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Thread: Cashier's Check- verifying authenticity

  1. #1

    Cashier's Check- verifying authenticity

    So I was under the impression that if a bank would deposit a cashier's check, then it means they determined it to be legitimate and authentic. Now I am being told that it's still possible it won't clear in the next couple of days, which would render me a sucker out $4K. Is this true??

  2. #2
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    There is no facepalm .jpg big enough to describe what I felt reading your post. The fake cashier's check is at the root of numerous Craigslist, ebay, etc. scams. Sorry.

    http://www.snopes.com/crime/fraud/cashier.asp

  3. #3
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    Yep. Bogus cashier's checks are everywhere.

    The only way to be safe is to take them to the issuing bank and cash them.

  4. #4
    Well if it's a scam it's a really dumb one because they bought a huge storage shed and I know where they live. But it would certainly be a headache. So I deposited it at Wells Fargo this morning, when will I know if it's legit?

    It had a watermark...

  5. #5
    Quote Originally Posted by bernorange View Post
    There is no facepalm .jpg big enough to describe what I felt reading your post. The fake cashier's check is at the root of numerous Craigslist, ebay, etc. scams. Sorry.

    http://www.snopes.com/crime/fraud/cashier.asp
    They didn't ask for any overage payment or anything. And they offered to pay by whatever method I wanted, I suggested cashier's check. I guess I'll just cross my fingers and hope I have good karma at this point.

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    So, did wells fargo offer to try and verify the check at all for you? Typically for cashiers checks you can contact the bank that the check is drawn off of and they will verify the check number and amount. There will typically be a hold placed on checks of that dollar amount. That hold will last far longer than the time it take for the check to clear.
    Last edited by That Guy; 06-15-2011 at 01:56 PM.

  7. #7
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    do you have a copy of the check? If so, contact the issuing bank and ask if it's legit. If so, sleep well. If not, call the cops.

  8. #8
    Quote Originally Posted by That Guy View Post
    So, we need some details here to help you out. How did you come about this check? Did you sell something? Did the person request that you send them some of the money back?
    Cashiers checks will have holds placed on them, but most really shouldn't take that long to clear. What institution did you deposit the check at?
    I sold a storage shed on Craigslist for $3000. I also hired the professional mover for it so the deal was they pay $4000 if I handle the moving, so that's what they did. So this morning they brought over a $4000 cashier's check, I took it straight to Wells Fargo (which was not the issuing bank, I don't know what that bank was but I'd never heard of it) and deposited it. Then they loaded up the shed and took it to their house. Since I paid the mover, I am sure he would tell me where he dropped it off, and they certainly aren't going to be moving it on their own to somewhere else.

  9. #9
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    Quote Originally Posted by whosehouse View Post
    I sold a storage shed on Craigslist for $3000. I also hired the professional mover for it so the deal was they pay $4000 if I handle the moving, so that's what they did. So this morning they brought over a $4000 cashier's check, I took it straight to Wells Fargo (which was not the issuing bank, I don't know what that bank was but I'd never heard of it) and deposited it. Then they loaded up the shed and took it to their house. Since I paid the mover, I am sure he would tell me where he dropped it off, and they certainly aren't going to be moving it on their own to somewhere else.
    It's good that you met them in person. It's bad that their bank is one you've never heard of.

    If they forged the check, they have roughly $4000 to work with to move it to another location.

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    Did I understand correctly that they paid you $1000 over the sale price for the moving expense? Is that excessive or reasonable? If you were the one who suggested the method of payment, I'd think you might be OK. Generally, in the scams, the scammer suggests the cashier's check as method of payment.

  11. #11
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    Federal Reserve Board Reg CC, Expedited Funds Availability, Section 229.10(c) requires Wells to make the funds of a locally issued cashier's check available to you no later than the next business day after deposit. If it is from a nonlocal bank, they can withhold giving credit for the funds for up to 5 business days. However, even if they credit your account tomorrow, if it is bogus it can be returned to Wells and the amount of the deposit taken from your account plus whatever fees Wells charges for such a returned check.

  12. #12
    Quote Originally Posted by bernorange View Post
    Did I understand correctly that they paid you $1000 over the sale price for the moving expense? Is that excessive or reasonable? If you were the one who suggested the method of payment, I'd think you might be OK. Generally, in the scams, the scammer suggests the cashier's check as method of payment.
    It is reasonable, the move cost $1000. I gave them the option to either pay the mover directly or pay me for everything. They were in contact with the mover (whom I selected and hired) and so they knew that the price was what I said it was.

