Cashier's Check for trains??

I would treat it as you would a personal check, check with your local bank to see if it is valid, before shipping.

 

Mike P

!. - Bank Cashiers Checks are usually like "cash".  2. - Folks on the OGR Sell Forum seem liked an honest bunch. If you have any doubts, simply hold the merchandise until you are sure the check has cleared.  Then as a courtesy - let the buyer know what the hold-up in the shipping the goods is - am sure the buyer will understand..

Bob,

 

The cashiers checks for the most part are safe, below is an article that can provide more insight.

 

http://banking.about.com/od/ch...a/cashierschecks.htm

 

If you are that concerned over a buyer, do research on him on the forum and see if there are any other red flags.  If not, you should be fine.  The article above includes red flags also, but you typically see them with other forums of payment.  If you want to hold the cars for a few days then that is fine also.

 

Hope this helps.

The problem with a "bank cashier check" is that they are easy to counterfeit, and for this reason they are a common way to scam people selling items online. Your bank may allow you to deposit the money and will tell you within 24 hours that it has "cleared". However, if it is counterfeit it could take up to 10 days for that to be detected - at which point your bank will reverse the deposit to your account and you will have already shipped the item. Ultimately, your decision as to whether to accept this (or any other) form of payment depends on how much you think you can trust the buyer.

AND, they have fallen out of favor so much, there are now more counterfeit cashier's checks than there are legitimate ones. Any from Western Union should automatically be regarded as fake.

 

It could be even a month before your bank finds out it's no good.

Just an idea, ask for a postal money order.  I have used them to pay and get paid.  No  problems.  The Post Office cashes them, no wait (except the line at the PO).  I have to go to the PO to get my mail anyway, so I'm already there.

I just did some research and I am not comfortable with the deal.  Thank you all for your insights.

With the cheap cost of a postal money order, one wonders why a person wants to spend more for the cashiers check. The scam as stated above seems to be a more plausible answer.

Ditto the counterfeit advice.  A local trusting train guy just got ripped off for 4k with a certified check. His bank cashed the check but then reversed the funds and charged him for the bad check on top of the loss.

 

IMO, the problem is not so much from train people but from crooks using bad paper to steal goods for quick resale.  Counterfeit purchased goods have a 100% profit margin no matter what it sells for.

 

US postal money order for all first time transactions.  If anyone gets all mad and bent out of shape just smile and walk away.  That's the best inside information you will ever have about them.

 

IME, 0 scale train shows are a unique situation.  Never had a bad personal check at a train show.  But then again, IME, it seems like most married train guys use dead presidents person to person.  Reality bites.

buying or selling never had an issue with postal money orders!! and the fee is about a buck. The fee for a cashiers checks will vary by bank and can range to $7-8 per

.

A certified bank check or cashier's check is easy enough to confirm with a phone call to the issuing bank. When genuine, it is better than a personal check, as the cash has been put on hold in the issuer's account.

 

I think making that phone call and waiting for it clear before releasing the goods is enough of a safeguard. Same as personal check. Although, with a personal check, the issuer or the bank can withdraw the funds at any time in the process.

 

In God we Trust. All others pay cash or PayPal.

Not to wreck the paranoia, but a 2-year old can tell a bogus cashier check.  You do know a personal check clears your bank in one day..no matter what CITY IN WHICH IT ORIGINATES??

The question to also ask yourself is who is the member, how long has he been on the board, does he interact with others,  This may give you a hint whether he can be trusted

this is the criteria you should be looking at.  I always take personal checks and have never been burned after checking into who the person is, especially for small amounts like these. I once got a bank check from the bank issued to me for $45000 and lost it. had to wait 6 months for them to issue me a new one. the other alternative wqs to post a bond and they would reissue it right away. the bond costs a lot, so I waited.

One problem I have had with postal money orders is that the my local, small town post office often does not have enough money in the till to cash them!

 

I have taken $40 money orders in the middle of the morning and tried to cash them, only to be told that they don't have the money and to try later in the day.  Seems they start the day with a limited amount, only enough to make change.  Most postal customers pay with plastic (debit or credit), so some days they get little cash in. 

 

This is one of the reasons that paypal continues to my preferred method of payment.

 

I have also sold a fair amount of items posted on the forum to member who are not contributing members of the forum, folks who read but don't post.  In this case I usually wait a couple of days to make sure a check clears before I ship the items.

