Re: give me your thoughts

Posted by T_Bone**** Cashier Certiifed Checks**** on January 25, 2003 at 16:26:17 from (64.154.140.202):

In Reply to: give me your thoughts posted by duane on January 25, 2003 at 06:35:25:

Hi Duane,

Most people don't know that you can stop payment on a cashier or certified check for posting 10% of the check amount until the bank is assured that the check has not cleared. If the check has not cleared usally after 30days then the bank will refund the 10% minus the fee, usually $25.

ONLY a Federal Bank draft can not be cancelled once issued and requires both names on the check, buyer and seller. If the deal falls thru then the buyer can redeposit the draft (has to present the orginal draft to the bank) into his account but not cash it but the buyer can NOT cancel it for any reason.

The seller is assured of getting the funds once the check is in hand. That doesn't stop someone from copying a Federal Bank Draft tho comitting Federal bank fraud.

Cash is still the only assured way but thats not 100% as if it's counterfit money your also out of luck as the bank will not honor it nor replace it.

You can not stop a thief, period.

T_Bone

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