RE/MAX 440
Home My Listings View Area Listings Inside Tours About Me Contact Login Helpful Links Mortgage Info Community Info School Info Tom's Blog Buying Selling Financing Glossary Home Ownership Testimonials

Thomas Skiffington,  CRS, GRI, CRB, ABR, ePro, CLHMS, SRES, RECS, CDPE, ECOBROKER
Thomas Skiffington, CRS, GRI, CRB, ABR, ePro, CLHMS, SRES, RECS, CDPE, ECOBROKER
701 W. Market Street
Perkasie, PA 18944
Phone: 215-453-7883
Office Phone: 215-453-7653
Toll Free: 800-440-remax
Fax: 267-354-6800
email: tom@tomskiffington.com
TwitterFacebookGoogleLinkedinYoutubePlaxo

< Back to Tom's Blog

Don't Get Scammed by a Faulty Cashier's Check!

December 11, 2017 1:48 am

When selling a big-ticket item like a vehicle or electronics, accepting a cashier's check may seem like a safe bet. However,  Secretary of Banking and Securities Robin L. Wiessmann warns consumers to be privy to a current Counterfeit Cashier's Check Scam.

Wiessmann explains how this scam works:

This scam targets individuals selling expensive items through classified advertising or online auctions.

The counterfeiter, who is often in another country, poses as an interested buyer and offers to pay with a fake cashier's check. After the victim presents the fake check to the bank, the buyer suddenly backs out of the deal and asks for a refund. Because the funds from the check are available from the bank after a few days, the victim assumes the check has cleared and agrees to return the money.

By the time the bank discovers the forgery – which could be up to 60 days later -- the bogus buyer is long gone and the victim must now repay the bank for the amount of the fake cashier's check.

In other cases, the counterfeiter may send a cashier's check for more than the asking price of the item and then ask the victim to wire the "overpayment" back or to a third party.

"There was a time when cashier's checks were considered the next best thing to cash," Wiessmann says. "Today, sophisticated forgeries of this once trusted payment method are being used to bilk private sellers out of large sums of money, and consumers need to be vigilant about the people with whom they are doing business."

Wiessmann points to five tips that can help consumers avoid being robbed by the counterfeit cashier's check scam:

- Understand that although the bank may allow you to withdraw money soon after depositing a cashier's check, that does not mean the check has cleared.

- You are responsible for the funds you deposit until your bank has received the money from the institution where the check originated or the true account holder of the originating check reports the fraud (this could take more than 60 days).

- Be cautious of transactions with strangers who pay with cashier's checks. Make sure to tell the buyer that you will send the item only after the check has cleared.

- Avoid any situation where someone overpays for an item and demands that the extra money be returned.

- Contact the issuing financial institution to verify the check is authentic, being careful not to rely on the contact information printed on the check itself as it may be false. They may be able to more reliably detect a fraudulent check.

Source:  http://www.state.pa.us

Published with permission from RISMedia.

Add a comment





Learn more about Philadelphia County, Doylestown, Northampton County, Hilltown, Montgomery County, Ottsville, Chester County and Richlandtown and search all the real estate listings in the Perkasie area MLS. We have packed our site with tons of information about Revere, Hilltown, Ottsville, Doylestown, Perkasie Real Estate and Northampton County Real Estate plus what you need to know about buying and selling a home or condo. I offer full a full range of professional real estate services. On this Perkasie real estate site find Perkasie In Town and Suburban Properties, Land, Lots, Perkasie Golf Homes for Sale, Luxury Estates, Town Homes, Perkasie New Homes for Sale, Perkasie Condos, Town Homes, Real Estate, Perkasie Luxury Estates, Equestrian Estates and Perkasie Executive Homes For Sale. Search for Homes for Sale in Perkasie. You can also Search for Homes for Sale in Lehigh County and it's surrounding counties. Lehigh Valley Real estate ad Lehigh Valley homes or properties for sale.

Tom Skiffington - RE/MAX 440 - PERKASIE

Franconia Pennsylvania real estate, Line Lexington Pennsylvania, Hilltown Pennsylvania, Revere PA properties, Trumbauersville PA properties, Gardenville PA, Kulpsville PA, Erwinna Pennsylvania homes for sale, Philadelphia County PA, Northampton County properties, Bucks County PA real estate, Blooming Glen Pennsylvania, Perkasie PA, Kintnersville properties, Richlandtown real estate, Mainland Pennsylvania, Bedminster PA, Montgomery County Pennsylvania properties, Hatfield PA homes for sale, Chester County Pennsylvania, Pipersville PA, Dublin Pennsylvania properties, Fountainville real estate, Upper Black Eddy properties, Plumsteadville properties, Souderton properties, Danboro Pennsylvania, Quakertown properties, Jamison Pennsylvania properties, Doylestown Pennsylvania real estate, Chalfont PA, Ottsville real estate, Sellersville homes for sale, Earlington PA homes for sale, Ferndale PA homes for sale, Colmar real estate, Lehigh County Pennsylvania real estate, Silverdale real estate, Tylersport PA homes for sale, Warrington PA homes for sale, Telford Pennsylvania properties