need advice about accepting money order?

aimtree

aimtree

O.G.
Mar 10, 2008
2,235
1
#1
Hi, my ebay listing ended and this person contacted my afterwards about buying my bag outside of ebay and said she would pay me by money order, her ebay address says she also lives in CA, same as me. Could people please give me any advice or things to be wary about in this situation, as I've never encountered this kind of offer before?:confused1:
 
#2
Aside from paypal, money order is the only other type of payment I accept. It's basically like getting cash because in order to get one, your buyer has to pay for it in cash. Think of it as a voucher for that amount of cash. There's no risk to you if you choose to accept a money order because although you deposit it as you would a check, it clears the moment it's deposited. That's why a lot of government agencies and apartment complexes will accept money orders and not personal checks. It's basically an assurance that the buyer already has the funds so they don't have to worry about checks bouncing or payment failing to clear.

The only downside to money order is that the whole transaction takes a bit longer because it has to be mailed. And as always, wait until you receive the payment to ship on your end so she can't try and tell you that she sent it but it got "lost" in the mail.
 
#3
Actually, on craigslist there's a warning about fake money orders. They will clear and then later the bank will realize it's fake and hold you responsible. I would only accept a USPS money order and take it to the post office to make sure it's real.
 
#4
I would also recommend only accepting USPS Money Order. You can get the money order cashed when you mail the item. If the MO is fake - the PO will catch it right away before you mail the item.
 
#6
Yes I would tell them I will only accept a USPS money order and that you will not mail item till after you have recvd the money order and it has cleared.
That way you are covered.
 
#7
If you accept a money order, let them know you will only accept a USPS (postal service) Money order. They don't cost that much (about $3, I think) and they can't be faked. You can purchase one at any Post Office.

I received a money order last year for $100 drawn on a real bank (I still believe it was a real money order). I took it to my bank and they said "We see these all the time, it's real, don't worry." Three weeks after depositing it and shipping the item I get a letter from the bank that the money order bounced!! Apparently the buyer's account had insufficient funds to purchase the money order or something, just like a bounced check. Anyway, I was out the item, my money, and the fees the bank charged for the bounced MO. The good news is, the buyer ended up sending me cash a few weeks later to pay for it all.


Edited to say: Oops! Everyone else said the same thing about USPS! Well, it's good advice! :tup:
 
#12
CoachJunkie1908 said:
Now that the 11th bank in the country this year has gone down in flames, it's ESPECIALLY important to ONLY take USPS money orders! Good luck.
Click to expand...

Oooh, good suggestion! Didn't even think about that aspect.

There are so many top, reputable banks in the U.S. that are going under—just look at Fannie Mae & Freddie Mac—who would have thought?

At least you know the USPS will always be in business. :yes:
 
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