Classic Mustangs List Archive

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Mail From: Corpus,Ken P (email redacted)

This information is wrong!

Nothing is as good as cash except a certified check drawn on the
customers account. Period! That is why they cost between $5.00 and
$15.00 depending on the bank.

Money orders, bank drafts and cashier's checks all can have a stop
payment placed on them by the customer. Some bank's rules are
different than others, but don't for a moment believe that someone
cannot put a stop payment on money orders, cashier's checks or bank drafts.

This information comes from my wife who was a head teller and
commerical teller at two of the major commerical banks in the
Rochester NY area (before we had kids).

Also, remember that credit card orders can also be disputed by the
customer. Mail order laws in most states allow customers to stop
payment (or deny payment) on credit card orders, if the product is not
what it was advertised to be.

Therefore, in my mind, nothing is as good as cash, because most folks
will never speed the money to get a certified check from the bank
unless you are talking about a large amount of money.

+ken=

----------
>From: (email redacted)
>To: Multiple recipients of list
>Cc: (email redacted)
>Subject: [CM:6685] Trusting individuals who mail-order: It ain't a "hands
>Date: Wednesday, October 08, 1997 12:00AM
>
>Hi, Folks!
>
> I've been reading with interest the account of the parts ordered,
>then refused and returned. The responses to this have been very
>thought provoking.
>
> I'd like to suggest a mail-order procedure that I've used in the
>past when dealing with individuals. Since a check cannot be viewed as
>"safe" because the purchaser can cancel payment, simply ask for a
>cashier's check or money order. Those take the money out of the
>purchaser's hands and prevent such unpleasant events. If the
>purchaser is hesitant to send certified funds, suggest a BANK DRAFT.
>Any Finance and Banking people out there will know what I refer to,
>but I'll describe it simply as a cashier's check that reserves the
>funds for the Seller, but does not actually fund the Seller's bank
>account until the Purchaser receives the shipment and gives his bank
>the final approval. That way, the Purchaser gets to be assured he's
>getting what he's paying for and the Seller gets the assurance of
>reserved funds.
>
> It actually works pretty well; in fact, if you've ever accepted an
>insurance company's settlement check for whatever, it was in fact a
>draft that was contingent on your signing a waiver of liability or
>something. Bottom line: It's a little more work but in the end,
>everybody is happy. (Just be sure to build any bank draft expenses
>into your price!)
>
> If someone can describe this more clearly than me, I certainly
>welcome the input.
>
>Hope this helps.
>
>
>Gary Zimmerman
>

This read-only message was archived from a public mail list.
Mail From: (email redacted) (email redacted)

In a message dated 97-10-08 12:22:26 EDT, you write:

<< Money orders, bank drafts and cashier's checks all can have a stop
payment placed on them by the customer. Some bank's rules are
different than others, but don't for a moment believe that someone
cannot put a stop payment on money orders, cashier's checks or bank drafts.
>>

interesting..........thanks. i guess it's still just like it was back in
the old general store: "cash on the barrelhead".




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