What You Should Know About Bank Scams With Cashiers Check
Looking for information on what you should know about bank scams with cashier's checks? A cashiers check is a check that is issued by a bank. Years ago, many people used cashiers checks because they were considered to be risk free. Unfortunately, many people are now trying to scam people with fraudulent cashiers checks. Below are a few common bank scams with cashiers checks that you should be aware of.
- The Sale Of Goods. Selling goods via the Internet is very popular today, especially with all of the websites that provide free classified listings. Many buyers will offer to pay you with a cashiers check. A buyer will mail you a cashiers check that you cash. The funds that are associated with that cashier's check may become available to you almost immediately. The only problem is that if the cashiers check is fraudulent, you may not know for weeks. To avoid bank scams with cashiers checks when selling goods, always ask for cash, a money order, or ask to be paid via a credit card processing site, such as Paypal.
- Unexpected Money. Many people receive emails or letters that state that they have won money from a foreign lottery or that they are the beneficiary of a wealthy person that has left money in that person's name. The letter will include a cashiers check for the money. You will be asked to cash the check and transfer money to the sender to cover the processing fee. The cashiers check may initially clear through your bank, but in most cases, the check is fraudulent and you are now involved in a bank scam.
- Excess Of Purchase Price. One of the most common bank scams with cashiers checks is when you receive a cashiers check that is worth more than the product that you sold. For example, someone may want to buy a car that you are selling and they will offer to pay the shipping costs and offer you a stipend to cover your expenses. You will be sent a cashiers check that is worth more than the car and you will be asked to transfer money to the buyer's shipping company. The cashiers check is almost always fraudulent in these instances and you are transferring money back to an account that has been created by the buyer.