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I don't see why that would be any more trustworthy, How do I know if the bank is trustworthy and is going to honor it? I literally had one of the big banks in

I don't see why that would be any more trustworthy, How do I know if the bank is trustworthy and is going to honor it? I literally had one of the big banks in Australia steal several thousands from me by "loosing" paperwork in their internal mail service TWICE. I had to make a big show of photographing it and bringing a witness for the third time to stick. I obviously switched banks after that experience, but it definitely made me realize that even big respected banks can't be trusted.

crazygringo 4y ago
Of course it's more trustworthy. It's money drawn on a regulated financial institution, not some random person's personal account. And you can call a bank and verify that the cashier's check is valid, so fraud is impossible. Calling for verification is standard practice. And then you deposit that cashier's check at your own bank. If banks stop accepting each other's cashier's checks, that means the entire financial system has basically collapsed and you've got bigger things to worry about. I get that you had an issue with paperwork, and that sucks, but that has zero bearing on the trustworthiness of cashier's checks.
- chillfox 4y ago
  To be honest, these comments here on hacker news is the first time I have ever heard about the concept of cashier's checks. If someone had tried to hand me one of those for something expensive I was selling before today I would have thought they were trying to pull a fast one and scam me. I feel like I would need to see the law guaranteeing these cashier's checks before I could put any trust in them. If they are just another financial product then I don't see how they supposedly are any safer than the other dubious financial products that banks dream up. I have always just used transfers, even for large amounts, they are mandated by law to be same day here.
  - crazygringo 4y ago
    I don't know where you live (Australia?) but in the US cashier's checks are standard. For decades, if you close one bank account and open another, you transfer the money with a cashier's check. If you pay first month's rent and deposit on an apartment you're renting, you do it with a cashier's check before you're allowed to pick up the keys. Any time you're dealing with thousands of dollars between parties who don't trust each other, it's cashier's check. You don't need to see the law any more than you need to see the law to know that if you put a stamp on a letter it will get delivered by the post office. Cashier's checks aren't another financial product, they've been around for a lot longer than you or me. (If you're not in the US then practices might be different, I don't know.)
    - alistairSH 4y ago
      I'm in the US. I've never used a cashiers check, either as a payee or payer. :shrug:
      - deleted 4y ago
        [deleted]

crazygringo 4y ago

Of course it's more trustworthy. It's money drawn on a regulated financial institution, not some random person's personal account. And you can call a bank and verify that the cashier's check is valid, so fraud is impossible. Calling for verification is standard practice. And then you deposit that cashier's check at your own bank. If banks stop accepting each other's cashier's checks, that means the entire financial system has basically collapsed and you've got bigger things to worry about. I get that you had an issue with paperwork, and that sucks, but that has zero bearing on the trustworthiness of cashier's checks.

chillfox 4y ago
To be honest, these comments here on hacker news is the first time I have ever heard about the concept of cashier's checks. If someone had tried to hand me one of those for something expensive I was selling before today I would have thought they were trying to pull a fast one and scam me. I feel like I would need to see the law guaranteeing these cashier's checks before I could put any trust in them. If they are just another financial product then I don't see how they supposedly are any safer than the other dubious financial products that banks dream up. I have always just used transfers, even for large amounts, they are mandated by law to be same day here.
- crazygringo 4y ago
  I don't know where you live (Australia?) but in the US cashier's checks are standard. For decades, if you close one bank account and open another, you transfer the money with a cashier's check. If you pay first month's rent and deposit on an apartment you're renting, you do it with a cashier's check before you're allowed to pick up the keys. Any time you're dealing with thousands of dollars between parties who don't trust each other, it's cashier's check. You don't need to see the law any more than you need to see the law to know that if you put a stamp on a letter it will get delivered by the post office. Cashier's checks aren't another financial product, they've been around for a lot longer than you or me. (If you're not in the US then practices might be different, I don't know.)
  - alistairSH 4y ago
    I'm in the US. I've never used a cashiers check, either as a payee or payer. :shrug:
    - deleted 4y ago
      [deleted]