Certified Bank Check... Is it safe?

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  1. Hello All! I sold a bag to someone and allowed them to send a certified bank check.

    I probably should have checked here first, but is it safe to just deposit the check and send out the bag or do I need to wait for it to clear?

    I've never had this before, only a money order from USPS.

    Thank you for the help!
  2. I work at Bank of America and certified meaning is it a Cashiers Check? Cashiers Checks are verified funds coming from and account or paid by cash. BUT!!!! They can always be a stop payment.

    Also there can be counterfeit checks. Best bet you can go directly to the bank that it was purchased from and see if they will cash it for you OR you can deposit in your account. BUT there is always a possibility of stop payment. So best answer would be go to the bank if its near by and cash it but there might be a fee for non-customers or they might not cash for non-customers.

    So hopefully it is drawn on the same bank that you have so you can always verify it. Good luck! Hope that helps.
  3. See that is what's worrying me -- there are no banks around here that the check is written from and I'm really anxious about the entire transaction now.
  4. With a certified check, you do not need it to clear. When you receive it, if you are unfamiliar with the bank issuing the check, give them a call and verify the check yourself before you deposit it or send out the bag. So what i mean is, if it issued by Bank of American, call them up and have them verify the specific check. If it's from Ridgefield Savings Bank, google the bank and call them and verify the funds. Cover your bum before you deposit (and avoid return check fees if it is fraudulent) or ship the bag and have it lost forever.

    Don't assume anything and you are less likely to loose something.

  5. Thanks so much! I was just worrying about it bouncing after the fact or something along those lines or a stop payment being able to be done.

    The buyer and I had come to the agreement she'd send a USPS MO after I was apprehensive about the certified check, but I guess she forgot and just sent the check.

    She's always been more than nice, I just have heard so many horror stories I want to make sure I had everything covered.
  6. To what you said some banks may tell you if the check is good but now there's a policy called the privacy act so the banks may or may not tell you. Bank of America can call let so Wells Fargo and ask but Wells Fargo might not tell BofA if theres money.

    I hope that helps. and you can always call the bank and see if they will tell you anything.
  7. I think what I actually received was a cashiers check, because it's signed by the bank, w/the buyers info.

    From looking it up, they pull those funds from the account as soon as that check is issued so that they are guaranteed.

    Am I right here? :smile:
  8. ^^ Yes, I work as an escrow officer, and we require "collected funds" as part of the "Good Funds Law". We have to have either a bank wire or a cashier's (certified) check because the bank looks at those as immediately available funds.
  9. There are many counterfeit cashiers checks out there. You must confirm with the paying bank, not only the validity of the check, but the payee and amount.
  10. Thank you guys!! I verified w/the buyers bank that the funds are available and that they actually wrote the check and it is not counterfit, so I'll be depositing the check tomorrow and sending her bag out on Monday :smile:

    I so appreciate the help!

    With all of the scams out there it's hard to know how to protect ourselves!
  11. The cashiers check is from the 'Banks' funds,meaning the funds are out of the check buyer's account (your buyer) or maybe she paid with cash, wither way that check can be verified without violating any privacy act, so call the issuing institution and verify the validity of the check.

  12. The privacy act would apply if you were trying to verify funds in someone's acct, a bank check is from the bank's funds, no privacy act violated.

  13. 100% in agreement, take nothing for granted, cover every angle!
  14. Good for you!
    Go shopping, and come back and show us what you got!