Money orders...

A

Apossum

Guest
so I might do a deal with someone who recently joined cag and wants to pay something with a money order. Anyone know how I can make this deal air tight? I told him I wanted him to send it first and that I'd wait until it was in my bank account before I send anything....any suggestions? I've never taken an MO before.
 
Once you've got the MO, you're golden, because the money order was paid for ahead of time, it's not like a check where you have to worry about the funds clearing first.
 
I think it's possible that the bank may determine at a later time if the MO is a fake and doesn't pay up. I think I'd call my bank first to see what their MO policies are, and make sure it's cleared before sending the game(s).
 
[quote name='tdphillips']I think it's possible that the bank may determine at a later time if the MO is a fake and doesn't pay up. I think I'd call my bank first to see what their MO policies are, and make sure it's cleared before sending the game(s).[/QUOTE]

This is exactly correct. Banks will pre advance you the cash then they send it on to be paid. Then they send it on for verification. If it comes back NSF, then your bank charges you for the amount of the check.

But its not a doomsday thing. There is a banking law called the "Midnight Deadline". Basically it says depositors are protected by a law that says checks cannot be returned after 10 business days. So after 10 business days, if your bank hasnt returned the check, the money is yours.

Two weeks is a long time to have to wait for your money to be cleared thats why most of us despise M.Os. Look at it this way.

Deal is made, payment agreed on
Takes homeboy a couple days to get the check (2 days)
Mails to you, takes about 5-7 days to get there (7 days)
Takes you 2 days to cash it lets say (2 day)
Then 2 weeks to clear for sure (14 days)
Then 5 more days for you to send him his stuff (5 days)

Add it all up... 30 days... and this assumes promptness on both parties parts AND the USPS. Anybody gets lazy and it drags on even longer.

M.Os are a necessairy evil but I dont deal with them unless I have prior history with the person or its worth my time (Im tied up in the deal for 30 days mind you) Make your own decision on the matter but this is basically how the process goes.
 
I generally only like to accept Postal Money Orders as you can cash them right at the post office and have money in hand right before you ship anything USPS.
 
Postal money orders are the safest form of payment. They are backed by the goverment and as stated above can be cashed at the post office.
 
I always get people to pay me with Postal Money orders. They are by far the safest money orders you can buy. I would be a little leary of western union money orders, but in the past those have been fine as well for me.
 
And with Postal m.o.s, if anything happens (which I don't see how, as they pay for it at the p.o.), it's actually a federal offense, so there's a good chance you'll get money back.
 
Thanks for all the info guys...I decided to back out on the deal.
 
[quote name='tdphillips']I think it's possible that the bank may determine at a later time if the MO is a fake and doesn't pay up.[/QUOTE]

I highley doubt someone is going to spend a lot of time on here trying to forge a MO just for a game. They have just about the same security mesures as US money. But Postal Money order are the best way to go. YOu can get it cashed right in the PO. Tell them to send you one of those.
 
[quote name='Graystone']I highley doubt someone is going to spend a lot of time on here trying to forge a MO just for a game. They have just about the same security mesures as US money. But Postal Money order are the best way to go. YOu can get it cashed right in the PO. Tell them to send you one of those.[/QUOTE]


well, they just joined yesterday and they have 6 ebay feedback, one of which is negative.
I'm just gonna stick with paypal users only, since I'm lazy ;-)
 
[quote name='Apossum']well, they just joined yesterday and they have 6 ebay feedback, one of which is negative.
I'm just gonna stick with paypal users only, since I'm lazy ;-)[/QUOTE]

In the future if you want to accept MOs ask for only ones from the post office. You can cash them there and they can immediatley stop fakes.
 
You must log in or register to reply here.
bread's done
Back
Top