Cashiers' Checks and Money Orders: No Longer as Safe as Cash
Selling a horse, show saddle or other big ticket item? By now, you probably know enough to require payment in cash or “cash equivalents,” such as cashier’s checks and money orders. However, cashier’s checks and money orders are no longer as good as cash. Modern technology has enabled clever thieves (and even not-so-clever ones) to produce very convincing fake cashier’s checks and money orders. Even calling the number on the check or money order is not an assurance that the instrument will be honored – the telephone number could be a fake. Surprisingly, it is also possible to stop payment on a legitimate cashier’s check. By the time you realize that the check or money order isn’t good, the thief is long gone.
What can you do to make a sale transaction and be assured that the money is good? Of course, you can always accept cash. If the transaction is not taking place in person, consider using Paypal, an Internet payment system that provides protections for buyers and sellers. Finally, make sure you know who you’re dealing with. Ask the buyer for their full name, home address (no PO boxes) and home phone number. Call the phone number to make sure it is a working number, then use the Internet to check out the address and phone number on sites such as reversephonedirectory.com and whitepages.com. Trust your instincts – if the circumstances sound fishy, they probably are.
What can you do to make a sale transaction and be assured that the money is good? Of course, you can always accept cash. If the transaction is not taking place in person, consider using Paypal, an Internet payment system that provides protections for buyers and sellers. Finally, make sure you know who you’re dealing with. Ask the buyer for their full name, home address (no PO boxes) and home phone number. Call the phone number to make sure it is a working number, then use the Internet to check out the address and phone number on sites such as reversephonedirectory.com and whitepages.com. Trust your instincts – if the circumstances sound fishy, they probably are.