I've received a cheque from a buyer which is for considerably more than the asking price for a car that I am selling. They haven't seen the car due to them living overseas and the only form of contact that I've had with the buyer is via email, through which they say that the additional funds are so I can pay the shipper?

I've taken the cheque to the bank and explained my concerns. They checked the buyer's account details and couldn't find any problems, so I've deposited it into my account and the deadline for clearance is May 6th 2011. They advised me that should the cheque clear successfully it will indicate that there is money in the buyer's account, but until such time no payment can be made.

Would it be wise at that point to empty my account to test that the money is available and ensure they can't stop the cheque at a later date or would the bank charge me for being overdrawn?

Alternatively, should I just leave well alone and go to police about it now rather than later and let them deal with it all?

Any input would be greatly appreciated

I don't know if I would report this to the Police because at this point I don't know if there's anything to report but I do know I would run, run, run away from this.

I am aware of a similar situation in my area where the bank notified the account holder that the check WAS good, that the money WAS available. About three days later the account holder was advised that the account had been closed, there was no money - and he was out the entire amount!

This is a tactic used by scammers. My advise would be not to pursue this any further. Was this sale made using Craigslist?

This is a well known SCAM, especially with high value items.

The cheque may well appear legit, but it will bounce, HARD!

Thanks for all your speedy replies :)

Suppose I did the wrong thing in depositting the cheque then because will more than likely incur charges... any advice as to what I should do, perhaps talking to the bank and seeing if they can stop the cheque in any way or will the damage already done?

Hello W:

If you didn't spend the money, there won't BE a charge for the check not clearing. Just forget about it. The check will bounce, and your account will be just like it was.

excon

Quote:

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Originally Posted by excon

Hello W:

If you didn't spend the money, there won't BE a charge for the check not clearing. Just forget about it. The check will bounce, and your account will be just like it was.

excon

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This must vary by banks. I deposted a check which bounced and I was charged $15. I certainly don't think that's fair, but that's how it is.

I didn't overdraw, there were no other problems, just the bounced check - the charge against me was for "handling."

Quote:

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Originally Posted by JudyKayTee

the charge against me was for "handling."

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Hello again, Judy:

I handle myself every night, but nobody pays me for it...

I HATE banks, and I HATE my bank more than most. If it's only $15 or even $20, let's hope the OP has at least that much extra in her account.

excon

This is a scam, normally a fake or stolen check ( almost always fake) from perhaps a real account.

In about 1 to 2 months, it comes back bad and you owe back any and all money you took out.

So yes you really screwed up by depositing the check. Do not send them any money, do not send them title to the car. That check will bounce.

The way it works, they want so many 1000 sent back, you do, and then in a few weeks, that first check bounce.

Bet they want the balance sent by Western Union correct.

Refuse to send them any money, no matter what they threaten,

Hello again, W:

Here's what I would do. The bank has given you dates when they say the check will clear... Ask them to put in WRITING, that if the check bounces AFTER that date, the bank will honor it. If the bank says it will, spend the money.

excon