GTA
All Springer/NP/PCP Air Gun Discussion General => Back Room => Topic started by: customcutter on October 12, 2022, 01:12:07 PM
-
I have a tractor listed for sale and have had quite a bit of interest in it.
The latest person interested wanted to know if a cashier's check was acceptable. I called him back and told him that I wanted cash but would contact my bank and ask how "secure" cashier's checks are.
I called my Credit Union and was told that even though they cashed the check and handed me the cash that they (credit union) could come back to me anywhere from 3-90 days later and say that they funds were un-available to cash the check and I am responsible. I asked if a Postal Money order was any more secure, and she wouldn't say.
Needless to say, I called the man back and said cash, no other form of payment.
It's not the typical scam ran with Cashier's checks, but possible. YMMV, but I'm not taking the risk with almost 30K.
-
Yes it is easy to forge a cashier's check Cash on the barrel head is best but buy one of those pens to make sure that the cash is legit and not counterfeit.
-
If he offered to give you a cashier's check, one would think he has the cash so why not pay cash?
Investing on one of those pens sounds like very good advice too.
-
I would imagine his thinking was the cashiers check might offer him some protection if deal went south…but no clue what that protection might be….we all know u cant go wrong with a handful of Benjamins…….good luck
-
Thanks for the replies. I thought I would post for those who had not heard of Cashier Check scams.
The usual scam is they send you a check for more than the item you are selling. You send the item and they want you to send a check back for the difference. Then when your bank contacts their bank the funds have been removed or transferred. Then your bank comes back at you for the funds.
I don't know of any possible way that a Cashier's Check protects the buyer, and certainly doesn't protect the seller. You would think if you bought a Cashier's Check that the funds would be locked up until the Check cleared the bank, but apparently that is not the case.
-
Have him go with you to your bank for deposit.
-
Have him go with you to your bank for deposit.
The buyer suggested that, and I told him I would ask my Credit Union/Bank. I asked my Credit Union about it. They will cash the check or deposit it. It doesn't mean the check is good. They can still come back at me if the funds are not in the account or if it's a forged Cashier's Check. Sounds crazy, but unfortunately, it's true.
Another flag that came up was when I asked when he wanted to see the tractor, he said he couldn't be here until after 5-6PM. Credit Union and Banks are closed. :o
-
Is he local?
Just go to HIS bank.........
-
Have him go with you to your bank for deposit.
The buyer suggested that, and I told him I would ask my Credit Union/Bank. I asked my Credit Union about it. They will cash the check or deposit it. It doesn't mean the check is good. They can still come back at me if the funds are not in the account or if it's a forged Cashier's Check. Sounds crazy, but unfortunately, it's true.
Another flag that came up was when I asked when he wanted to see the tractor, he said he couldn't be here until after 5-6PM. Credit Union and Banks are closed. :o
Your bank can verify the funds and put a hold. Just for future reference.
-
$30,000 no matter how you do the payment, will probably raise eyes in Florida!
;D
-
Is he local?
Just go to HIS bank.........
He's 3 hours north. Don't know what bank he uses, and I doubt they are open after 5PM. ;D
-
Nope, just nope!
I do all vehicle purchases via an escrow account. I just found out what CU they used and had my loan officer set up the escrow account and once I saw and agreed on the car, I gave approval, he called his CU and I was off.
No cash, no check, no way!
-
Have him go with you to your bank for deposit.
The buyer suggested that, and I told him I would ask my Credit Union/Bank. I asked my Credit Union about it. They will cash the check or deposit it. It doesn't mean the check is good. They can still come back at me if the funds are not in the account or if it's a forged Cashier's Check. Sounds crazy, but unfortunately, it's true.
Another flag that came up was when I asked when he wanted to see the tractor, he said he couldn't be here until after 5-6PM. Credit Union and Banks are closed. :o
Your bank can verify the funds and put a hold. Just for future reference.
Not sure how that would work after 6PM in the evening. ??? Also he hasn't even asked me for an address yet to see the tractor tomorrow evening.
-
Nope, just nope!
I do all vehicle purchases via an escrow account. I just found out what CU they used and had my loan officer set up the escrow account and once I saw and agreed on the car, I gave approval, he called his CU and I was off.
No cash, no check, no way!
Dave, that sounds like an excellent plan. Except I can't call after 6PM to verify funds transferred. I wonder why my CU rep didn't suggest something similar when I asked for alternatives to Cashier's Check or Postal Money order?
