Day amp arrives Cashier check returned

Glen: The concern I have is that it cost him money to stop the check (my bank would be over $25). The eternal optimist in me is hoping it is some sort of bank computer miss key. If it is buyer's remorse or jitters, he owes you the fees your bank will charge you for returning the check in addition to the stopped amount.

I value your posts/contributions. Hope this works out for you.

Fatparrot, the "bank draft" with the names typed in by the bank that you are describing is a "cashier's check", as far as I know. All of this actually makes me wonder if money orders aren't really more secure. You can't claim you "lost" a money order and get a refund, or "stop" it, can you? I suppose they could always be stolen or forged, though. And then there's the flip side of this issue - what if you as a buyer are asked (understandably, given the above) to pay for something on A-Gon by a method basically equivalent to cash (does it exist?) before the seller will ship it, and then nothing shows up? The scams referred to above make me want to do all of my transactions in person - but then, I have never yet had a problem here on the 'Gon (or E-Bay). Are there any signs you can look for to protect yourself in advance?

It has been my experience that short of a cash transaction, one that involves United States Postal Money Orders are the next best thing. They cost 90 cents and can be made out up to $750. You can cash them at the post office or deposit them into your bank account. You can check their authenticity before sending out your components at the post office.

As others have already mentioned, cashiers checks can be stopped. Each State has different laws that govern the procedures involved. I hope that your transaction works out. Good luck to you.

Drew

I learned the hard way on this topic, and had to deal with bad information that my bank gave me. I bank with Wells Fargo in California. Be aware, that you may get 3 different types of "advice" from your bank.

Cahsiers Checks or "Official Checks" can be stopped and funds held for payment. You can stop it for any reason, just call your bank, however, unless it is lost or stolen, meaning if the Recipient who it is made out of has it, it aint stolen, it will eventually have to be paid once the recipient has his bank file a dispute with your bank. In tht dispute, if the Disputer is the person the Cashiers Check is made out to, then your bank is required to fund that check.

Money Orders- Can be stopped for any reason. They offer the the Seller little recourse and plenty of headaches if they are stopped. The buyers bank can hold funds.

USPS MO- are like cash, and cannot be stopped, and are your best bet if accepting that form of payment. There is a $700 limit, but, that shouldnt stop someone who can afford a $5000 amp, to pay 7 $700, and 1 $100 MO, at a cost of $5.40 (.90cents each MO)

good luck on this Glen

Here's an update,

The buyer called me first thing this mourning with tons of bank info. (Good sign) I talked to the branch manager of the issuing bank. She swears the check is as good as gold and no stop payment was ever issued.

No one on either side can tell me exactly what happened. Until I recieve the check with the formal explination my hands are tied. My bank say's it has mailed the check back to me, so all I can do is wait it out right now

The issuing bank wants to know why the check was returned as does everybody else in the loop. I must say I am very disappointed in how my bank has handled this matter thus far. They don't seem to give a cr*p.

The buyer called me again a few minutes ago for an update. As always he sounded polite and concerned. We talked more about gear than about the bounced check.

This isn’t over yet so stay tuned!!!