Reply to the above Quote: My bank, Capitol One Bank, nationwide, treats Postal Money Order, Cashiers Checks, and Bank Money Orders the same way they treat Personal Checks.
First, I have sold hundreds of items through PayPal, some were for several thousand dollars. I have never had as issue with PayPal, plus I will pay the 3% for the protection.
A Certified Bank Check or a Money Order doesn't NEED to CLEAR that's why they are Certified or Money Orders. No clearing necessary. So you either don't know what you're talking about or you're talking doubletalk. Which one is it?
I sold a 4 wheeler and took a $6,000 Postal Money Order to the bank. I am thinking I have cash in my hand! The clerk, who I have dealt with for years told me that I couldn't cash the PMO as it had to clear first.
I hit the ceiling, I always thought they were like cash in hand.
The Bank Employee told me that Postal Money Orders, Cashiers Checks, and Bank Money Orders are being COUNTERFEITED just like personal checks and CASH, and not to trust any of them! I receive a good lesson and haven't taken a PMO since. In fact, some banks are currently setting up a system like PayPal mainly due to PayPal's success.
It's almost to the point you have to go to the Bank and get certified funds directly from them!
Or, go through PayPal, follow the "rules", and get your money instantly with Insurance! The only thing I don't like is when you transfer the money to your bank account, it takes about 4 days! PayPal told me when they send funds to your personal bank account, it like a wire transaction and takes about 4 days to process. A little inconvenience for peace of mind. However, if you purchase something with funds IN your PayPal account, the transfer is "real time" and immediate. The only reason they won't do it immediately is if a purchase is suspected or flagged as fraudulent activities.
Feel free to ask any questions, or PM me about my experiences. My wife ran a Web Business, and she insisted on taking PayPal vs. a Postal Money Order. Even the company I worked for would take PayPal first, second was a Credit Card (Credit Cards carry purchase protection as well), check with your CC company to make sure, mine does)
And you're right, I sent a Postal Money Order to a person up North. He demanded it. I received a package with the wrong item in the box (5 packets of "Round UP" were in the box). The sender didn't insure the package, it was my word against his. It was sent signature required via the USPS, and I signed for it. The Postal manager at the local Post Office basically told me there was nothing they could help me with as I receive a package. I LOST my funds. Again, it was my word against his. Bad Note: The Post Office was NO help whatsoever. Second bad note: You know how much a lawyer cost to pursue something like this.
On another note, I took a Credit Card for an $1,800 dollar purchase. I sent the purchased item and it required the receivers signature. The receiver also had to sign another document. He called the CC company and demanded a refund, stating he didn't receive the item I sent him.
The CC company called me. Long story short, the receiver signed 2 different legal documents when he picked it up, and the business who retained the signed papers "Gladly" sent me a copy. I faxed this to the CC company proving the buyer was totally telling a lie. I didn't lose a dime as the CC company back me 100%. I wanted to press charges, but I was basically laugh at!
I state PayPal is the best, Google is currently setting up their own system which I think is going to give PayPal a run for their money. Quicken had a system, I don't know if they still have it. I believe I stated above Credit Cards were the second best payment method. You're protected with all three. Even an "Electronic Check" sent through your bank is the second best alternative as the bank won't send the electronic check if the funds are not available. When they do send the electronic check, the funds are held in the account for the electronic check. Most don't know about this bank procedure, and I do send out a lot of Electronic Checks. If the Post Office loses the envelope with the check enclosed, it is worse on you vs. putting a stop payment on a check. I had to do this one time as payment was lost in the mail. PITA, but I didn't lose anything. Again, PayPal doesn't lose envelopes.
Bottom Line, "YOU" have to be careful with any transaction these days.
PS: I hope this helps someone, feel free to comment or PM me. I have been in customer retail sales all my life, and I can definitely tell you about "Legal" theft in retail business. If a person knows the system, he can beat you/your business out of your money. US laws DO NOT favor the seller/retailer. I couldn't do this to someone, but many out there do it to your and will laugh in your face.
Walmart puts your check through an electronic system just to avoid having to fight getting paid for a bad check. I do the same thing. It makes some customer mad, but they are the ones who write NSF checks, so don't worry about it, at least you didn't lose your money. My opinion, well, I don't write a check unless I know the funds are there to cover it.