Exchanging personal check for money order

[Anonymous]

I am hoping to sell a fairly big ticket item tomorrow and the buyer intends to give me a personal check, not certified. Can I then take their check to a branch of their bank and exchange it for a money order or some other cash equivalent? The idea is that I do not want to have to wait to make sure the check clears.

[Anonymous]

Why would you accept a personal check? Tell then you only want a cashiers check or money order.

[Anonymous]

I dont think that's possible. I would also be very wary of a check. is the buyer local?

[Anonymous]

Anonymous



Why would you accept a personal check? Tell then you only want a cashiers check or money order.

These can be faked. Just do cash. What is it a car? You can meet at their bank.

[Anonymous]

You can usually cash a check at the bank on which the check is drawn. Back in the days when checks were used more you could call the bank and ask if there were sufficient funds to cash the check.

However, I echo was the pps said, best not to accept a personal check. Very risky.

[Anonymous]

Too risky.

[Anonymous]

Cash only and with other people present.

[Anonymous]

No - if it were possible to do that don't you think fraudsters would do it too?

[Anonymous]

Thanks for your replies. We know the person and there are extenuating circumstances. We will also retain possession of the item until the check clears. It looks like it is possible to obtain cash for the check once the bank verifies that there are sufficient funds in the account.

[Anonymous]

I would go to the issuing bank - their bank - and cash the check right away so that's the best way to 'exchange' it for cash.

[Anonymous]

Anonymous wrote:Thanks for your replies. We know the person and there are extenuating circumstances. We will also retain possession of the item until the check clears. It looks like it is possible to obtain cash for the check once the bank verifies that there are sufficient funds in the account.

be careful, and ask the bank exactly how long it is going to take to actually "clear" the check. I read a while ago about frauds made by people buying stuff online and paying with a check for more and asking for the difference in cash. the seller would cash the check and the bank would clear the check in 3 or 4 days, so the seller would give the extra cash and the item to the buyer. but after about 5 weeks the bank would say that the check was not covered. apparently the time the bank takes to really clear a check is much longer than the time to bank make the money available to you when you deposit the check. the newspaper article said that you should ask the bank about the actual time it takes for the bank to verify that the check is legitimate and that there is enough money to pay it