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psv · 15 November 2011, 12:07 PM

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 · 15 November 2011, 12:12 PM

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 · 15 November 2011, 12:16 PM

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

handsfull · 15 November 2011, 12:18 PM

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 · 15 November 2011, 12:19 PM

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 · 15 November 2011, 12:20 PM

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 · 15 November 2011, 12:22 PM

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

Megalobyte · 15 November 2011, 12:25 PM

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 · 15 November 2011, 12:37 PM

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

B. Doggy · 15 November 2011, 12:47 PM

Not for me.

handsfull · 15 November 2011, 12:47 PM

Quote:

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 · 15 November 2011, 12:51 PM

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

MoBe · 15 November 2011, 12:56 PM

How about a bank draft ?

general · 15 November 2011, 01:06 PM

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 · 15 November 2011, 01:15 PM

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. · 15 November 2011, 01:20 PM

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

matt4hand · 15 November 2011, 01:23 PM

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

dhh · 15 November 2011, 01:25 PM

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

Oyster Junkie · 15 November 2011, 01:45 PM

Quote:

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 · 15 November 2011, 02:04 PM

Nope

kings4sap · 15 November 2011, 02:07 PM

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 · 15 November 2011, 02:32 PM

Nope. Wire is the way to go.

vince211 · 15 November 2011, 02:40 PM

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 · 15 November 2011, 02:41 PM

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

Thanks guys!

nch209 · 15 November 2011, 02:49 PM

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 · 15 November 2011, 03:31 PM

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 · 15 November 2011, 04:36 PM

No, but you already knew that.

15 November 2011, 12:07 PM	#1
psv 2024 Pledge Member Join Date: Oct 2009 Location: USA & France Posts: 11,078	Would you accept a Cashier's check? 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!

15 November 2011, 12:19 PM	#5
Grissom "TRF" Member Join Date: Oct 2010 Real Name: Nathan Location: US, Latin America Watch: GMT IIc 18K/SS Posts: 3,349	No to Bank, or Cashier Checks, yes to USPS Money Orders! 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.... __________________ *(Member NAWCC since 1976)* 116713LN GMT-IIc 18k/SS (Z) + 116520 SS Daytona (M) + 16700 GMT Master (A) + 16610LV Submariner (V) + 16600 Sea Dweller (Z) + 116400 Milgauss White Dial (V) + 70330N Tudor Heritage Chronograph Grey w/Black Sub Dials (J) + 5513 Submariner Serif Dial (5.2 Mil) Who else needs an Intervention? (109 297) (137 237) (73 115) (221) (23) (56) (229) P-Club Member #5 RIP JJ Irani - TRF Legend

15 November 2011, 12:22 PM	#7
HL65 TRF Moderator & 2024 SubLV41 Patron Join Date: Dec 2007 Real Name: Ken Location: SW Florida Watch: One on my wrist. Posts: 64,011	Not a chance unless from a friend or trusted seller. Bank wire all the way!! __________________ *SPEM SUCCESSUS ALIT*

15 November 2011, 12:47 PM	#10
B. Doggy "TRF" Member Join Date: Aug 2008 Real Name: Bryan Location: Oregon Posts: 7,399	Not for me. __________________ Rolex / Panerai / Omega

15 November 2011, 01:20 PM	#16
warren G. "TRF" Member Join Date: Oct 2009 Real Name: Duy Location: New Orleans, LA Watch: Speedmaster 3861 Posts: 1,925	Don't accept it, not worth the risk.. __________________ De gustibus non est disputandum.

15 November 2011, 12:12 PM	#2
sea-dweller "TRF" Member Join Date: Oct 2007 Real Name: Dennis Location: Bay Area - 925 Posts: 40,018	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.

15 November 2011, 12:16 PM	#3
paddy_crow Member Join Date: Nov 2010 Location: Michigan Posts: 592	I accept them for eBay purchases, but I don't release the item until the deposit clears.

15 November 2011, 12:18 PM	#4
handsfull "TRF" Member Join Date: Apr 2010 Real Name: J Location: The great Midwest Watch: youlookinat? Posts: 2,369	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".

