Speaking of check fraud, once represented a brokerage firm that was misfortunate enough to cash a fraudulent U.S. Treasury Check for $10,000,000 (yep, that's seven zeros). The perp was actually in jail in Thailand for similar escapades around the world, but had managed to blow, conceal, or otherwise disburse all of his ill gotten gains and thus was a virtually empty pocket (not to mention in jail in Thailand with a whole gaggle of different governments waiting for a piece of him). The fraud wasn't caught until the check actually got to Treasury almost a month later (having passed through no less than three banks on the way) and the poor brokerage firm gets stuck holding the bag. There are some real devious folk out there, to be sure.
Maximum USPS Money Order is 700.
In the Fraud-Dssman thread (great BTW), just about everyone recommends using USPS Money Orders to do i-net business. I just got off the 'phone with the USPS, and the maximum amount the USPS will write a M.O. for is $700., so on a $5K deal you (the buyer) would need eight M.O.s Is this a reasonable or practical way to do business? I say no, and that's where Cashier's Checks come in, ie for higher dollar purchases.
For smaller purchases needing only one or two M.O.s, they are just fine, but realistically, how many of us want to make out a bunch? Comments?
Interestingly, on two of the most expensive components I've purchased, the seller said a personal check (not a cashier's check) would be just fine, and that is what I used. This was after telephone conversations.
Also, apparently some people do not know what a "cashier's check" is. On at least three occasions (when selling), I've specified M.O. or cashier's check, only to have a personal check show up. In all cases the checks were good. Any comments? Craig
For smaller purchases needing only one or two M.O.s, they are just fine, but realistically, how many of us want to make out a bunch? Comments?
Interestingly, on two of the most expensive components I've purchased, the seller said a personal check (not a cashier's check) would be just fine, and that is what I used. This was after telephone conversations.
Also, apparently some people do not know what a "cashier's check" is. On at least three occasions (when selling), I've specified M.O. or cashier's check, only to have a personal check show up. In all cases the checks were good. Any comments? Craig