Quote:
Originally posted by Leader
There have been a lot of "urban myths" recirculated about bogus cashier's checks, fake money orders, counterfeit cash, etc. in regards to selling your car to a stranger.
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Based upon the rest of your comments, I don't think you meant to say "urban myths."
There is a big problem with bogus checks and money orders -- no myth about it.
A recent experience (not involving bad funds, but showing how banks are reacting because of bogus money orders):
I made an online sale for a few hundred dollars and received a money order in payment. In the past I've cashed money orders and checks at the counter of my bank (Wachovia) against my account rather than deposit it. That way, if the funds turn out to be bad, they just take the funds from my account, but don't hit me with any bad check fees.
Not anymore! I was told that they've been having such problems with bogus money orders (thanks to great printer technology), that they've changed their policy and money orders can
only be deposited. That way, they get compensated (by charging a fee to the victim!) for their extra handling of the bad money order.
My conclusion:
Treat a money order or bank check the same as a personal check! Accept it only if you are sure the person giving it to you is completely honest.
Joe