1971coupe
Thread Starter
Instructor
Joined: Nov 2006
Posts: 124
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1971coupe
i posted my 1971 corvette on vette hound 1 month ago, and have been going back and worth though emails and phone, person named Terry Alger from clayton calfifornia, for 12k, he is suppose to come tomorrow from california, to pay with certified check from citibank, not once did he talk me down on price, or ask me if car was running, should i accept his check for payment tomorrow, he also scheduled pickup for car also?
Team Owner
Joined: Jul 1999
Posts: 26,545
Likes: 46
From: Huntersville NC
The typical scammer wants money, not a 71 vette.
Under no circumstances accept an overpayment, ie if he brings a check for $14k and wants $2k back, or tells you he will pay you $11500 and wants cash back from his $12k check. That is almost guaranteed to be fraud and a bogus check. A certified check can only be confirmed by calling the issuing bank. Just because your bank takes it does you no good. It could take them a week to find out it is a bad check.
Under no circumstances accept an overpayment, ie if he brings a check for $14k and wants $2k back, or tells you he will pay you $11500 and wants cash back from his $12k check. That is almost guaranteed to be fraud and a bogus check. A certified check can only be confirmed by calling the issuing bank. Just because your bank takes it does you no good. It could take them a week to find out it is a bad check.
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Pro
Joined: Aug 2005
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A certified check only means the funds were in the acount at the time the check was requested. They can still remove the money from the account after he gives it to you and the bank would return the unpaid check to you. Then you are stuck. For that kind of money, he can have his back wire the money to your bank or pay you cash.
Team Owner
Joined: Jul 1999
Posts: 26,545
Likes: 46
From: Huntersville NC
A certified check only means the funds were in the acount at the time the check was requested. They can still remove the money from the account after he gives it to you and the bank would return the unpaid check to you. Then you are stuck. For that kind of money, he can have his back wire the money to your bank or pay you cash.
The fraudulent certified checks that we are worried about are plain and simple fakes... except they are good fakes. Sometimes dummied up with sophisticated photocopy equipment, sometimes actual certified checks that are expertly altered to change $100 to $10,000, but simply fake checks and hard to spot.
Race Director
Joined: Mar 2006
Posts: 14,112
Likes: 28
From: Florida
I am not an expert on the intricacies of bank operations, but I thought a certified check meant the funds were locked in, ie if I write a certified check for $10,000 the $10,000 is frozen or removed from my account. I cannot write a certified check for $10,000 and then withdraw the money from my bank account.
The fraudulent certified checks that we are worried about are plain and simple fakes... except they are good fakes. Sometimes dummied up with sophisticated photocopy equipment, sometimes actual certified checks that are expertly altered to change $100 to $10,000, but simply fake checks and hard to spot.
The fraudulent certified checks that we are worried about are plain and simple fakes... except they are good fakes. Sometimes dummied up with sophisticated photocopy equipment, sometimes actual certified checks that are expertly altered to change $100 to $10,000, but simply fake checks and hard to spot.
Apparantly, my wife tells me banks can do whatever works out best for them it seems.
Last Dec 15 I deposited some tennant checks. Since we were going to be gone for while, I also deposited one that was dated 2 weeks later for Jan 1st. The very next day Dec 16, a Saturday, the tennant calls me almost in tears, because the bank had run the check thru and bounced all their others to the tune of over $500.00 in fees. They were leaving for xmas too.
Then my wife lectures me saying that they haven't used the dates on checks in years!
Burning Brakes
Joined: Jul 2006
Posts: 1,047
Likes: 12
From: SoCal
FAAASTJEDI2000 and noonie are correct - the only way to guarantee that you've got your money is to accept cash (assuming no counterfeit bills 
) or have the $12K wire transfered directly to your account.
) or have the $12K wire transfered directly to your account.