Ebay and Money Orders (UPDATED)
 

So I was just browsing Ebay and read something that made me think...
A seller wrote "If you want to use a money order, I'll require a 10 day waiting period to make sure it clears." This sounds like he's talking about a personal check, but I'm sure he didn't mean it because he mentioned something about them later.
I've used money orders in the past and am wondering if they're at all unsafe to accept as a seller.
Thanks guys
-T

Some banks hold MO as if they were cheques. This is especially true in international cases. If the bank does not have the bank or co. who the purchaser bought the MO from on their pr-approved list then the bank treats it like a cheque.

I have never seen one bounce to date....

it's a cover-your-ass type of thing. there are so many scammers and bullshitters out there, and i'm sure he or someone he knows has been burned by someone who issued him a fake money order. i would make the compromise with him that he send the item as soon as the money order clears into his account or the aforementioned 10 days, whichever comes first. I garuntee you that if you're not fucking around with him, the clearance will come first.

in this world of scammers and bullshitters, people have to protect themselves. let him feel protected.

The only problem with money orders is that they can be extremely difficult to track down in the case of a nonfulfilled internet purchase. While there is a system in place to locate them, it can take 6 to 8 weeks for the company who funded it to follow this process.

Most cases of dispute must be presented within roughly 60 days (not specifically sure about Ebays T&C), which is beyond the dispute period of some cases for which you would have to show proof of non-receipt of the money order.

Of course, this is important in the case of the buyer. I've personally never had a problem getting immediate cash for money orders cashed at my bank, or the US post office).

Thanks guys. I'm not actually trying to win that auction, I just noticed what he wrote and it got me thinking. I recently sold an item on ebay to a man with so-so feedback and he's sending a money order this Monday. I always cash MO's into my bank before I send anything, but I'm wondering if he can somehow retract it and have the bank on my ass after I send him the item....
Thanks again
-T

PS: I didn't know different Companies can make MO's. I'm used to getting them through the post office.

The post office money orders are the most convenient imo just because as long as you're anywhere in the United States you can cash them at any other US post office, no matter which post office they came from domestically.

But if you go to your local convenience store, you'll find money orders produced and guaranteed by Western Union or other large funding institutions.

But not as easy to deal with outside the USA. Make sure if sending a MO to another country that it is tenderable in that country. It will have to be an international MO.

Cool, thanks for all the info guys.

So generally speaking, money orders from within the country are usually safe? Should I let any days pass post-cashing of the MO before I send my item in return, or is that unnecessary?
Take care
-Tim

If it were me, I would accept a MO same as cash (unless it looked fake maybe). But, I'm a trusting guy. If I had been burned before with a money order, I would probably stop accepting them. It's so easy to get a paypal account.

I just got the order in the mail. I got a "Travelers Express MoneyGram", an "International Money Order". "Payable Thru WF National Bank. South Central, Faribault, MN"

Any thing cooky about this?

http://www.kingkullen.com/images/ser...ersexpress.gif

take it to your bank to be deposited into your account. as soon as your account is credited the amount on the money order, ship the item, but not a minute beforehand. there are a number of differnet banks that issue money orders, so seeing one you don't recognise isn't necessarily a bad thing.

Cool thanks. I just wanted to make sure he couldn't pull something like I cash it, he receives the item, then he somehow claims the MO was lost or stolen or who knows and they revoke the cash.

Just being extra-paranoid judging by this character's so-so feedback ;)
Thanks
-Tim

If someone stated that he would hold a M.O. for ten days, I wouldn't bid on the item - and I would send him an e-mail informing him of the fact that he lost a bidder.

I've never heard of a M.O. bouncing.

Thanks Yourname, that's what I was looking to hear ;)

Everything has worked out well so far. Got the cash in my account and the unit off and away!