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Cashiers check-when does it clear?

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Cashiers check-when does it clear?

Old 08-03-04, 12:27 AM
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Cashiers check-when does it clear?

Received payment for an eBay auction. It's a cashiers check. Usually I get paid with Paypal, check, or money order. I know when to ship when I receive any of those types of payment. Cashiers check on the other hand....

Can anyone tell me when a cashiers check clears? Should I ship the item the day I deposit, or is there a waiting period? Your advice will be welcome.
Old 08-03-04, 12:32 AM
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If it's for a low enough price, I wouldn't worry about it, I can't imagine somebody counterfeiting a cashier's check for a low amount.

If it was for a substancial amount, you won't know for sure until two or three weeks later when, if it's counterfeit, the bank will deduct the money from your account. If it's not counterfeit, nothing will happen (other than the money is still in your account), of course.

If you still have the check, call that bank and maybe they can tell you if it is legit or not.
Old 08-03-04, 12:34 AM
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Best way is to call the bank it was issued from and give the reference numbers. If it's legit, they will tell you it is valid. If the numbers are not, then well, it's not.

Heat,

I had a guy send me a personal check for $9.95 for a DVD...and the check bounced. He got a free DVD as I wasn't going to pursue it but from now on, I let ANY dollar amount of check clear for 10 days.
Old 08-03-04, 01:14 AM
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I think I'll just treat it as a personal check. Give it a week at least before I ship. Thanks for the advice, I appreciate it.
Old 08-03-04, 01:15 AM
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On checks, you can call the issueing bank and speak with a banker. Just tell them that you received a check from one of their customers and you wanted to verify that (a) the account is still open, and (2) it can cover the check which is for (amount).

They can't give you anymore advice than that (like the balance), but if the account is open and can cover the check at that moment, it's most likely safe.
Old 08-03-04, 01:50 AM
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why is it that your bank can't just tell you exactly when it's cleared? don't they know when they've received funds and transaction for the check is complete? always thought it funny that best you can do from your bank is deposit and wait for X days.
Old 08-03-04, 01:55 AM
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Because banks suck. They're essentially stuck in the stone ages on checks.

This is why I don't use checks and I don't accept checks. If somebody wants to send me money via mail, I tell them to use a postal money order. Cheap, effective, I can go to any post office and receive cash for it instantly.

Problem solved.
Old 08-03-04, 09:18 AM
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Originally posted by hahher
why is it that your bank can't just tell you exactly when it's cleared? don't they know when they've received funds and transaction for the check is complete? always thought it funny that best you can do from your bank is deposit and wait for X days.
It depends on a lot of things, like how your bank clears checks. Some banks process their own checks, while others outsource the processing.
Old 08-03-04, 09:31 AM
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Unless the cashier's check is a forfeit, I assume that it is guaranteed to clear. That is why cashier's checks exist.
Old 08-03-04, 11:37 AM
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Originally posted by Otto
Because banks suck. They're essentially stuck in the stone ages on checks.

This is why I don't use checks and I don't accept checks. If somebody wants to send me money via mail, I tell them to use a postal money order. Cheap, effective, I can go to any post office and receive cash for it instantly.

Problem solved.
same thing. people can print fake money orders or buy stolen ones. Unless you know it's stolen you are out of luck.
Old 08-03-04, 12:04 PM
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Originally posted by al_bundy
same thing. people can print fake money orders or buy stolen ones. Unless you know it's stolen you are out of luck.
With a postal money order, it can be verified instantly and you can get cash in hand. If they won't give you cash for it, then you don't send the merchandise (or whatever). No waiting for it to clear, you know right away.
Old 08-03-04, 02:01 PM
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What would be the downside in cashing it, depositing the cash?

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