Would you accept a Cashier's check?

[psv]

A potential buyer wants to pay with cashier's check for a watch I have up for sale. I am usually firm on bank wire only, but would you accept a cashier's check? Are those easily fakes and/or involved in scams and frauds?

Thanks!

[sea-dweller]

No, they can be counterfeited. Once the bank realizes this, your "buyer" is gone with the watch.

And, make sure the bank wire is really a true "bank wire" (call the bank to verify it).

Be careful.

[paddy_crow]

I accept them for eBay purchases, but I don't release the item until the deposit clears.

[handsfull]

NO! Do not. Cashier's checks can be claimed fraudulent up to 90 days from the date of issuance....nuff said.

Edit: even after it has "cleared".

[Grissom]

US to US, I would consider US Postal Service Money Orders. You can simply take them to any US Post Office and they will check them to make sure they are legit, and then cash them, right then and there, with no recourse, whatsoever (ie., once you have the money in hand, they cannot "take it back" later. I use them all the time, when possible, as no fees associated with accepting them, and NO RECOURSE, so once cashed, I can then ship. Interestingly enough, there are also a number of countries that have reciprocal relations with the USPS, such that their Postal Money Orders can also be immediately cashed at a local US Post Office, and in those cases, I also ask for payment, in that form.

Hope this helps....

[F&Iguy]

no don't do it! I work Finance and we will only take a cashiers check if we can pull credit to check the person out. be very careful

[HL65]

Not a chance unless from a friend or trusted seller. Bank wire all the way!!

[Megalobyte]

Only if drawn on a bank that has a local branch you can go to and cash it in person. Fake bank checks "clear", then later they, ummmm, don't, bank takes your money back, you lose your watch.

[drtooth73]

PSV: if you do take the check, wait 3 weeks for it clear before sending anything

[handsfull]

Originally Posted by drtooth73

PSV: if you do take the check, wait 3 weeks for it clear before sending anything

You mean 3 months. 90 days is the window in which a check can be claimed as fraudulent.

[freddyttt]

Your the seller. its your terms not his...

[B. Doggy]

Not for me.

[MoBe]

How about a bank draft ?

[general]

I have received legitimate cashier's check from a buyer who placed a stop payment on it. It was a nightmare getting the bank to release the funds after several months of fighting. Fake ones are also another concern. I would prefer to give some discount and make less money to make it worth it for the buyer to wire the funds.

[kings4sap]

If you bank at a national bank (I.e. Bankofamerica) you can simply have your buyer make a cash deposit into your account.

[warren G.]

Don't accept it, not worth the risk..

[dhh]

No way - that is just asking for trouble. wired funds or PayPal is about the only way to go.

[Oyster Junkie]

Originally Posted by dhh

No way - that is just asking for trouble. wired funds or PayPal is about the only way to go.

paypal still has risks and costs about $30 per thousand sent. its fine as long as you trust the person on the other end and vise versa.

[MortgageGuy]

Nope

[matt4hand]

As others have said no way! Only if I can verify at their bank.
Wire is the way to go

[kings4sap]

I understand the wire transfer preference of sellers. The fact is though that there are pluses and minuses to each type of payment preference. With wire transfers you are limiting your buyer pool (those who are not willing to risk sending your cash one way with very limited protection) in return for a high degree of safety to the seller. The risk and faith lies with the buyer. Limiting your buyer pool means that you will either have to wait longer to get your price or you will have to lower your price commensurate with demand. PayPal has some serious downsides (they have screwed many an honest seller) unless you completely trust the buyer. The point is that there are give and takes with each payment method.

[z32turbo]

Nope. Wire is the way to go.

[vince211]

I have used USPS money orders and accepted them in the past with no issues. I like to have the cash in hand before releasing the watch. I often use my ahem, slush fund, ahem and therefore cannot send cashier's check from bank so the USPS money order works well for all parties involved as you can go cash them immediately.

Just my two cents. Cheers.

[psv]

That's what I suspected, just didn't know how bad it was. Bank wire or no deal it is.

Thanks guys!

[nch209]

I too used USPS postal orders, actually from a guy one here, and all went without a hitch. As for a cashiers check.... I dont really like it. I suspect it all comes down to WHO the buyer is and references and what not, but how hard is it to wire the loot, ya know???

I say stay safe and go with your gut!

Good Luck!
-nate

[rad87gn]

For a good sale to be done there has to be a trusted buyer and seller. If you don't have both you have no idea what the outcome will be. Too much money at risk... Be careful!!

[TimingsEverything]

No, but you already knew that.