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Old 08-09-2006, 08:16 AM   #30
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Re: Selling Formula Checks?

OK - I'm going to post my 2 cents on this. This is such an interesting conversation!

When I started selling on ebay recently, I heard that you could sell formula checks there. I had no idea what they went for, but thought, "well, if I don't need them, and have a ton of them, and someone wants to buy them..." I didn't think much beyond that at the time, really. I was shocked when they went for like 80% of the coupon value. I started wondering why this could be? I pictured a mom of quadruplets desperately needing formula coupons, etc... It just didn't sound right.

When I sold formula coupons the second time, I realized that the same person bought them as the first time. Different user name, same mailing address and "real" name. The original user name from the first transaction was no longer in use. I looked at the feedback for the two user names, and this person had purchased tons of formula coupons for all different brands at very high values. It got me thinking.

Then, I read the fine print on the formula checks. It said something about people who own the stores selling the formula being able to deposit this money directly into their accounts. It said that depositing it without an actual purchase is fraud. Apparently, that's the way it works. So - maybe this is farfetched, but I wonder if this person who bought my formula coupons simply put the money in a bank account fraudulently, and pretended that I bought formula legitimately at his/her "store" (maybe they really have a store, IDK...). Just my theory, but I won't be selling formula coupons like these again. I'll either do FFS or give them to a friend.

Has this occured to anyone else? Maybe I'm just crazy and making up conspiracy theories...? LOL!
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