a question about certified bank checks

[minnieandmickeymouse]

I have never used one, nor recieved one.
Someone is buying something from me for 1300, and they are coming out of state to pick it up and they are giving me a certified bank check. They don't want to carried 1300 cash with them.
Now is the certified check just like cash? What are the chances of it being fake? Is there a way to call thier bank before they come up to see if it's real?
I don't want to be distrusting, but if it was fake, I would be out my item, and the money, I would be screwed!

 

[wdw4us2]

Yes, they can be faked. I have heard stories through the years in the collector car community. Someone buying a collector car with a cashier's check, didn't find out it was fake till they went to the bank to deposit it, etc.

When we sold our collector car, I insisted that the transfer of title and exchange of cashier's check take place in our bank. The bank authenticated the cashier's check for us. You might consider doing the same.

 

[minnieandmickeymouse]

So if I bring the check to the bank, while they are still here, I will know, on the spot if it's real?
B/c that we can do. They are coming up on a fri, and I can have my husband stay home, while I run down to the bank.

 

[Ronda93]

Cashier's check - drawn on the bank's own account. The payer "buys" the check. Bank makes it payable to you. It will clear.

Certified check - drawn on the customer's account, but certified (usually with a stamp and the signature of someone at the bank) to be good. This type is also sure to clear.

BOTH CAN BE FAKED. Unless you recognize the bank name I'd be wary. If taking it for payment I'd look up the phone number (don't call the one on the check) and call. If you're able, look up the bank information on the web and search for the routing number. Anything from another source to validate what you see.

Ideally, I'd ask for a Postal Service Money Order. No mistaking that look.

Good luck.

 

[Ronda93]

So if I bring the check to the bank, while they are still here, I will know, on the spot if it's real?

I don't want to be an alarmist, but no, you bear all of the risk in this instance. The bank could be faked out, too. Even if a teller makes a call and everyone is satisfied, your bank would not guarantee the deposit.

Some fraud has been carried out by getting one certified check and printing fakes with the same information. Criminals fan out on the same day with the same check. Calls to a large institution validate the check information and it isn't until days later when the duplicate checks start hitting and bouncing that anyone's the wiser.

Now, what are the chances that a sophisticated fraudster will take your merchandise? I guess it depends on the type of merchandise.

 

[minnieandmickeymouse]

I asked the lady for the name and number of the bank she will using the certified check from, and she gave it to me. She said that a certified check is as good as cash, but my bank may hold it for a day. Is that true? Should I call my bank and ask them if they hold it for a day?

 

[Honu]

I would tell them it's fine if they don't want to travel with cash and you will meet them at a local bank after they cash the check, so you can have cash.

 

[minnieandmickeymouse]

This is what she emailed to me:

"My bank is Crescent Credit Union in Brockton, MA
508-559-5400. With a bank check, it's like a money order funds are
guaranteed. Your bank may hold for one day - you probably want t check
with them. "

Now we don't have that bank around here, so she wouldn't be able to cash a check somewhere, without having an account with them, right?

How much is aloud to be taken out of ATM's in one day? Prob. not 1300 huh? I was thinking she could just take the cash out that way.

 

[ead79]

The information posted about official checks is true. While they can be faked, most large banks have some relatively sophisticated anti-fraud things on the checks themselves. Stuff like watermarks, holograms, etc. I’m not saying it’s not possible to fake an official check, just that it’s not the easiest thing in the world when it comes to checks written off large banks. Your bank may put a Reg CC hold on the check, but that depends on a lot of factors (stuff like your average balance, past number of NSF checks, check amount, etc.). Your bank can tell you whether or not they will place a hold and how long the hold will be for.

 

[Honu]

How much is aloud to be taken out of ATM's in one day? Prob. not 1300 huh? I was thinking she could just take the cash out that way.

All banks are different. I have one that allows $300 per day and another that allows $3000.

I would not accept a cashiers check from someone I didn't know though. Maybe she could get the check from a bank that has branches in both your area and hers?

 

[gdulaney]

Certified checks, official checks and even postal money orders can all be faked. There is always a certain level of risk associated with accepting a paper item. If you want to ensure the funds are 100% fine (and available to you on the same day you receive them), then ask the lady to wire you the money. Yes, your bank will probably charge you a fee for the incoming wire, but the money will be in your account and available for you to use.

As far as the amount that can be withdrawn off an ATM card...it varies. For example, a financial institution could have several different types of atm cards (reg, gold, etc), which could affect the withdrawal and purchase limits....it could also be affected by whatever limits are programmed on the machine being used to withdraw funds.

