Need advice on transaction Please!

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Heirphoto said:
The issuing bank can verify immediately, the receiving bank must wait till it clears the issuer. Bank issued MOs are more quick to verify than Western Union money orders which are the ones most often faked.
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First of all it's not a Money Order, it's a Cashiers Check, huge difference. If the issuing bank verifies it, there is no reason for the seller to wait for it to clear, because it WILL, and that's guaranteed. A Cashiers Check is paid for buy the buyer, and is signed by the issuing bank official. A stop payment can not be put on a Cashiers Check.
 
@ knifehunt and Heirphoto All very well if you say so, but in my experience, there are few things in the world more untrustworthy than banks and insurance companies. So if you called the issuing bank and they "verified" it, can you hold them to their word if there is a problem later? They will deny that they verified it, or they will say that a verification at that point is not final. Anyway, the check still has to clear the depository bank. Seller still has to wait until the depository bank gives the green light, and wouldn't that take about a month? That's my understanding.
 
GrReaper said:
@ knifehunt and Heirphoto All very well if you say so, but in my experience, there are few things in the world more untrustworthy than banks and insurance companies. So if you called the issuing bank and they "verified" it, can you hold them to their word if there is a problem later? They will deny that they verified it, or they will say that a verification at that point is not final. Anyway, the check still has to clear the depository bank. Seller still has to wait until the depository bank gives the green light, and wouldn't that take about a month? That's my understanding.
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Sorry, but you are so very incorrect... My wife has worked for a very well known bank for over 30 years, and has issued thousands of Cashiers Checks. Once verified by the issuing bank there is no need to wait for it to clear the bank in which it was deposited in, as it WILL clear. It's apparent that you do not know what a Cashiers Check is.


I am giving this information as to help both parties involved. It is a very simple process for the seller, but it looks like he has not done so. I stated above that you can not put a stop payment on a Cashiers Check, but you actually can. The buyer would have to wait 30 days before doing, and an indemnity bond is needed.
 
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Pretty much any commercial paper can be fraudulent, and the payee is pretty much always the one left holding the bag, so to speak. Of the three most common (personal check, cashier's check, certified check, and money order) a cashier's check is probably the most secure. But, and its a big but, a cashier's check can be a forgery too. A payee should never act in reliance on any of them without confirming that they are genuine and that the funds are, in fact, available. I'd insist on cash or a wire transfer unless I knew the buyer.
 
HappyDaddy said:
Pretty much any commercial paper can be fraudulent, and the payee is pretty much always the one left holding the bag, so to speak. Of the three most common (personal check, cashier's check, certified check, and money order) a cashier's check is probably the most secure. But, and its a big but, a cashier's check can be a forgery too. A payee should never act in reliance on any of them without confirming that they are genuine and that the funds are, in fact, available. I'd insist on cash or a wire transfer unless I knew the buyer.
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I think we all know that any of them can be fraudulent, and that is why you call the issuing bank to verify a CASHIERS CHECK. Once verified it's a done deal, period. We are specifically talking about Cashiers Checks, not Money Orders and the like.

Now, who in their right would send you cash, are you kidding?
 
What is your problem? I'm talking about what I'm talking about - the broader question of the relative security of various types of commercial paper in private sales transactions. I would take cash in a face to face transaction. You wouldn't?
 
HappyDaddy said:
What is your problem? I'm talking about what I'm talking about - the broader question of the relative security of various types of commercial paper in private sales transactions. I would take cash in a face to face transaction. You wouldn't?
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We are not talking about a face to face transaction here, Francis:)
 
knifehunt said:
Sorry, but you are so very incorrect... My wife has worked for a very well known bank for over 30 years, and has issued thousands of Cashiers Checks. Once verified by the issuing bank there is no need to wait for it to clear the bank in which it was deposited in, as it WILL clear. It's apparent that you do not know what a Cashiers Check is.


