When selling a high ticket item, would you accept a cashier's check?

[Deja Q]

Poll question: When selling a high ticket item, would you accept a cashier's check?

Just curious.

[ET Awful]

1. Only if it was drawn on a local bank and I had a physical address

for the purchaser.

I would not accept one through the mail considering how much fraud has been occurring in the past few years.

[soothsayer]

2. Yeah. Isn't that what they're for? n/t

[Deja Q]

3. Check this out:

http://www.carbuyingtips.com/fraud.htm

Now there are a couple of reasons why I trust the seller I am currently dealing with (for anyone else I'd ask for cash or a Money order), but I was astounded to find out that this sort of fraud occurs.

[Book Lover]

5. Wow! Thanks for the link

I truly thought a cashier's check was a bearer instrument, 100% guaranteed for the amount on the face of the check.

By the way, I love Avon in your sig line :-) But I just can't see George in those slinky outfits Servilan used to wear...

[Deja Q]

6. No problem! ...

I thought the same way.

I probably still should have asked for cash, but I'd hate having to carry that much around and there are other reasons why I can trust the people I'm dealing with.

And Avon rules! :D Pity Laura wouldn't wear Servalan's outfits though, she'd then look like a lady for a chance! :D

[Raven]

4. Strange question!

I would accept a cashier's check ( which implies that the money is in the account) but I would rather take a bank check (which means that the money is in the account and has been set aside for the check's purpose). If you think both are as good as cash, you are wrong...it is possible to cancel both. :-)

[pagerbear]

7. Don't have over the merchandise until the check clears

...cashier's or otherwise.

[Deja Q]

9. If they had proof of the loan, home address, et al,

would that be okay?

(for address, I can confirm in an instant...)

Again, for the couple I am dealing with, I can trust them. But not for anyone else.

[flamingyouth]

8. I was in a bank once and a guy had rec'd one and the purchaser

had stopped payment on it. It was for diamond earrings on eBay and the seller was freaking out. I too thought they were binding.

[Droopy]

10. I think cashier's checks are pretty reliable, but

A certified check is best. It might cost the buyer a few extra bucks, but I think it's well worth it for your peace of mind.

[GingerSnaps]

11. I would cash it before releasing the merchandise

They could have reported the cashier's check stolen or lost and it might have a stop on it.

I got a bum cashiers check from someone on eBay once and I wait until everything clears no matter what it is excluding cash before I release the merchandise.

[Ediacara]

12. It would need to be from either a local bank, or a big bank

Like Wells Fargo, BofA, Chase etc. Additionally, you should call information and get the phone number of the bank from them, rather than rellying on the telephone number printed on the check.

Ask if 1) this check number of this amount was purchased by this person on this date and was made payable to YOU, and:

2) If the check has had a stop-pay placed on it, or has been cancelled in any way.

Also, physically examine the check. Most cashiers checks have false water marks on the reverse, and some may have other security features.

Always be up front to the bank about who you are and why you're asking.

Then get yourself to YOUR bank ASAP and deposit the check. Deposit it in person, and not in the ATM because large sums deposited in an ATM oftentimes sit in limbo for weeks (even though the physical check has been removed etc).

ON EDIT: I should note that different banks have different terms for the same financial instruments. When I say "cashiers check" I am talking about a check issued by a bank for a fee that requires a cash payment to be issued. It's similar to a postal money order, and unless it's been stopped by the purchaser, cannot bounce.

[DebinTx]

13. These are being used in scams now

big time in Texas, so until the check is cashed, I wouldn't turn over the merchandise.