Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Re: How to verify a cashier's check is legit
Old 03-21-2007, 01:30 PM   #61
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 42,068
Re: How to verify a cashier's check is legit

Quote:
Originally Posted by SteveR
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 certified check, written in blood, with the right arm of the writer attached.
After the buyer handed me the cashiers check yesterday, I had him wait to take possession of the boat while I did some checking. I called the issuing bank to verify the date of issue, purchaser's name, the amount, payee's name, and asked for a description of all security features on the check. After verifying each of those items, I handed the buyer a signed title and bill of sale at gunpoint along with my promise to shoot him in an a portion of his anatomy that would insure he would sing soprano for the rest of his miserable life if the check was bad.

I deposited the check at my bank at 1:30 PM yesterday and it showed up online within a few minutes as a deposit to my account but on a "hold" status. The check apparently cleared overnight as the hold was removed.

__________________

__________________
Numbers is hard

When I hit 70, it hit back

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Re: How to verify a cashier's check is legit
Old 03-21-2007, 01:34 PM   #62
Recycles dryer sheets
 
Join Date: Jun 2005
Posts: 282
Re: How to verify a cashier's check is legit


Quote:
Originally Posted by Cute Fuzzy Bunny
There were a rash of faked postal money orders not that long ago...
Yes, I know this exists. And of course if you tried to deposit it into your bank, they wouldn't catch it until too late. But if you are cashing it at the post office, they can see if it is legit. There is no waiting for it to clear, it is either legit or not, and if you are standing there with the buyer and they won't cash it, you don't go through with the transaction.
__________________

__________________
igsoy is offline   Reply With Quote
Re: How to verify a cashier's check is legit
Old 03-21-2007, 01:39 PM   #63
Moderator Emeritus
Rich_by_the_Bay's Avatar
 
Join Date: Feb 2006
Location: San Francisco
Posts: 8,827
Re: How to verify a cashier's check is legit

Quote:
Originally Posted by REWahoo!
asked for a description of all security features on the check
What are those? Anything useful to us non-check-pro's?
__________________
Rich
San Francisco Area
ESR'd March 2010. FIRE'd January 2011.

As if you didn't know..If the above message contains medical content, it's NOT intended as advice, and may not be accurate, applicable or sufficient. Don't rely on it for any purpose. Consult your own doctor for all medical advice.
Rich_by_the_Bay is offline   Reply With Quote
Re: How to verify a cashier's check is legit
Old 03-21-2007, 01:57 PM   #64
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 42,068
Re: How to verify a cashier's check is legit

Quote:
Originally Posted by Rich_in_Tampa
What are those? Anything useful to us non-check-pro's?
Here is a list and description of most of them:

http://www.relyco.com/stock_check_security_features.htm

Some are visible to the naked eye ( Gradient Two-Color Pantograph, Simulated Watermark), one requires a magnifying glass (Microprinting), others require a UV light (Covert Fluorescent Fibers), and many only show up if there has been at attempt to copy or alter the document (Copy-Void in Check Pantograph, Anti-Splice Backer, Solvent Reactive Color Spotting, Multi-Language Chemical Void), and my personal favorite: heat sensitive ink (Thermochromic Heat Reactive Ink).

None of these are perfect, but having three or more of them embedded in a document will make it fairly difficult for someone to successfully copy or alter a check. Of course they can always steal the blank stock, so that's why you need to call the bank in addition to checking on the security items.

__________________
Numbers is hard

When I hit 70, it hit back

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Re: How to verify a cashier's check is legit
Old 03-21-2007, 04:48 PM   #65
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Brat's Avatar
 
Join Date: Feb 2004
Location: Portland, Oregon
Posts: 5,913
Re: How to verify a cashier's check is legit

Postal money orders can be redeemed for cash at the PO, no worry about it being rejected by a bank. He takes the position that cash or postal money orders are the most secure. Next a check issued on a bank with a local branch.
__________________
Duck bjorn.
Brat is offline   Reply With Quote
Re: How to verify a cashier's check is legit
Old 03-21-2007, 09:27 PM   #66
Full time employment: Posting here.
dessert's Avatar
 
Join Date: Jan 2007
Location: Southern Louisiana
Posts: 517
Re: How to verify a cashier's check is legit

REWahoo thanks for starting a very entertaining thread. Glad you were able to sell your boat successfully.
I think I have owned 12 boats so I have been in your shoes before. The previous one I sold was over 20 grand and the guy handed me a brown paper bag and said " go count that while I admire my soon-to-be-new boat".
He was local and a dog breeder who had been saving for that moment.
Glad it all worked out for you.
__________________
Officially retired........Class of 2011
dessert is offline   Reply With Quote
Re: How to verify a cashier's check is legit
Old 03-21-2007, 09:43 PM   #67
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Brat's Avatar
 
Join Date: Feb 2004
Location: Portland, Oregon
Posts: 5,913
Re: How to verify a cashier's check is legit

My DS & DIL have a boat yard. Their CPA wants them to get away from substantially cash transactions because IRS gets ansy. They have had to tell the CPA that is the nature of the business.

FYI, a boat can be 'arrested' for unpaid obligation. Of course you need to find it first.
__________________
Duck bjorn.
Brat is offline   Reply With Quote
Re: How to verify a cashier's check is legit
Old 03-28-2007, 09:45 PM   #68
Thinks s/he gets paid by the post
MooreBonds's Avatar
 
Join Date: Aug 2004
Location: St. Louis
Posts: 2,091
Re: How to verify a cashier's check is legit

Just out of curiosity...if a person tries to fake a USPS money order, would that also be considered mail fraud, or does it have to physically be sent through the USPS channels in an envelope to be mail fraud?

Might be one more way to weed out the frauds from the legit if you use a USPS money order...
__________________
Dryer sheets Schmyer sheets
MooreBonds is offline   Reply With Quote
Re: How to verify a cashier's check is legit
Old 03-28-2007, 09:49 PM   #69
Thinks s/he gets paid by the post
 
Join Date: Jul 2003
Location: Pasadena CA
Posts: 2,695
Re: How to verify a cashier's check is legit

I do not know the regs but I suspect that forging a USPS check is more like counterfeiting than just passing a bad check. It may be slow but someone will follow those up.
__________________

__________________
T.S. Eliot:
Old men ought to be explorers
yakers is online now   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
I was written a bad check, and need some help thefed Other topics 50 04-16-2007 08:49 PM
Could I hand a check to Vanguard in person? fire2china FIRE and Money 7 02-12-2007 12:39 PM
Is it income if you can't cash the check? lifeisgood FIRE and Money 16 01-01-2007 03:50 PM
Living Check To Check: Saving Too... MYPROcheckGRESS Young Dreamers 38 02-16-2006 04:36 PM
Health Insurance Info - Check the MIB for $9.00 Telly Other topics 5 09-06-2003 04:37 AM

 

 
All times are GMT -6. The time now is 12:22 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.