Ctd... from a 2003 post re: a bad guy

News: Welcome to the Canadian Paper Money Forum.

Hi all, this is a response to a post from a thread from like 3 years ago, but this one point I think is important:

Money orders cannot be cancelled in Canada. The reason for money orders (banks, post office, credit unions) is that the money is already put aside, they have the same value as cash with more security.
One may wish to contact the issuer of the money order to ensure this is true.
Money orders can be cancelled from Germany and Austria, so just be carefull if anyone gets these, do not send goods until the money order has cleared your account plus 14 days.

Rick Simpson

Working in a Canadian Big 5 bank, a person can come back and have basically a stop payment put on a draft. It is more difficult than a stop payment on a cheq, but it IS possible.  Once the Draft would go through, it would get caught during reconcilliation (all behind the scenes) and then it would get sent back, just like a stopped cheque.  If it was a non client, then the draft would be checked anyway, so this issue would not even arise.  I would recommend in all cases (unless you know your purchaser of course) that you ask if they can verify that the draft is "good" before proceeding.

Thought I may mention this in case anyone has even sent off a cheq to some fraud artist.  (It can happen).Original thread:
http://www.cdnpapermoney.com/cgi-bin/yabb/YaBB.pl?num=1070389616/0

Later

There are circumstance where a "bank draft", commonly called a bank money order, can be cancelled when the sender claims it was lost or sent to the wrong person, but it is a long, convuluted affair. In the story mentioned prior to this, a crook was accepting money in various forms and not able to produce the goods paid for.  Stop payments on cheques are very easy, on postal money orders nearly impossible, and somewhat harder on bank drafts. Once the money order is deposited into your account, wait 14 days to ensure there is no problem. Talk to the bank if you have doubts about the value of the draft and follow their directions.

Such a problem with bad delivery or bad payments are really two separate issues. Deal with a CAND member, an association with rules.

Rick

Right on the money Rick.
You are absolutley right too about the draft.  Huge process, special circumstances in most cases.  
Huds