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Home >> Scams/Fraud
Receiving Out-of-State Check...and a Story
I'm selling my car in Georgia, where I live, and I've been offered a cashier's check from an out-of-state buyer, issued by USAA Federal Savings Bank based in San Antonio, TX, that he says is "sponsored" by JP Morgan Chase. He says this is the only way that the USAA Auto Loans will disburse the funds. I called USAA Bank and they say that they are their own bank and that they don't work with sister banks to issue checks. Is there such an arrangement for cashier's checks or other instruments?
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 It's actually quite common for one bank to issue checks drawn on another bank. Whether USAA FSB issues checks drawn on itself, on another bank, or both, is not known. Perhaps USAA has a vehicle lending subsidiary or division that uses the Chase checks while the rest of the bank uses its own checks. However, if you are not able to verify that the check is genuine, you should refuse to take the check and not go forward with the sale.
Published on BankingQuestions.com 7/08/10
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