Anything to be aware of when receiving a bank check as payment? Sorry if this a basic question I have always dealt in cash.
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Anything to be aware of when receiving a bank check as payment? Sorry if this a basic question I have always dealt in cash.
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Call the bank it was drawn at and verify authenticity.
Calling the bank ain't gonna do shit if it's all a scam...
-Is the bank check from a local bank? If so, I'd take him and it to that bank to verify it. Not sure *I'd* accept one to be honest...
-Why not cash? Although I have no idea what amount we're talking here...
I normally go with bank checks myself.
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Really? Person shows up with bank check from a bank. Look up phone number, call ask if a check with number xxxx has been written and ask them to tell you the amount.Quote:
Originally Posted by Stoneman
Where is the risk??
Quote:
Originally Posted by Stoneman
The buyer needed a loan, I'm guessing they normally give people the bank check so they don't end up on a bender @ the casino.
Don't just accept it because it is a bank check. People like to fake them. Call the bank it is from but do not use the phone number on the check. Look up the number your self to make sure the one on the check is not a fake. If you are dealing with the purchase of a vehicle, hold the title for a couple of days to make sure it goes through then send the owner the check. The person that is buying the vehicle can always get a 20 day plate until you send them the title.
I have not received one but my old shop that I worked at did get one. The owner never thought twice about it until the bank called.
One very easy step is bring it to your bank and have them run the routing number against the check. My credit union was able to do this in 7 minutes.
I don't trust anything over the phone. If going to the bank that issued it is outta the question, I'd go to my local bank (with him) and get it verified. Just how I roll...Quote:
Originally Posted by Manny
I used a bank check, the one I had both me and the guy I was buying the bike had to sign it and he had to go to my bank to cash it with out me.
In god we trust..
All others pay cash !!!!
Now a days checks from unknown people should be considered to be a scam .. it is so easy to make a check look real enough to cash and even have the bank ok it , but they still hold it for up to 7 - 10 work days if it is from 2 different banks.3-5days per bank . and that is enough time to remove cash from the account or close it all together.. i have a check for over $2300 , that is drawn on a real chase manhatten account .. the check is junk..it had enough money in the account when it was written.. (scam)
The only way is to take it to the bank it was drawn on , with the person who wrote it and turn it into $CASH$
The FDIC issues alerts about counterfeit bank checks all the time; I'm on their mailing list and get an average of one email a day... but that's for the whole country.
Suggestion: Local banks are on the alert for them too. Make friends (okay, just try) with the branch manager where you do your banking and ask what they'd recommend.
interesting topic. i'm purchasing a bike in 2 weeks with a bank check
even a valid/legit bank check can still be cancelled by the originator before you cash it....
The bank does hold the face value in the owners account but the owner can cancel at any time....
cash it quick.
depending on the trasaction value -
I would either get a wire transfer with acknowledgement from your bank of transfer
or with Bank check hold the title until cash transfer take place....
It would appear the consensus of NESR is that all transactions should be paid for with suitcases stuffed full of money.
Yes, it is a drug afterall!Quote:
Originally Posted by Honclfibr
Quote:
Originally Posted by xsiliconkid
The bank check is because the buyer needed a loan, so I doubt the buyer can stop payment or remove the funds on the loan.
I just found out the loan is through the same credit union I use, not worried about now.
yeah, first thing you can do is verify routing number... that information is available on line. There are many scams that go around with bank checks, but banks are familiar with most of them as they are require to file a specific report if something like that happens...
small denominations preferably sequenced, thank you...Quote:
Originally Posted by Honclfibr
All your base are belong to us!Quote:
Originally Posted by newgixxerchic
I accept and use bank checks - its safer than getting robbed of a bunch of bills, BUT. Dont call the bank, go to the bank with the buyer and cash the check. That is really the only way. There are a lot of fakes out there and the only way to be sure is to go the the bank WITH the buyer. I have actually had legitimate bank checks held up because the branch was unsure and needed to ask personal information of the buyer - you really want them there with you.
Bank check better than cash
Bank check made out to the payee so not valuable to others
I would never go alone to a strange place with "others" knowing I was carrying thousands in cash