by Bikerdude
From what I've heard, even Banks cannot tell immediately that a cashier’s check is bad. Sometimes the money will be credited to your account only to later find out the check is bad. From what I've read you are responsible for the money if you have withdrawn it.
No, when you deposit it, they don't care, then once is goes through the clearing process
is when the bank that wrote the check clears it or marks it invalid, just like any other
check. So yes, it will be credited and then withdrawn up to 30 days later, but usually
within a few days, by that time of course they long gone.
The scam often includes a story about having money in foreign account and they will
give you a check from their business account, unfortunately they wrote it for $3K more
than the price, they ask you to wire balance of the money back to them.
Its hard to believe, but people actually buy that garbage.
Tom
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Re: How to verify a cashier's check is legit
Old 03-20-2007, 10:55 PM   #55
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Re: How to verify a cashier's check is legit

Quote:
Originally Posted by REWahoo!
According to BankersOnline.com, "From Bankers, For Bankers" , a stop payment order on a cashiers check is a big no-no:

[url=http://www.bankersonline.com/operations/gurus_op072103d.html][i]Question: When can a stop payment be placed on a cashier's check?

Answer: One cannot place a stop payment on a cashier's check.
Oh Crap! Thanks REWahoo. Did I mention it was a long time ago. It may have been a money order rather then a cashiers check. It's been so long, and my mind has gotten a bit fuzzy, that I may have been mistaken. I just remember that whichever it was, I had thought that there was no way to stop payment on it, as it was supposed to be committed funds, but to my surprise they did stop payment on it, and it was supposedly legal to do so in that state. I already stated the rest of the story earlier.
Anyway, thanks for keeping me straight.
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Re: How to verify a cashier's check is legit
Old 03-21-2007, 01:41 AM   #56
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Re: How to verify a cashier's check is legit

It seems the surest solution would be to have the buyer pay in USPS money orders. They can be worth up to $1000, and cost 1.30 each.

When your buyer arrives, you go with them to your post office and get them cashed in person. If they don't have enough cash on hand to cash that much for you, cash as much as they can and then go to the next closest post office to do the rest.
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Re: How to verify a cashier's check is legit
Old 03-21-2007, 01:57 AM   #57
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Re: How to verify a cashier's check is legit

This thread makes me wonder how private sales ever take place!

The seller wants cash guaranteed not to be counterfit. The buyer wants recourse if the seller has not disclosed hidden defects. Everyone other than the buyer and seller want them to take off their shirts and pound each other with bare fists until the blood flows freely!
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Re: How to verify a cashier's check is legit
Old 03-21-2007, 08:41 AM   #58
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Re: How to verify a cashier's check is legit

There were a rash of faked postal money orders not that long ago...
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Re: How to verify a cashier's check is legit
Old 03-21-2007, 12:45 PM   #59
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Re: How to verify a cashier's check is legit

I like the idea of cashing the check in person with the other party present... no criminal passing a bad check wants to be around at the time their crime is discovered, so by forcing them to be present for the cashing you force some level of accountability on them.
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Re: How to verify a cashier's check is legit
Old 03-21-2007, 12:59 PM   #60
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Re: How to verify a cashier's check is legit

Quote:
Originally Posted by free4now
I like the idea of cashing the check in person with the other party present... no criminal passing a bad check wants to be around at the time their crime is discovered, so by forcing them to be present for the cashing you force some level of accountability on them.
My credit union will hold the funds from a check for either 7 or 10 days (depending on the amount) so I would not know for up to 10 days if the check bounces or not. I prefer cash or a certifed check, written in blood, with the right arm of the writer attached.
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