-
$30,000 no matter how you do the payment, will probably raise eyes in Florida!
;D
Yep, makes you a little nervous carrying that much cash. I know I was when I bought the tractor and again when I bought the Cook's AC-36 portable bandsaw mill. Gotta love CWP!
-
I sold in Alabama a piece of mining equipment to an out of state individual for a local Alabama company.
He went with me to the local Alabama bank ( who also had an interest in the equipment ) to give them the cashiers check.
Then the piece of equipment was loaded onto a truck and was starting to be transferred out of state prior to bank approval.
I had the Alabama State Police stop the truck until the bank approved the check.
-
Sounds like you covered all the bases Robert!
-
Just an FYI. I used to Bank at Suntrust, now Truist. I still have an IRA and a checking account with them. The buyer banks with Truist, and says he will be here in plenty of time to look at the tractor and get to the local branch.
I called the closest branch to the tractor and asked if they could move funds from the buyers account to my account and verify funds before the final transaction. The rep's answer was, " We don't do internal transfers anymore." WTH. I asked if they could cash a check from the buyer. We don't have that much money available. It would have to be some other kind of transaction. (Don't remember what she called it. Made me think of bitcoin, pie in the sky, and unicorns. :o)
She was obviously just out of high school, so I asked to speak to the branch manager. He's with a customer. Please have him call me.
-
Simply put... meet me at my bank with cash in hand. They have a notary public and I'll sign the title over.
Even if you live 3 hours away you'll have to come sometime.. a $30k tractor is kinda hard to teleport.
-
Best to have them inspect, then work out transaction and transport details. I would not buy sight unseen , heard etc.
-
When I bought my current vehicle, I paid 6K in cash-for both of our safety, after I had inspected the truck at his place-we met at the bank; and I cashed my check right in front of him, handing him the money then-I didn't have to carry this huuuge wad of bills around, and he didn't have to trust my check, or worry about the authenticity of the bills...
Title needed notarized anyway, so making the actual deal at the bank was perfect... The other two vehicles that I have bought were significantly cheaper, and were paid cash-in-hand...
Coming back at YOU if his check bounces is utter BS, a few clicks on a computer will show if the funds are there; this IS is 21st century after all... AND; once the check is cashed, it SHOULD be shown IMMEDIATELY as a preauthorization/pending transaction in his account, which locks that money up to be transferred-and if our recent multiple experiences with card fraud are to be any example, once it's pending/in preauth, that money is the PAYEES-PERIOD!!!...
And only after it's been paid, will they investigate the fraud-to the delight of whomever flew on United Airlines, among other things... ::) ::) ::)
At least, that's how our bank does it... :P
Jesse
-
;D
I wouldn't have a clue. It's about 3 or 3.5 years of insulin for my wife with insurance. :o
-
The branch manager finally called me. He can withdraw funds from his account. Then I somehow deposit them in my account. No money changes hands and assets are immediately withdrawn and deposited. Zero chance of fraud and both parties are protected not carrying 30K around.
But according to the young lady I spoke to earlier they no longer do in bank transfers of funds.
Branch manager said it's something to do with "tracing" funds by the Feds :o, and apologized that the person I spoke with earlier didn't know how to complete the procedure. ???
BTW, tractors don't have titles or registrations. At least not in the state of Fl. He'll get a "Bill of Sale" instead.
-
IMO the way to deal with that amount of money in check form is a Certified Check.
With one the issuing bank guarantees the money will be available
The bank will also have put your name on it as the payee; and it cannot be cancelled by the payer.
Of course, there is a fee for issuing a Certified Check, but that is minimal when the value is considered.
Nothing fishy about it
Just my 2 scents
-
Tractor is sold. A LOCAL buyer contacted me this AM. (Someone not wanting to hand me a check, and transport the tractor.) He looked at the tractor drove it. He owns a sawmill company about 20 miles away. I followed him to his business wrote me a check, and said call me when the check clears and I will come pick up the tractor. He didn't care if it took 2 weeks to clear.
My bank said they would put a 9 day hold on the funds, until the check clears. If he wanted the tractor sooner, he could bring a copy of the cleared check from his bank, and they would release the funds.
Glad this over, too much stress.....
-
Glad it worked out Ken.
-
Glad it worked out Ken.
Thanks Bill. Now to sell the Cooks AC-36 portable bandsaw mill and the 25' gooseneck.