Money Order Woes

Elfstalker · Post by **Elfstalker** » Mon Dec 19, 2005 4:07 pm

Hiya pples, I need your imput please. ^_^**

I sold a cel recently ($700) and the buyer paid by money order from his bank. The mo was deposited, but a week later, I got a letter from Wells Fargo, stating that the payment is delayed. The reason is 'Multiple Negative Maker Warnings.' I called them up and they said that some money orders are 'not good' and that my money may (or may not) be given to me, and that by the 28th this month, I will know for sure. If the mo doesn't go through, then the mo will be returned to me. I would lose my money and the cel.

I am quite peeved. I asked for what reasons would they hold a mo, and they said that it could be that the bank could be non-existent. I am very worried now.

Has anyone had this problem with a money order?

I hope that it's all smoke and my money will be given back to me.

If the worse does happen, I will have to ask the buyer for the $700. The bank will return the mo so I have proof with the letter I received that the money was never given to me. If the buyer refuses to send my my $700, whom should I contact to get my money (or my cel)?

I believe that the buyer is a member here, so I don't want to name him, but I want to know what options I have.

I hope this is all for nothing, but I have a gnawing feeling in my stomach. This is the very first time that I have had problems with a money order.

Gonzai · Post by **Gonzai** » Mon Dec 19, 2005 4:21 pm

Yep - had the exact same problem with a moneygram that
someone sent me. Luckily, I was trying to cash it at my
bank first, and did not deposit it, so I did not send the cel.
I am sure it will be ok - your just going to have to wait it
out. Think I had to wait 14 days.

Golden Boy · Post by **Golden Boy** » Mon Dec 19, 2005 4:22 pm

Hey Elfstalker,
I hope this all works out for you.

Usually when I'm worried about things clearing, I will take it to that specific bank if they have a branch locally and just cash it. That way your bank doesn't have to deal with anything and you can just deposit the cash. A little more work for a little more peace of mind.

Also, you might find out then and there if something is wrong with the MO.

Just my $.02,

GB

Cloud · Post by **Cloud** » Mon Dec 19, 2005 4:22 pm

But not always? Are you worried about things clearing he or she will take it to that specific bank if they have a branch locally and just cash it very often?

Post by **JWR** » Mon Dec 19, 2005 4:31 pm

I guess there has been a lot of fraud in money orders which is why your bank is putting a long hold on it.

I would expect that since you are dealing with someone known in the community you should not have any problem except the cashflow problem created from the hold.

I myself only send and accept US Postal money orders which seem to work better and if ever were deemed fraudulent would put the federal postal police as well as the FBI after the perp.

Sugarflower · Post by **Sugarflower** » Mon Dec 19, 2005 5:31 pm

I mainly accept money orders as well and always have a small doubt in the back of my mind as to wheither or not if its authentic. I state on my auctions that I accept POSTAL money orders only but it seems like my bidders never pay attention. So far I've been lucky. I hope things work out for you.

glorff · Post by **glorff** » Mon Dec 19, 2005 6:13 pm

I would not worry too much, because the sale is probably across state lines and if there is a problem, then it is Federal with the post office involved. That always gets any problem worked out

Banks are just getting stupid with their policies lately, and it is almost definitely going to be fine, just annoying

Elfstalker · Post by **Elfstalker** » Tue Dec 20, 2005 9:24 am

Thanks guys!

I had a nice chat with the buyer, and we think it's because his bank is a state employees union's bank has something to do with it. But I have faith in him, I just have to wait it out.

I'll start a new policy of accepting only postal money orders from now on.