Potential scam

[Joe K]

Originally Posted by old31

Curious, what is wrong with sending a cashier's check?

A cashier's check is like sending cash: anyone who can sign the name on the front can technically endorse the check and receive the payment.

If you HAND over the cashier check - it's like giving them the green stuff.

If you mail it - it's like putting cash in an envelope - anyone who can break open the envelope can sign and get the money.

On my relocation from Cape Cod to New Hampshire, I closed out my bank account on the Cape and had them give me a certified check for the amount. It was a sizable amount, like $25K.

On my arrival in NH I started a bank account and handed the teller the check. "Oh you're all set - here are your checks and you can start drawing on this account immediately." (i.e. think "cash.")

And I went on my merry way bouncing checks for the next four days - the bank instead of taking the check as cash (and assuming the risk) instead used "normal channels" to move the money - about a week. No risk to them but meanwhile no money for me.

That was not the point.

So even certified checks are not necessarily what they used to be.

But avoiding risk IS.

Joe K