Internet Gun Auction - this one has me biting my nails

[Gator]

For high dollar items escrow services are nice, they are a bit more trouble but worth it. The buyer sends payment to the escrow service, when the payment clears they notify the seller to ship the item. If thye buyer is happy with the item he so notifys the service and they release payment to the seller.

But be sure to use a reputable escrow service, there have been fake ones set up just to collect money!

 

[Caimlas]

A 1-week hold on a freaking cashier's check? The banks know within the day that a check is good, as far as I know. If quickie-mart can get the funds transferred immediately with a normal check, I'm fairly certain banks know what's going on. That's just underhanded behavior on their part - to keep your money in escrow, of sorts, for a week, while they suck the interest off the top and, hopefully, take some overdraft fees from you or the other person while the check is waiting to clear, or after it has cleared.

 

[OcelotZ3]

You are wrong, most banks state 10 days for clearing. I've sold ~140 items on eBay so I've been paid all sorts of ways. I've also bought a few guns on GB with cashiers checks and have had them wait just to be sure. It's just expected by anyone who has any experience.

I also know folks who have gotten cash from cashing a cashier's check, shipped the item, and then the bank says the check was bad 2 weeks later, screwing the seller. Obviously the bank didn't know in just one day.

 

[Fat Boy]

Sadly, bank checks can be and too often are forged. I would expect a seller to hold shippng until he/she was sure the funds were good. Also, wiring money can involve fraud. It is sad, but it is the world we live in; can't be too careful, it seems. Good luck with your purchase!

 

[TIMC]

So you gonna tell us what you bought? The suspense is killing me!

A Jennings J-22


Seriously, I have bought some expensive guns off gun broker, the last one was a Springfield M-21. I made sure the dealer had good feedback and took credit cards. Easier for me to get my money back if something goes wrong.

 

[res1b3uq]

surprise

My last pistol purchase was rather unusual. I emailed the seller as soon as I knew I had won the auction, and a few hours later he let me know where to send payment. I emailed him the next day that I had mailed him a cashiers check, and by the end of that day he advised me that the pistol had been shipped. I got it the next day. I'm sure I had the pistol before he had his money. I would never ship before I got the money, but he sure got a great feedback, and I got a great pistol.

 

[macadore]

1. You should never bid when the seller doesn't have a substantial history of good feedback

How does one develop a substantial history of good feedback if no on buys from him/her?

 

[mrmeval]

Most banks will hold out of state checks. Large checks will be held the legal maximum. It doesn't matter the if it's a cashiers check or not.

As to the cheapest money order. I highly suggest you read the terms on them. Pay attention to how you get a refund.

Moneygram will charge you $12 dollars to process a refund. If you lose that small stub you cannot get your money back afaik. They took 90 days to process one I had to get a refund on.

The USPS had held the original at the post office and had never contacted the person I'd sent it to. It will sit there for a minimum of 15 days then they'll return it and take their damn sweet time doing so. It took 30 days round trip. It was sent certified which is probably the only reason they didn't lose it.

 

[Cannonball888]

How does one develop a substantial history of good feedback if no on buys from him/her?

Someone will buy if you start out by offering not so expensive items.

 

[Flame Red]

I have bought and sold dozens of guns over the Internet and just never ran into this before. Anytime I have used a cashier's check or postal money order before, the seller has usually shipped it out the same or next day. Many times I have the item in my hand in two days after initiating the transaction when the non-FFL seller follows the law and ships the handgun via overnight common carrier. Longer if it is an FFL sending it via Priority mail. So this is the first time I have run into this. Lucky I guess.

I have not banked at a commercial bank in 30 years. I gave commerical banks up when they went they started nickeling and diming us to death with fees. Now the fees are no longer nickels and dimes! I use a credit union. I have never had any fees of any kind, and I can only recall once where they put a hold on a check for three days when it was a really large sum - the proceeds from a sale of a house!

I should not have blamed the seller as he did not know either that his bank would hold it - it surprised him too. But it would have been nice to have been told this up front. He offered to take a personal check and I would have expected a hold if I had used one.

 

[XDKingslayer]

Cashiers Checks and Money Orders are NOT safe. They are capable of being forged. The bank is holding them to make sure they aren't forged as is pretty much normal for good sized amounts.

 

[crankshop1000]

Here's a horror story about a cashiers check. My son's friend had a 4 wheeler for sale,a nice unit. The price was $4500. A nice looking young gentleman driving a fairly new pickup answered the ad and came to inspect the quad. He liked it and negotiated the price down $100. He stated he would go to his bank and get a cashiers check for the purchase price and be back the next day to pick it up. The check was accepted, the buyers drivers license number was taken as well as the pickup license number recorded. The cashier's check was deposited at the sellers local bank BEFORE the four wheeler went with the buyer.The teller at the bank said the check looked fine. 2 weeks later the bad news... the check was fraudulent (a very sophisticated one too) the money was taken back out of the seller's account. The problem was that the seller had already spent the $4400 on another toy. The drivers license was phony and the truck plate was stolen.The seller really took a hit.Moral of the story CASH IS KING.

 

[Funderb]

aawwwwwwwwww that sucks!

 

[Projekt]

For almost 10 years now, I have worked in every aspect of the financial industry. Ranging from running a full service branch, up to IT and security administration.

Cashier Checks are garunteed funds. Basically it's the reason you pay a fee for them. If the recieving institution wanted to they can call the issuing bank and verify funds immediatly. Normally though they process it without a hold, no questions asked.

Now some banks/CU's will have a policy to hold them as well. But 90% of the time its for a certain dollar amount, usually $3,000.00 or more, or from an already suspect issuer. Example would be an alert sent to the institutions saying fraudulent cashier checks from so & so bank are being circulated.

9/10 times you will NOT have the funds held on a cashier check.

I would be very suspect if it were my purchase. Just my 2 cents.

 

[v35]

So, Flame, where are the pics?

 

[Flame Red]

 

[BMRisko]

For everyone saying they do not buy from sellers w/ 0 transactions...where do you think all the sellers with hundreds and thousands of transactions started out at? That's right...0. Maybe it's different on GunBroker, but on eBay there are so many things in place to protect the buyer, even from sellers with 0 feedback. Just something to think about...