Reply to Exchanging personal check for money order

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[quote=Anonymous][quote=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.[/quote]

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[/quote]

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