accepting payment and avoiding getting ripped off

[chstr]

I am selling my beloved slk230 hate to see her go but need the money. anyway, I have an interested buyer on ebay who would be coming from goergia to pick it up in nyc. Obviously I want the money in my account before handing over the keys. If I accept a certified check or money order, bring it to the bank and deposit it, is there anyway to still get the shaft? I have heard of some scam where they can actually take the money back out of the account, any truth to this? thanks

 

[AngryApple]

Some driving from Georgia to NYC? That sounds a little fishy, IMO. It would take a minimum of 15 hours of non stop driving. Just saying...

 

[Xavier]

I am selling my beloved slk230 hate to see her go but need the money. anyway, I have an interested buyer on ebay who would be coming from goergia to pick it up in nyc. Obviously I want the money in my account before handing over the keys. If I accept a certified check or money order, bring it to the bank and deposit it, is there anyway to still get the shaft? I have heard of some scam where they can actually take the money back out of the account, any truth to this? thanks

Yes. Money orders are a bad item. It is very possible that you could get scammed, especially on eBay. Be carful if you choose to take this path.

 

[chstr]

seems like the best route is to have them cash a check and use the cash to get a certified check in my name and then bring that check to my bank and deposit it. a hassle and I would cover fees but worth it for peace of mind.

 

[joro]

I am selling my beloved slk230 hate to see her go but need the money. anyway, I have an interested buyer on ebay who would be coming from goergia to pick it up in nyc. Obviously I want the money in my account before handing over the keys. If I accept a certified check or money order, bring it to the bank and deposit it, is there anyway to still get the shaft? I have heard of some scam where they can actually take the money back out of the account, any truth to this? thanks

Working in financial services, it can take up to 10 business days for a check to clear depending on the proximity of the banks, how large they are, and what Federal Reserve Branch they use to process items. Theoretically, the process is a littler faster since Check 21 where banks now send each other electronic debits instead of the actual paper check.

The best way to know, for sure, it’s in the account is to do a wire from his bank (I would make sure it’s domestic) to your bank account as opposed to checks. It’s still possible a wire could be pulled back but the chances of that happening are fractions of a percent since money is pulled immediately from the sending account.

 

[yg17]

I think the safest route would be cash. I wouldn't trust any sort of check.