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Unlike a personal check, a cashier’s check is a direct obligation of the bank. As a result, there is no risk of a cashier’s check being bounced or invalidated.
Where To Get Cashier Check
Unfortunately, fraudsters can create phony cashier’s checks and use them for check scams. Learn how to verify a cashier’s check so you can avoid becoming a victim of check fraud.
Where To Get A Cashier’s Check Without A Bank Account
You can take precautions to ensure that a cashier’s check is legitimate. To avoid becoming a victim of fraud, follow these steps to verify a cashier’s check:
A common cashier’s check scam involves overpaying someone for an online purchase – so if you sell something and receive a cashier’s check for more than the purchase price, don’t accept it.
For example, a buyer outside the US sends a cashier’s check from a US-based bank and asks you to reimburse the overdraft separately. Federal law requires funds from a deposited cashier’s check to be available within one business day. By the time a fraudulent check is discovered days or weeks later, the buyer is nowhere to be found. Because you made a deposit, the bank can hold you liable for the funds.
Cashier’s checks usually contain a unique feature specific to the bank and usually tell you what to look for. If the check says it has a watermark or microprint, look for it on the check. If it is missing, the check may not be valid.
Cashier’s Check Request Form: Account Holder And Payment Information
Typos are another contributor to a check being phony, as fake cashier’s checks sometimes come from overseas senders.
Only the bank that issued the cashier’s check can actually verify it. Keep in mind that you cannot verify a cashier’s check online, but there are other options available.
If a check is issued by a bank that has a branch near you, there is no better way than to take the check to the bank and ask for verification. At a large bank, cashier check verification follows a set process. There is no charge for verifying a cashier’s check.
If you cannot visit the cashier in person to locate the check, independently verify the bank’s phone number listed on the check, then call the bank and ask to verify the check. All banks require these pieces of information to verify a cashier’s check:
How Can I Get A Cashier’s Check?
You can cash or deposit a cashier’s check at the bank that issued it, but you may have to pay a fee if you’re not a customer there. If the issuing bank is not near you, you can cash the check at another bank where you have an account. You will need to present an ID that verifies that you are the payee of the check. Some banks may require more than one Form ID.
Because of the prevalence of fraud involving cashier’s checks, the issuing bank will not allow you to cash or deposit a check if it has reason to believe that you may not be entitled to payment. Or you may be subject to a long waiting period for funds to become available. Discuss this issue with the bank before the transaction.
If you’re wondering if cashier’s checks clear right away, be aware that there’s usually a waiting period. Some check-cashing businesses, as well as many Walmart stores, can have a cashier’s check cashed for you, but they may charge a fee. However, Walmart promises instant cash.
In addition to the overpayment scam described above, other common scams include the following:
What Is The Bank Of America Cashier’s Check Fee?
This cashier’s check scam involves receiving a letter telling you that you have won or inherited a significant amount of money. However, the letter says that before you receive the money, you will have to pay a processing fee or transfer tax. The letter explains that you will be sent a cashier’s check to cover the fees or taxes. All you have to do is deposit the check into your account and then pay the fee to a third party, often located in a foreign country. Unfortunately, if you follow through, eventually your bank will notify you that the cashier’s check is fraudulent, and you’ll be on the hook for the money you wired.
The buyer sends you a cashier’s check for the agreed-upon price of some of the items you’re selling online. After you receive the check, you ship the items and deposit the check. Later, you discover the check is fake and you gave your items to the scammer instead of getting the money you’re owed.
While mystery shopping is a legitimate way to make some extra money, you sign up with mystery shopping companies – they don’t contact you. Mystery shopping companies also don’t send you a cashier’s check, which qualifies as a scam. The letter will instruct you to deposit a cashier’s check into your bank account, purchase certain items during your “mystery shopping assignment,” and then wire some funds to a third party. By the time you fall victim to cashier’s check fraud, you’re on the hook for the money you sent to a third party.
If you are a victim of cashier’s check fraud, it is imperative to report it immediately. Talk to your bank about how to resolve the issue. You must also report:
Sold My P Car
If the cashier’s check was sent by mail, you must report it to the United States Postal Inspection Service.
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Craigslist, Facebook Marketplace and other places where people buy and sell online are seeing a rise in this particular type of scam.
What Is A Cashier’s Check And How Can I Get One?
Cashier’s checks should be safer than regular checks. Thanks to scammers, they are not. Sarah Lawrence
I have been corresponding with a scammer named Mary Dean for several months. Our relationship started because she wanted to buy my long-unplayed cello; I’ve lugged this appliance through two apartment moves in the past few months and finally put it up for sale on Craigslist.
After her first message, there was a delay, but I was hopeful. Finally, Mary Dean wrote that her mother had passed away and she needed to tend to the family business, and I told her to take as much time as she needed. My heart sank when Mary Dean texted me to tell me she was sending me a cashier’s check for twice what I asked for to “pay the movers.” I began to suspect that the check was fraudulent and that whatever I gave the bank to the shipper would remain a debt. I’m disappointed that I’m not going to get rid of my fabulous cello anytime soon.
“I think a growing number of schemes are using cashier’s checks,” says Tejaswi Sreemushnam, a staff attorney at the Federal Trade Commission’s Bureau of Consumer Protection. These scams are common on Craigslist and other online marketplaces, and the number of counterfeit check complaints to the FTC and Internet Fraud Complaint Center doubled from 12,781 to 29,513 between 2014 and 2017, the Better Business Bureau reported. .
Facebook Marketplace: How To Spot A Fake Cashier’s Check
When I set out to find out why, I suspected that some sort of technological change had occurred in the last 10 years that made cashier’s checks easier for scammers.
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