A cashier’s check is a common alternative to a personal check when making a large purchase. As a used car seller, you may encounter buyers interested in purchasing your vehicle using this type of check. Avoid cashier check fraud by exploring the features of a check, learning about common scams, and how to use an online platform instead.

All About Cashier’s Checks

Personal checks are signed by an individual who guarantees the payment. A cashier’s check is signed by one or more cashiers at a bank and guaranteed by the bank. As long as the check is legitimate and the buyer isn’t attempting a scam, this can be a convenient payment option. It may be less stressful than handling a car loan or taking large amounts of cash to your bank.

Why Buyers May Use Cashier’s Checks

Pulling out thousands of dollars of cash can be difficult and risky. Some buyers aren’t willing to travel around with loads of cash, especially if they’re making an out-of-state purchase. Cashier’s checks offer a reliable way to carry a large amount of money discreetly. They’re also easier to track than an envelope full of cash if stolen.

Common Used Car Check Fraud Examples

While a cashier’s check is in theory just as safe as cash, there are a growing number of ways to commit cashier check fraud. Learn more about these scams before signing over the title or accepting a check. Consider asking for a safer way to receive the full payment for your used vehicle to avoid…

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