Money order payment, getting worried.

[Doug in Illinois]

Hey, John T Country Lawyer or others, I am getting a little worried, but not to the panic point yet. Bought a 1370 Case that started out on Ebay, but had phone number listed. Called it, came to agreement on price, as seller listed as for sale locally and could end auction early. I have bought a couple other items this way, but have just taken cash with me. This is big enough purchase I need the tax writeoff, to prove to our wonderful IRS, so sent a bank money order. Started to get worried yesterday after I called him the day before and told him I sent the payment via bank money order, express mail. He called me last night and said his bank said it would take ten business days before the money order would be good, which during this holiday season is approching three weeks by my calculations. I would have already been there by this very time I am typing this, actually tomorrow morning at first light, as would have stayed in a motel overnight. The Express Mail payment made it there at 12:32 PM today. Do I need to go to the bank tomorrow AM and try to stop the money order? He won't answer the phone today. DOUG

 

[El Toro]

Since he won't respond to your calls I would put a stop payment on that money order. That will sure jerk his jaw. Hal

 

[Anonymous-0]

Cut him off just below his male member!!!

 

[KEB1]

Considering all the fraud with cashier's checks & money orders these days, a 10 day hold doesn't seem too unreasonable. If you're really concerned, call his bank and ask what their policy is.

Seems to me about the safest way to move large sums of money these days is via wire transfer. Goes directly from one bank account to the other. Last time I did one, there wasn't any hold at either end, plus its easy to get confirmation that the money got there.

Keith

 

[Allan in NE]

"IF" you can stop it (can you?), I vote put the kabosh on this joker. He's flat a$$ed yankin' you around.

Money orders are instant cash and he knows it. Is your bank open tomorrow morning?

Besides, anyone who lists an item with the disclaimer "may end auction early because it's for sale locally" is a VERY SHAKY seller to start with.

Just my view, ol' Bud.

Allan

 

[sjh]

I have heard on the radio that the banks have a gentleman's agreement to hold all bank drafts like your for ten days. I have no personal experience with it.

 

[MarkB_MI]

Given the amount of fraud involving money orders these days, I imagine the seller is just as suspicious of you as you are of him. The money order went to a street address, right? You checked this guy out before you sent him any money, right? So if you know the check was delivered to the real address of the seller, I don't see what you have to worry about. If he deposited the check but doesn't let you pick up the tractor, then you can have him put in jail. On the other hand, if you stop payment on the check for no good reason, you're in the wrong and he can put YOU in jail.

Banks are getting very bad about putting holds on funds, but there is statutory maximum period for which they can place a hold. In general, if the deposit is over $5000, they can hold $4900 for five days and the amount over $5000 for nine days. There's an exception if the bank thinks your money order is bad or the depositor has a record of overdrafts; then they can hold everything for 11 days.

If you think the seller is giving you a runaround, ask to see a copy of the hold order. The bank has to give him a statement in writing when they put a hold on deposit funds. If the seller is straight up, he should have no problem faxing you a copy of the hold order.

The Wikipedia article below has a good explanation of how long a bank can place a hold on funds.
Expedited Funds Availability Act

 

[[email protected]]

A 10 day hold on any item at a bank is not uncommon. About the only thing that gets released quick is a government IRS refund. With the Christmas holiday, New Years, and the weekends, 10 days may turn into 14. As far as the individual not answering his phone today, I wouldn't get that excited yet either, with company Christmas parties happening this week, being out of town at the corp office is a possibility as well. I'm assuming that you sent this via certified mail. I would give him a few days to respond to your email or phone message. Not that it couldn't happen, but I have yet to see a scammer pull an Ebay item.

 

[Doug in Illinois]

I did indeed do everything I knew how to do before I sent the money. Googled the name, came up with similar name there, but Jr / Senior issue. The street address wil not Mapquest or Google, but USPS has the address for a zip+4 address. Did reverse lookup on the phone number before the fact, as all above. Came up as unlisted, but gave phone supplier info. He has talked to my bank, had him call to verify funds. That is the part that is making me nervous. Don't really want to stop any payment, just want him to email me a receipt for the payment.

 

[georgeky]

Allan, that is what I always thought, but lately my bank has been holding funds up on money orders and cashiers checks. Seems to be a lot of fakes going around of each.