    If you were going to scam someone for $4000 why would you do it with a big pain in the ass storage shed? That seems like a lot of trouble.

  13. #13
    Quote Originally Posted by baboso View Post
    Federal Reserve Board Reg CC, Expedited Funds Availability, Section 229.10(c) requires Wells to make the funds of a locally issued cashier's check available to you no later than the next business day after deposit. If it is from a nonlocal bank, they can withhold giving credit for the funds for up to 5 business days. However, even if they credit your account tomorrow, if it is bogus it can be returned to Wells and the amount of the deposit taken from your account plus whatever fees Wells charges for such a returned check.
    Would it be worthwhile to call Wells Fargo and tell them I am concerned about the check and would like for them to look into it immediately?

  14. #14
    Looks like the bank exists. Shady name though... ABC bank?? http://www.theabcbank.com/

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    Quote Originally Posted by whosehouse View Post
    Would it be worthwhile to call Wells Fargo and tell them I am concerned about the check and would like for them to look into it immediately?
    Do you have anyone at the bank that you deal with regularly? If so call them and ask them to verify issuance of the check with the bank that issued the check. If not then look at your receipt and it should have the name of the person that . Give them a shout and tell them what the deal is, and ask them to call ABC and verify the check.
    Last edited by That Guy; 06-15-2011 at 02:28 PM.

  16. #16
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    It shows that they have locations in North (Plano/Mansfield), Central (about 5 Austin locations) & West (4 Lubbock locations) Texas. Looks like a small bank maybe just starting out.

  17. #17
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    Just be careful you don't end up like this guy:

    http://en.wikipedia.org/wiki/Clark_H...ca_controversy

    In January 2006, a San Francisco man, Matthew Shinnick, was arrested and jailed when he tried to cash a check at a Bank of America branch after receiving it from someone who had seen his ad for bicycles on Craig's List. Matthew listed the bicycles for $600. Someone, reportedly from Canada, emailed Matthew agreeing to purchase the bikes sight unseen. Shortly thereafter, Matthew received a check in the mail for $2000. He took the check to a local Bank of America branch and asked the teller if sufficient funds were in the account listed on the check as Clark suggests to his listeners. The teller replied in the affirmative and Matthew decided to cash the check. While the transaction was processing, a red flag caught the attention of the teller who called the owner of the checking account to verify the check. The account owner informed the teller no check had been written to Matthew Shinnick, at which point the teller reported it to her manager. The manager alerted police. Once they arrived, police handcuffed Matthew and took him to a room with no communication from the officers or the bank. Bank of America decided to press charges, and Matthew was arrested for check fraud.[11]

    Matthew sat in the bank branch for hours while police figured out what to do and spent the night in jail. Once he was released and not charged, he wanted to clear his name legally so the arrest would not come back to haunt him. Matthew asked Bank of America to pay his legal fees, but Bank of America refused.

    Consumer advocate Clark Howard found out about this story some time afterward, and spoke with Shinnick, who spent approximately $14,000 in legal fees to clear his name.

  18. #18
    Wells Fargo is going to call ABC then call me back. Let's hope this thread dies a quick painless death.

  19. #19
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    How big was this storage shed? For that price, couldn't they have gotten a new one?

  20. #20
    Quote Originally Posted by zzzz View Post
    How big was this storage shed? For that price, couldn't they have gotten a new one?
    No, that price was actually a steal. It was a 15x15 Tuff Shed all finished out with insulation, walls, "wood" flooring, electrical panel and outlets throughout, ceiling fan, built in counter with drawers, functional windows with screens, etc. The plain Tuff Shed that size would run about $6500 new and that's without all those upgrades. The mover was actually surprised we didn't ask more for it.

    I offered to sell it to ROX but then he got all creepy on me

  21. #21
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    Wow...if it needs to be repo'ed let me know. I think I could live in that.

  22. #22
    The guy said he needed it very badly and immediately for his home office. He said he works for Apple. I don't buy that for a minute, but if they want to start a meth lab in there, that's fine as long as I get my $4k. Also, he went in there to try to detach the ceiling fan prior to the move. Then he disappeared without warning. His wife emailed me and said he had gotten "very sick" and had to leave, but she was on her way over. So she came over to meet the mover, etc. It's all quite strange.

    $#@!, I'm starting to wonder if I'm facilitating a hostage situation. Has anyone read the book Room??

  23. #23
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    I'm familiar with ABC Bank. Based out of Lubbock. Legitimate bank, but that doesn't mean the check is legit.

    Wells Fargo should have verified it when you brought it in.

