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What are the ways in which an apparently good cashier's check can turn out to be bogus? What do you have to do to check on the check and be sure its OK, and that the individual who caused it to be drawn cannot revoke the funds?

Thx!

The best is a phone call to the bank and talk to a bank “officer.” Write down the names of the people you talk to. Do business during the banking business day. If in doubt, wait
Try;
http://forums.pelicanparts.com/showthread.php?threadid=148416.

Best,
Grady

You can cancel a cashiers check just like a personal check. Best thing to do is wait the 3 days for it to clear!!!

wait one month or it can be bogus,,check out links in this bbs for cashiers.


gary

Hmm - well I'm sure the guy will not want to wait a month or more for his car. There has to be a way to assure that the funds are real and can't be withdrawn (??!!)

have him do a bank wire then you know it's good

I bought mine with a cashiers check and some cash....and i drove the car away that afternoon. However the owner and i had been communicating by phone and email for a few weeks and he knew where i worked and lived etc, so he ffelt comfortable with that but i believe that he called the bank to verify funds before he signed the title over to me....er,,,no i did not get a ppi (dumb beyound dumb) and i am lucky that the engine is strong (knock on formica) and i thank this board for all of the help and information that i get....
i guess just caution and cash would be best or cash with postal money orders....

gary

The last car I sold, I called my bank and gave them all the info from the cashiers check. They in turn called the bank it was drawn on. I think it's best this way, you know have both banks confirming it's good. There is a copy of the check siting in the bank it was drawn on.

Do you not have bankers drafts in the US? A guaranteed cheque, is the equivalent of cash (although can only be cashed by the person who's name is on the cheque) I've used USD bankers drafts to buy goods from the States (Vintage Seats), once you take the draft to the bank it clears instantly and you instantly have the funds

Last car I brought I meet the seller at my bank, withdrew the funds in small bills. He saw the teller counting out the money and knew it wasn't funny money. He signed the title over to met at the bank and we shook our hands and went our separate way. No way I was going to be robbed since the bank is full of security.

Talk to your bank about an escrow service. In an nutshell, they will ensure the funds are good for you and will release the funds when the new owner receives the vehicle. The escrow service will generally accept personal checks, credit cards, wire transfers, bank drafts, etc... This can be done ahead of time so the funds are clear before the new owner comes to pick up the vehicle.

RCM has the right idea. Have your bank call the bank it's drawn on to verify that it's legit. Also, if the check itself doesn't have at least one perforated edge, it is probably bogus.

When I bought my car.

I went with the owner to my bank with my cashiers check and he had my bank verified the cahiers check on the spot.

Bank wire or cash.

do all banks do this? i bank with wells fargos, would using a credit card be a cash advance?

Not the solution but a good practice is to copy down each others drivers license info and to see more than one form of ID.

I like the idea of meeting at the bank, this ensures the cash or check is real unless the teller is in on the scam and there is the security factor as well.

Nope....wire transfers can be reversed....ask YOUR bank manager.

I had the bank branch mgr here call his bank to verify that the check was not bogus. I will wait about 4 days then call his bank to make sure the funds were debited and that it won't come back. This is what the mgr told me.

BTW, this is a long distance sale (transport co. will pick up my/his car) and I have no reason to suspect the man. Just want to be safe -- and I am sure he wants to make sure I don't take his $$ and not provide the car!

Just be careful (great advise above BTW). Also, you might consider withholding the title until funds have cleared without question. That way, in the unlikely event you did get scammed, I would think you could report the car stolen and be covered by your insurance co. They might not be so quick to help if you are without title (addtional research in that area with your ins. co. is probably a good idea). The buyer shouldn't have any problem with this, as many cars are sold that way due the seller's need to acquire the title from their lending institution (after paying off a loan). Just my $.02.
SmileWavy

Like, ruf-porsche said, if it is not in hand!!! I, have never seen a bank transaction that could not been stopped!!!! These are profit making companys, they want your money, or your fees. Everybody did think that a cashiers check was the $hit,...no way Ponto.. they are just as possible as full of s$it, a personal check could be. If I don't have BILLS in my hand, they can't buy the cars that I sell!