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Cashiers Check Scams
Posted By Ron On May 12, 2010 @ 4:55 AM In Banking,Scams,Tips & Techniques | Comments Disabled
Cashier’s checks have historically been regarded as a trusted form of payment but recently, they have been used to scam consumers and sellers of goods, particularly over the Internet. Most banks give you access to the funds represented by a cashier’s check the next day, but it can take several days to several weeks before your account is debited in a cashier’s check scam. In the meantime, you may have irrevocably wired the funds to a scam artist or otherwise spent the cash, only to find out later, when the fraud is detected, that you now owe the bank the full amount of the fraudulent cashier’s check that had been deposited into your account.
You advertise a vehicle (or laptop, or furniture, or digital SLR camera, etc) for sale in the paper, on Craigslist, eBay, or on a flyer at the grocery store and get one person who seems to be particularly interested. Though your asking price is a little high, this buyer doesn’t bat an eye and asks if you’ll accept a cashier’s check for the full price. You can’t believe your luck that this guy doesn’t even want to negotiate  the price down. “Of course,” you reply.
Two hours later, your buyer shows up with a very official looking cashier’s check (it even has an embossed seal) made out to you for the full amount. You sign the Bill of Sale, assign the title to him and he drives off in your old car. The next day you deposit the cashier’s check but two weeks later, your bank calls to tell you that the check was fraudulent … no good … fake … worthless.
Same scenario. You sell your car to Mr. Buyer for $8,900 but his cashier’s check is made out to you for $9,800. “Oops, my mistake! I should’ve noticed that, those tellers must have heard me wrong. Can you just write me a personal check for the $900 difference?” he asks. “Why not?” you reason, “after all this is a certified cashier’s check.” And he cashes your check that day AND makes off with your vehicle. You’re out the $900 as well as your car.