  24. #24
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    Quote Originally Posted by whosehouse View Post
    Looks like the bank exists. Shady name though... ABC bank?? http://www.theabcbank.com/
    Always Be Cheating

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    for his home office. He said he works for Apple. I don't buy that
    They're often used in the UK for that. Do a search for "office shed" or "garden office" to see examples. Part of the appeal is it is considered an accessory building so you don't need a building permit (don't know if this use is commonly allowed in the US).
    Last edited by zzzz; 06-15-2011 at 03:19 PM.

  26. #26
    Quote Originally Posted by zzzz View Post
    They're often used in the UK for that. Do a search for "office shed" or "garden office" to see examples. Part of the appeal is it is considered an accessory building so you don't need a building permit (don't know if this use is commonly allowed in the US).
    Oh I believe it's for his "home office" just not that he works for Apple.

  27. #27
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    Quote Originally Posted by whosehouse View Post
    Wells Fargo is going to call ABC then call me back. Let's hope this thread dies a quick painless death.
    ABC is legit, they have branches in austin, one downtown. don't know about your money order though.

  28. #28
    Well the check posted in my account and the girl at Wells Fargo got the check and said it checked out against all "warning signs" they're taught for counterfeit cashier's checks. She called the bank and they won't verify over the phone, they required her to fax a copy of the check, which she said she was willing to do but I told her I thought everything was ok.

    I've been in contact with the buyers since delivery so they're still responsive and everything. So I think everything is ok.

    Case closed, lock thread.

  29. #29
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    It's things like this that make me prefer USPS money orders (sending and receiving) for anything I can't do under the protection of a credit card.

  30. #30
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    Quote Originally Posted by whosehouse View Post
    Oh I believe it's for his "home office" just not that he works for Apple.
    Dude probably wrote a $#@!ty iphone app, and just goes around telling people he works for apple.

  31. #31
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    Quote Originally Posted by BattleHall View Post
    It's things like this that make me prefer USPS money orders (sending and receiving) for anything I can't do under the protection of a credit card.
    yeah...about that....

    TO:

    CHIEF EXECUTIVE OFFICER (also of interest to Security Officer)



    SUBJECT:

    Counterfeit U.S. Postal Money Orders



    Summary:

    Counterfeit postal money orders are reportedly in circulation.



    The Federal Deposit Insurance Corporation (FDIC) has learned that counterfeit U.S. Postal Money Orders have been presented for payment at financial institutions.

    Authentic U.S. Postal Money Orders have a number of distinguishing features, including:
    •A watermark of Benjamin Franklin, which is visible when held to the light. The image repeats down the left side of the money order.
    •A "USPS" security thread embedded in the paper with the letters facing backward and forward.
    •Warning instructions listed on the back side of the money order.
    •Serial numbers printed in red ink that bleeds through to the back side of the paper.
    •Denominations listed in two locations that, if erased, discolor around the denomination amounts.

    In addition, authentic U.S. Postal Money Orders are printed on crisp textured paper stock and are in denominations no larger than $1,000. The maximum amount of an international postal money order is $700.

    A copy of an authentic money order with the features noted can be downloaded from the Web at http://www.usps.com/missingmoneyorders/security.htm. Click on the 299 PDF link on the Web page.

    If your bank is presented with a counterfeit money order in an amount of less than $5,000 that you believe is not part of a larger fraud, you should contact the U.S. Postal Inspection Service (USPIS) office that serves your area. If you believe that the money order is part of a large fraud or is in an amount greater than or equal to $5,000, you should file a Suspicious Activity Report and contact the USPIS for your area. Information on the USPIS can be found at http://www.usps.com/ncsc/locators/find-is.html.

    Information about these instruments may also be forwarded to the FDIC's Special Activities Section, 550 17th Street, N.W., Room F-4040, Washington, D.C. 20429, or transmitted electronically to alert@fdic.gov. Information related to federal deposit insurance or consumer issues should be submitted to the FDIC using an online form that can be accessed at http://www2.fdic.gov/starsmail/index.asp.

    For your reference, FDIC Special Alerts may be accessed from the FDIC's Web site at http://www.fdic.gov/news/news/Specia...005/index.html. To learn how to automatically receive FDIC Special Alerts through e-mail, please visit www.fdic.gov/about/subscriptions/index.html.






    Michael J. Zamorski





    Director
    Division of Supervision and Consumer Protection


    Distribution: FDIC-Supervised Banks (Commercial and Savings)

  32. #32
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    I'm not saying they can't be counterfeited, but all those security features make them much harder than cashier's checks or money orders from somewhere like 7-11. Plus you can redeem them at any post office and verify their authenticity.

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