Question about checks

AYO VIN

AYO VIN

Gawd
Joined
Oct 13, 2006
Messages
524
What procedures should I take from a guy giving me a check to buy my computer?

In the e-mail he sent me, he says he will need my name, address, and number to mail the check to me and he will pick it up once the check confirms.
 
Ask your bank how long it takes for a check to clear and what you need to do to ascertain that it has, in fact, cleared.

It is common for a bank to credit a check to your account on good faith when you deposit it. Then if it's submitted to the issuing bank and doesn't clear, you are the one held accountable for the check bouncing and the funds being removed from your account (and possibly causing you to bounce checks of your own because of insufficient funds in your account).

Is there some reason the other party won't do a money order, like thru USPS? That's safer on your end and generally faster than waiting for a check to clear.
 
He's going to pick the computer up? Why not just have him bring cash? Unless I'm not reading correctly.

I would only accept checks from established traders and for small amounts. I'm a pretty cautious person, but if you trust the guy, then go ahead.
 
I've got to agree with the above. I'm a former employee of a large bank, and I saw some weird things happen with checks. It's best to be cautious; so asking for a USPS money order as Lethal suggested would be best. Regarding the above, a buyer may not want to use cash, so they can have a verifiable confirmation of payment. They would still have this with a money order, so there shouldn't be any issue with it.
 
lvlarvin said:
What procedures should I take from a guy giving me a check to buy my computer?

In the e-mail he sent me, he says he will need my name, address, and number to mail the check to me and he will pick it up once the check confirms.
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As long as you wait at least 14 business days, you should be in the clear, but there still could be problems ..checks are touchy.
You can also call his bank to see if the funds are available before you deposit it, to be sure you wont get hit with NSF fees.
Also, most banks will issue a bank check at no charge to their customers, have him get one and then you can be sure its good, as they will withdraw the funds when they issue him the check.
However as as already been said, a money order would be better.
 
I would be cautious with checks. Your bank will probably accept the check in a few days, but it could take a week or more until it clears, and if it bounces, you are liable.

I would tell him he will have to wait 14 days before you send the merchandise, if he doesn't agree to it, I would tell him to use paypal, or find another buyer.
 
sisq0kidd said:
He's going to pick the computer up? Why not just have him bring cash? Unless I'm not reading correctly.
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That's how I understood it, so why doesn't he/she just pay in cash? Checks are a hassle and a pain if they bounce. Ask them to do a money order if it's being shipped, but you made it sound like they're picking it up, in which it would make more since to just get cash...
 
WiLLiSTER said:
That's how I understood it, so why doesn't he/she just pay in cash? Checks are a hassle and a pain if they bounce. Ask them to do a money order if it's being shipped, but you made it sound like they're picking it up, in which it would make more since to just get cash...
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Oldie said:
I've got to agree with the above. I'm a former employee of a large bank, and I saw some weird things happen with checks. It's best to be cautious; so asking for a USPS money order as Lethal suggested would be best. Regarding the above, a buyer may not want to use cash, so they can have a verifiable confirmation of payment. They would still have this with a money order, so there shouldn't be any issue with it.
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and yeah try to get a MO
 
Some banks just put his account in the negative after writing a bouncing check
 
RADEoN said:
Some banks just put his account in the negative after writing a bouncing check
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Never seen this before. That would mean the bank would be eating the loss if the guy never pays up. What usually happens, to my understanding, is the check will bounce, The person who deposited the check will get hit with a bounced check fee and have the funds removed from their account, and the person who wrote the check will be slapped with an overdraft fee.
 
MrCoffee said:
Never seen this before. That would mean the bank would be eating the loss if the guy never pays up. What usually happens, to my understanding, is the check will bounce, The person who deposited the check will get hit with a bounced check fee and have the funds removed from their account, and the person who wrote the check will be slapped with an overdraft fee.
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Some banks will allow you to overdraw your account into the red rather than bounce the check. Call it a temporary loan, if you will, at horrible rates given the amount of fees you'll pay.


Anyway, as for checks, there's only a handful of people that I'd take checks from or that I'd send checks to, basically, the 200+ club :cool:
Same people I'd cross-ship with in an instant, no questions asked.
Otherwise, there's too much potential for fraud on either end for me to be comfortable
 
Ive had the bank credit my qaccount then remove it because it bounced and actually given me bounces on it though it was not my fault because they credited my account. Bank of America is a frigging joke now the way they are screwing their customers.
 
Ruckus said:
Ive had the bank credit my qaccount then remove it because it bounced and actually given me bounces on it though it was not my fault because they credited my account. Bank of America is a frigging joke now the way they are screwing their customers.
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You should read the fine print on your BoA checking account. You did read all that fine print when you signed up for you checking or savings account, right? ;)
 
Alot of this 'putting his account into the negative' is correct, but only if he has 'sweeps' on his accounts that will automatically draw from another account, like a savings or COD account. I'd give him the info, since it's normally what you'd do for a larger sale anyway, and let him know that you will not allow pick-up until the check has cleared. As long as the check clears, who really cares....right? If he's an honest person, he'll respect your decision as the seller. If he doesn't, then he's probably a scammer anyway :)
 
Try to deal with a cashiers check for the exact amount.
 
Personally, I would not accept a bank check or cashiers check. There's just too many scammers out there printing fraudulent bank checks. And the banks tend to accept them with no hesitation, also believing them to be authentic. Then you get penalized when the check doesn't clear.

Same goes for Western Union and Money Gram. Stay clear!
Accept USPS money order only... cash... or wait the full 14 days for a personal check to clear.

That's my 2 pennies.
 
wjogert said:
Personally, I would not accept a bank check or cashiers check. There's just too many scammers out there printing fraudulent bank checks. And the banks tend to accept them with no hesitation, also believing them to be authentic. Then you get penalized when the check doesn't clear.

Same goes for Western Union and Money Gram. Stay clear!
Accept USPS money order only... cash... or wait the full 14 days for a personal check to clear.

That's my 2 pennies.
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I worked in customer service for a bank for about a year recently, and let me tell ya, its getting pretty bad. If you EVER accept a check of ANY kind, make sure before you take it to your bank, that you call the issuing bank and verify funds. If its a real check, the issuing bank will have absolutely no problem verifying funds. Also, if there is no phone number, the check IS A FRAUD!
 
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