Hope this helps.

Ginny

 

[RUDisney]

I would get the check number, the ABA, or routing number from the check and I'd call the bank to make sure that the check is legitimate and that it's made payable to me. The bank should be able to confirm that for you if it has an image processing system. Customer service should be able to lookup the credit portion of the cashiers check or the certified check receipt to ensure that it's real. Personally, I'd tell them to suck it up and carry $1,300 with them. Heck, when we went to Russia to adopt our kids, it was with $10,000 in cash strapped to various places on our bodies. $1,300 is nothing in a country when you speak the language and don't have to rely on translators to get you around.

If you choose to accept the certified check or cashiers check, when you go to your bank you can ask the teller for an expedited availability deposit ticket. You won't have to wait for your funds to clear. This is made available to anyone cashing a bank-issued or a certified check.

ATMs typically only allow $300 withdrawals per day. This is to protect someone who is robbed at an ATM. It limits the amount that the robber can get. Unless someone requests a higher limit, it usually stays at that amount.

Anyway, without a guarantee that the certified document is legitimate, I'd only accept cash. Ever watch the movie "Catch Me if You Can?" That type of fraud is still alive and well in today's society. Although we've taken, as bankers, efforts to curb it, it is still a multi-billion dollar industry.

 

[LoveWDW]

Maybe traveler's checks? Or would they have the same problem with fraud?

 

[Cindy's Mom]

There are several options 1) Western Union to you today 2) AMEX travellers checks 3) traveling w/ the cash, $1300 really isnt' that much money to travel with or 4) my favorite, DISNEY DOLLARS

 

[minnieandmickeymouse]

Her bank is a small local bank, mine is a local bank

Ok, can SHE cash the certified bank check at any bank? OR does SHE have to have an account there?


How do we wire money to my bank?



Why can't she just bring cash LOL!!

 

[minnieandmickeymouse]

There are several options 1) Western Union to you today 2) AMEX travellers checks 3) traveling w/ the cash, $1300 really isnt' that much money to travel with or 4) my favorite, DISNEY DOLLARS

LOVE your last one!! DISNEY DOLLARS!!! BUT, I plan on paying off some CC with this money, and I don't think they will take the disney dollars


What are AMEX travellers checks? Would she be able to get cash from a bank with those?

She will be picking up the item next fri. so maybe she could western union the money for then?

 

[Cindy's Mom]

AMEX Travelers checks are American Express Travelers checks - she can purchase them at her bank, then take them to any bank in your town and get the cash. at Americanexpress.com they have a list (under travel) of where to purchase them.

 

[RUDisney]

I'm not exactly sure of our procedure on cashing travelers checks or certified checks for non-customers. My best guess would be that we wouldn't do it. Heck, I was in a branch 2 weeks ago and one of our customers with $$$$$ had written a check to someone. Our system was down at the time and the branch wouldn't authorize the check to be cashed because the payee wasn't a customer even though the payor was.

The only way that this won't cost anyone any more than the $1,300 is for the buyer to bring cash. Most banks charge to certify checks, sell cashiers checks and to sell travelers checks.

To initiate a wire, your buyer would have to go to her bank and speak with someone in customer service. Domestic wires tend to run about $25 on the sending AND on the receiving end. I don't know what Western Union charges.

Tell her you want cash.

 

[DisneyLovingMama]

What about using PayPal? Let them pay you via PayPal today and the money will probably be in your account by this weekend.

 

[wdw4us2]

What about using PayPal? Let them pay you via PayPal today and the money will probably be in your account by this weekend.

Because if they pay via PayPal, PayPal will take a cut of the funds.

I would go back to my original suggestion of doing the transaction in a bank. You get a certain feeling about someone in this type of transaction. If they refused to go to your bank, alarms would go off in my head. It doesn't sound like this is the case with what you're doing.

As for the traveler's checks suggestion, this would be good if they didn't have to pay for the checks they purchase. AAA does not charge their members for traveler's checks. I don't know of any other solutions to this.

The reason I recommended you be cautious is because I have only dealt with cashier's checks used for car selling/purchasing which involved over $20,000 in each instance. The buyer of our car was annoyed when I said I wanted to do the transaction at the bank - he was insulted that we thought he might be trying to cheat us. When we made an out of state vehicle purchase, I was the one who suggested going to their bank so there would be no question as to our motives. Both transactions worked out well.

Good luck!