 

Jim

 

 

A 2 year old cannot tell a bogus cashier check - if it was that easy this problem wouldn't exist. But  it seems enough bank tellers cannot tell the difference, and therefore this is a real problem.

 

Yes, a check may clear your bank in one day. However, until the check clears the bank holding the account the check has been written on (which can take up to a week or more) the funds you have deposited can easily be taken away again.

Bob, if your gut says not to do the deal, then walk away, no matter what type of tender is used.

Absolutely, and that two-year old that can always tell a forgery - call the FBI, they can shut down some of their labs.  Forgery is an art - you only have to read the papers and pay attention to the news to know we live among some truly great artists.

Don't forget that WalMart also issues money orders. My local store is 0.9 miles away, the PO is 5 miles away.  I believe the WalMart money orders also cost a lot less, and their "clearance" process is as good as the PO's.

I've used cashier's checks and commercial money orders for years with no issues. They are essentially cash when deposited by the named recipient; cashiers' checks carry the extra guarantee of being certified funds from my credit union -- which is why they cost extra. Using these kinds of financial instruments protects me (my personal bank account never really enters the transaction for my safety), as well as the merchant I'm dealing with -- they should get their funds quicker than with a personal check. Some banks tend to hold personal checks longer than other sources of funds.

Before you send the trains, take the cashier's check to your bank. Your bank will check its authenticity.

Drawn on a major bank....it's easy to find their info and call to verify. 90% of the time fine.

There's no issue with outgoing cashier's or certified checks, except they may not be accepted by many due to the proliferation of the counterfeiting of these instruments.

 

Therein lies the problem - your bank says it's OK, until it's not, weeks later. Many people have been duped in exactly this fashion... and guess what? Your bank doesn't care, you're on the hook.

You guys' advice has been excellent.  I have passed on the sale.  Thank you all so much!

When I buy items on the Forum, i send Cashiers Checks ONLY, I do not leave a trail, I 

PAY cash for the Check at my Bank......If I cannot afford the merchandise, I won't Buy It.

Belonging to TCA, LCCA.....Should mean something. I tell anyone taking my $$$$ to wait till it clears if they wish.....US BANK or REGIONS.....

The problem with a money order is the buyer has no real recourse if the seller misrepresented the item, it doesn't get shipped, etc.  And it isn't just the nefarious seller.  Stuff happens in life (health emergency, family issues, etc.) that may prevent the seller from completing the deal or, in bad cases, refund the funds.

 

With paypal, there is recourse available through them.  If you don't get the item, paypal refunds the money.  This is why, when I buy, I much prefer paypal.

 

As a seller, I also prefer paypal though I hate the relatively heavy fees paid by the seller.  With paypal, the seller gets paid--no counterfeit anything; no returned check fees assessed against the seller when the buyer's check bounces, etc. 

 

Each to his own.  I've bought and sold a lot of stuff to and from individuals over the years and it's been fine--only once did I have a dispute resolved through paypal when the seller didn't ship the item. 

 

Carl

 

 

I have a fake cashier's check (big bucks) drawn on a major bank. My credit union quickly confirmed it to be a fake. Checking the authenticity by yourself leaves much to be desired. Leave it to the experts. After all, your bank has the final say re cashing / depositing it.

I sure wouldn't assume someone is okay just because they're on a given forum. Scumbags are everywhere.

It would appear, if you accept a check or Postal Money Order, may be wait a week for the check to clear ALL banks before sending the purchased item.  IMO I could be wrong and often.  Mike. 

I've had some really large contract payments, in five figures, that once deposited, you are immediately writing check on the deposit.  Never had an issue, but have experienced other contractors who did.   What a mess to straighten out.  Usually involved  keeping more money in a checking account than you really wanted to. Then again sometimes the banks will play games with these large check for the dollars that can be made in a few days. Wild world out there, I always trusted my banker, she was a wonderful lady who was concern about my business well being.  Not sure those people still exist in the system.  IMO   Mike CT

 

 

FWIW...... There are benefits (at least there used to be) being a TCA  TTOS  LCCA or having other memberships. If the other person has any doubts, they do not need my money.

 

"Pappy"

Cashier's checks drawn on my account at Bank of America are free.




What, me worry?