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I placed a Scatt unit for sale on a different site and the buyer agreed to USPS MO payment terms. Today I get a MO drawn from a small bank in KS with no watermarks or anything else on it official looking.
question is how do I handle cashing it, how long does it take to clear?
Take to bank or USPS and ask to have it cashed. If it's legit, they will... if not, you got problems if you already shipped product. MO should be able to be cashed on the spot (depending on bank, new finance laws, etc).
I'd just call the bank that (allegedly) issued the MO, and confirm it's validity. Make sure it's legit, then ship.
I'd send it back and tell the buyer to meet your sale requirements.
This isn't always the case, as most banks will cash MO's and checks for local account holders without too much scrutiny, especially if the MCR reads correctly. If it looks legit, the local bank teller will process it, only to find out later that the MO or check was forged, drawn on a closed account, etc.Quote:
Originally Posted by BigBear
It's always a safe bet to contact the institution that issued the MO, after you verify their validity and contact them via published numbers.
FWIW, USBank and Wells Fargo checks are super plain and simple looking.
Even better.Quote:
Originally Posted by Ridge
^^^^^Yep.Quote:
Originally Posted by Ridge
Good to know. Thanks for the clarification!
Quote:
Originally Posted by VolksDragon
If it is drawn on a bank that is not in the state of the buyer and the return address is also different ...
Sounds fake to me. Take it to your bank and ask them if it is good or fake, don't try to deposit it to find out, ask.
Yes, careful. It can take upto 3-4 weeks for your bank to find out if it's a fake cashier check.
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Thanks all. The issuing bank confirms it is good, all addresses line up as well. Taking to my bank to see what they say. I suspect the buyer is just new to this. Will verify before sending anything.
^This. USPS money order has different rules/laws than a 'bank' money order. You're better protected with a USPS MO, that's probably why you asked for one in the first place! Why risk it?Quote:
Originally Posted by Ridge
Inform buyer he will have to wait for check to clear, due to his variance from mutually agreed terms.Quote:
Originally Posted by esaabye
My .02.
Did you look up the bank's info yourself, or just call the number printed on the document? He may be new to this but he still didn't meet the terms of your deal.Quote:
Originally Posted by esaabye
^This. May just be a friend with a phone who 'verified' the info... Can't be too careful out there these days.Quote:
Originally Posted by driver
Ya, used to believe this until we got bit. USPS MO are no better than any other short of maybe better initial tracking. We used one on a sale because we had heard the same thing. It was cashed, never got anything back, no way to prove who actually ended up with it, no way to recall the money, no real proof, etc. You are better off with a personal check since there you do have the law on your side. It may take a bit longer but both clear if the money is there. If not... USPS says "that sucks... Next" the bank will try to do something about it.
Quote:
Originally Posted by sellersm
You could always sit on the merchandise for 30 days to allow it to clear...[hahhah-no]
it's not a chainsaw, is it? [ROFL3]
With all that you have done Id say you are good to go. If you want a little extra insurance wait 2 weeks to ship it. Usually checks clear with issuing bank within 5-7 business days.
Selling a SCAT? Crazy talk. I have the biathlon and the regular flavor. Awesome training tool.
Upgrading the scatt to the new camera based system, for use during live fire... Of course it is for the daughter, just going to borrow it when she is not using it.
they are really cool, we have been playing with them at the USOC and getting trace and hold feedback for actual shots is really cool, also easy for transport as no target needed and can reach to 500 plus yards.