How to Make Sure a Cashier's Check Is Real
Cashier check fraud is a growing problem. Fraudulent checks are frequently used as a means for the scammer to buy something the victim is selling online. Cashier checks are also known as bank checks and certified checks, and have the illusion of being safe. Just because the scammer claims the check is a cashier's check and the check looks real does not mean it is legitimate. There are a few methods to verify a cashier's check is real.
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Instructions
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Look for scam warning signs. Scammers will usually claim to be from a foreign country and so will be unable to meet you in person. Sometimes the scammer will send you more money then the asking price of the item being sold, and will ask you to wire the overage to a third party. Use common sense: if a deal sounds too good to be true then it most likely is.
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Ask the check's issuer to meet you at the issuing bank. By doing this, you can verify the check is actually coming from a bank and therefore genuine. Due to distance, this may not always be possible for even legitimate sales.
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Call the issuing bank using an independently located number. Use a phone book, the internet or 411 to find the contact information for the issuing bank. Do not call a number found on the check. Ask the bank to verify the check.
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Deposit the money but do not withdraw it for awhile. The fact that the funds will be available upon deposit does not mean the check is valid. It may take up to two weeks for a bank to discover the fraud. If a fraud is discovered and you have withdrawn the money, you will be required to pay it back.
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Do not release possession of something you have sold until the money has actually cleared the issuing bank. This might require some compromise by both parties, because a legitimate buyer will also be trying to protect himself from a scam.
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Tips & Warnings
Fraudulent checks can look exactly like the real thing, even to the point that a teller wouldn't be able to tell the difference. Just because a check looks legitimate never assume it is real until you can independently verify it with the issuing bank.
Never agree to receive a cashier's check for more than the required amount, this is almost always a sign of a scam.
Never agree to wire money using a service such as Western Union to somebody you do not know personally. There is no way to recover that money if it turns out to be a scam.
References
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