Is bank check a safe transaction?

[EdwardC]

As a seller, is it safe to accept a bank check as a form of payment? I have accepted PayPal, cash and personal check before and not sure if bank check is just as safe or not.

[Yzord]

No, i would never accept a bank check as they can be withdraw by the bank weeks after payment due to several reasons. Also Paypal is nasty, they offer more protection to the buyer then the seller.

Cash is my preferred way or simply Bitcoin or other alts which i can withdraw the same day on an exchange.

https://www.youtube.com/watch?v=AwzeJKgTSGs&t=340s

[Knappo 1307]

Depends on who it's from and if you feel comfortable with them....

[locutus49]

Bank wire is the most secure.

[EdwardC]

Could personal check be reverted after it's cashed? I dont think any "check", can be reverted after it's cashed right?

[ANH811]

I received a message from a potential buyer today saying that they would send a check for a watch I have for sale. Very unusual to say the least

[Hendrikus]

A cheque can be bounced and cancelled within a few days, depending on the bank. You must only rely upon it when your bank tells you it has cleared. The big scam is that once cheque is presented your account will be credited, and so if you then release the watch you may find the next day the monies have been withdrawn from your account.

[wesdaniel]

Originally Posted by Hendrikus

A cheque can be bounced and cancelled within a few days, depending on the bank. You must only rely upon it when your bank tells you it has cleared. The big scam is that once cheque is presented your account will be credited, and so if you then release the watch you may find the next day the monies have been withdrawn from your account.

It's not even safe after your bank tells you that it's cleared. If a customer places a stop payment on a check (personal check), the customer's bank can withdraw the funds from your account even after the check has cleared.

This isn't a method I would ever consider using for any type of transaction like this.

[EdwardC]

Originally Posted by wesdaniel

It's not even safe after your bank tells you that it's cleared. If a customer places a stop payment on a check (personal check), the customer's bank can withdraw the funds from your account even after the check has cleared.

This isn't a method I would ever consider using for any type of transaction like this.

I had a transaction before where I did accept a personal check and it went through fine. And the buyer was overseas too. The difference is that I do get ways to verify the buyer (like using LinkedIn to communicate) so I get to know who I am really dealing with.

[CorradoBrit]

Bank checks are different to personal checks. The individual can't reverse a bank check but they can be easily forged. I would only accept a bank check if I could confirm from the issuing bank that its legit. Then only release the watch when receiving bank has confirmed funds have been deposited or the check cashed.

[ruffa]

Depends. If it’s a cashiers check and it goes through with your local bank then it’s safe. I’ve been scammed when I thought checks were safe. Happened few years ago. The guy said he’s wiring the money so i thought there’s no way i can get scammed. The funds were deposited in my bank account and I waited a few days just to make sure it’s all good. Funds were available so I shipped the watch a week later to Canada. The buyer received the watch and shortly after the funds bounced. I called BOA a few times with no help. They said he deposited a check into my account, it wasn’t a wire. It was more my fault for not confirming all details before shipping the watch. Wire transfer is safest. I was still skeptical doing a wire transfer with a recent watch sale but all went smooth.

[dxbtousa]

Dont accept it; especially from an unknown buyer.

[jvmartin]

Bank check is the oldest trick in the book... it can take up to a few weeks to bounce depending on the bank and its almost always fraud... not worth the risk... ask for a bank wire and make sure on your end that when the wire is received that the transaction posts on your account as "incoming wire" and then has wire details attached... this usually takes 24 hours to post... don't ship for 24-48 hours no matter what excuse is given and make this known up front... if you tell them you won't ship for 48 hours it is usually enough to drive off most scammers as they are looking for easy/novice bait...

[CarrJ]

Originally Posted by locutus49

Bank wire is the most secure.

Yes this and even if you get a wire .... wait until next day before you ship. I never ship the same day. My 2 cents.


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