When you buy a vehicle through a private party the most common form of payment is a cashier’s check. Cashier’s checks are not exempt from fraud. It’s important to protect yourself and verify the payment before handing over your keys.
Consumer Reports Recommends the following:
– Don’t blindly accept checks: don’t automatically assume because it’s a cashier’s check, bank check or money order that it’s legitimate.
– Verify with the issuing bank: Contact the issuing financial institution to verify – don’t use the phone number printed on the check, it may be fake – instead look up the bank’s phone number and speak to a teller. Verify the check amount and the number match the bank’s records.
As a seller it’s best if the buyer gets the check at a local bank or one with a local branch and then you can call or visit in person to verify.
Always protect yourself and make double check to make sure the transaction is a legitimate one.
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