I am giving this information as to help both parties involved. It is a very simple process for the seller, but it looks like he has not done so. I stated above that you can not put a stop payment on a Cashiers Check, but you actually can. The buyer would have to wait 30 days before doing, and an indemnity bond is needed.
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Yeah, but what I'm saying is, that if someone at the issuing bank makes a mistake and "verifies" it over the phone, and then later it turns out to have been a fraud, who's left holding the bag? The "issuing" bank will deny that it ever verified it. You wouldn't have any proof that they did verify it. That's what I meant. This is not at all far-fetched, either, as I can't even get a straight answer from my own bank as to when a deposited check will clear. With all the incompetence and thievery running rampant at your own bank, can you trust the issuing bank located who knows where (that you might not have even heard of)?
 
knifehunt said:
We are not talking about a face to face transaction here, Francis:)
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Why do you think you're the only one in the thread, or that my comment was somehow in response to anything you said? As I said, it was a general comment on the relative safety of various forms of commercial paper in private sales. Quit being a douche.
 
I'm with Knifehunt on this-If the issuing bank confirmed the check , I would feel fine with it.

GrReaper "as I can't even get a straight answer from my own bank as to when a deposited check will clear." What you refer to needs reason and interpretation vs looking at hard evidence that they issued the check in the sellers name". Either the cashiers check was issued in the sellers name or it wasn't. The issuing bank has the record. All the employee has to do is look at it. If it was issued it will clear.

All these forms of payment PP, USPS money orders, cashiers checks, checks, and so on, have their place, but you need to know what you are getting and how to handle them. Some work better for our type of transaction, but as we have seen with some of the PP claims nothing is full proof. They all have their weakness if a well versed thief is on one end(varying by which financial instrument is used) of the transaction.
 
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HappyDaddy said:
Why do you think you're the only one in the thread, or that my comment was somehow in response to anything you said? As I said, it was a general comment on the relative safety of various forms of commercial paper in private sales. Quit being a douche.
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You pulled the same foolishness in ooitzoo's thread yesterday, and was told by a mod to stop.

I am trying to help both parties involved with the correct information to determine whether the document is fraudulent or not. Like I have said, my wife has been in banking for over 30 years, she knows what she is talking about.
 
I am in agreement with Knifehunt but may not have worded my post well. I should have said cashiers check rather than money order but both require payment up front in order to be issued and the issuer can verify immediately (and I am referring to bank issued money orders, not the drug store type), the receivers bank must wait till it clears. If it is a fake the issuing bank could tell you that today and then you still have the option to wait the full 30 if you really want to be cautious.
 
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I dont know about calling the issuing bank but I do know when my brother in law had that problem the money was in his account. Two or three weeks later the check bounced and then his account was hit with a debit for the amount of the check. In my opinion if the seller cannot get some sort of verification from the issuing bank in writing I would wait till the C.c. completely cleared before thinking about refunding the money.
 
knifehunt said:
You pulled the same foolishness in ooitzoo's thread yesterday, and was told by a mod to stop.

I am trying to help both parties involved with the correct information to determine whether the document is fraudulent or not. Like I have said, my wife has been in banking for over 30 years, she knows what she is talking about.
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You really are one self-involved human. You're so anxious to pick some stupid quarrel that you don't even realize that nothing I said contradicts anything that you've said. Read what I wrote - it merely expands on the general subject being discussed here. I'm sure your wife does know what she's talking about. Having practiced law for 30+ years, including 10 years of representing more than one bank, so do I. That's why nothing I said conflicts with what you said.
 
Gentlemen, you can disagree without being disagreeable.
Personal insults do not advance the discussion.
 
I had the treat of sitting in on a seminar provided by postal inspectors for mailroom employees in my building. They were some of the most professional and cordial people I had ever met, but they were law enforcement in every sense of the word. They are very helpful and know their business. To the OP, I would follow Esav's advice and contact a postal inspector. They will sort it out, no pun intended ;)...
 
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