15 November 2011, 12:20 PM	#6
F&Iguy "TRF" Member Join Date: Sep 2011 Location: WA state Watch: EXP 39mm Posts: 278	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

15 November 2011, 12:25 PM	#8
Megalobyte "TRF" Member Join Date: Oct 2010 Real Name: Ari Location: Florida Watch: ...me go broke Posts: 2,428	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.

15 November 2011, 12:37 PM	#9
drtooth73 Banned Join Date: Feb 2009 Real Name: W. Stutman Location: Motor City Watch: TT GMT IIC Posts: 2,223	PSV: if you do take the check, wait 3 weeks for it clear before sending anything

15 November 2011, 12:51 PM	#12
freddyttt "TRF" Member Join Date: Feb 2008 Location: Howell, NJ Posts: 521	Your the seller. its your terms not his...

15 November 2011, 12:56 PM	#13
MoBe "TRF" Member Join Date: Sep 2011 Location: Canada Posts: 6,773	How about a bank draft ?

15 November 2011, 01:06 PM	#14
general "TRF" Member Join Date: Dec 2009 Location: Earth Posts: 723	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.

15 November 2011, 01:15 PM	#15
kings4sap "TRF" Member Join Date: Jan 2007 Real Name: Steve Location: The O.C. Watch: DD 40 Posts: 447	If you bank at a national bank (I.e. Bankofamerica) you can simply have your buyer make a cash deposit into your account.

15 November 2011, 01:23 PM	#17
matt4hand Banned Join Date: Jan 2011 Real Name: Matt Location: Atlanta Watch: Tramp Posts: 2,369	As others have said no way! Only if I can verify at their bank. Wire is the way to go

15 November 2011, 01:25 PM	#18
dhh "TRF" Member Join Date: Aug 2009 Location: NE Posts: 421	No way - that is just asking for trouble. wired funds or PayPal is about the only way to go. __________________ By failing to prepare, you are preparing to fail. -- Benjamin Franklin

15 November 2011, 02:04 PM	#20
MortgageGuy "TRF" Member Join Date: Jun 2009 Real Name: Adam Location: Orlando, Florida Watch: Me Posts: 9,935	Nope __________________ The richest people in the world look for and build NETWORKS, Everyone else looks for work... Robert Kiyosaki

15 November 2011, 02:07 PM	#21
kings4sap "TRF" Member Join Date: Jan 2007 Real Name: Steve Location: The O.C. Watch: DD 40 Posts: 447	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.

15 November 2011, 02:32 PM	#22
z32turbo "TRF" Member Join Date: Apr 2009 Location: Sea Level Watch: Varies Posts: 6,877	Nope. Wire is the way to go. __________________ Instagram @z32turbo

15 November 2011, 02:40 PM	#23
vince211 Banned Join Date: Nov 2008 Location: Rancho Cucamonga Watch: Sub-c Posts: 190	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.

15 November 2011, 02:41 PM	#24
psv 2024 Pledge Member Join Date: Oct 2009 Location: USA & France Posts: 11,078	That's what I suspected, just didn't know how bad it was. Bank wire or no deal it is. Thanks guys!

15 November 2011, 02:49 PM	#25
nch209 "TRF" Member Join Date: Jul 2007 Real Name: Nathan Location: Northern Virginia Posts: 2,775	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 __________________ nch209

15 November 2011, 03:31 PM	#26
rad87gn "TRF" Member Join Date: Jan 2009 Real Name: Chad Location: Des Moines, Iowa Watch: Rolex, PAM, Omega Posts: 1,607	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!! __________________ Rolex P-Series SS GMT II Black, Rolex Y-Series Sea-Dweller, Rolex F-Series TT Blue Sub, Rolex F-Series Sub LV, Rolex D-Series Ladies SS/WG DJ for wife, Panerai K-Series PAM 112, Omega Speedmaster Pro 3570.50, Omega Seamaster 300M Chrono 2594.52

15 November 2011, 04:36 PM	#27
TimingsEverything "TRF" Member Join Date: Sep 2011 Location: Silicon Valley Watch: Daytona Posts: 180	No, but you already knew that. __________________ "Every Rolex is made for greatness. The GMT-Master, introduced in 1955, was developed in collaboration with Pan Am to meet the needs of their international pilots. The GMT-Master II has proven to be even more invaluable as it features a rotatable 24-hour graduated bezel that allows those who travel the world to read three different time zones." Rolex.com

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