Cashier's Check

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customcutter

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Sep 24, 2022
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Valrico
I have a tractor listed for sale. The last interested party asked if a Cashier's Check was acceptable payment. I told him I wanted cash and didn't think Cashier's Checks were a secure form of payment. He offered to go to the bank with me and cash the check and wait until the funds were in my hands, LOL. I told him I would contact my bank and question just how secure Cashier's Checks are.

I contacted my Credit Union and asked about Cashier's Checks and was informed that even though they gave me the cash for the check, that they could still come back and hold me responsible if the funds weren't there or were moved before the check cleared. It could take anywhere from 3-90 days for them to come back after me. I asked her about a Postal Money Order and she would not comment on how secure they were.

I called the man back and told him that cash was the only acceptable form of payment. It's not the typical type of scam ran with Cashier's Checks or Money Orders but can be done apparently. YMMV, but I'm not risking an almost 30K tractor. Now to find one of those pens for detecting counterfeit bills.
 
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I think you are being overly cautious, but then it's your money. I don't understand the answer from your credit union. Assuming the buyer is paying for the cashier's check through his account at the same bank, clearing should not be an issue. The issuing bank would verify collected funds in the customer's account, and the charge would be immediate to his account. At that point, the check is a direct obligation of the bank, not the individual who bought the check, and I've never seen one bounce. The risk with any type of official check is fraud. If you verify the check is legitimate, there should not be a problem.
 
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The cashiers check thing is a scam. Sometimes they'll say the check is for more money then you are asking and want you to give them the excess amount. Then you have the worthless check. Tell them to cash the check and bring you the cash.
I sold my old Corvette recently to a dealer and told them to bring cash when they came to pick it up, they were legit and they brought the cash.
 
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customcutter said:
I have a tractor listed for sale. The last interested party asked if a Cashier's Check was acceptable payment. I told him I wanted cash and didn't think Cashier's Checks were a secure form of payment. He offered to go to the bank with me and cash the check and wait until the funds were in my hands, LOL. I told him I would contact my bank and question just how secure Cashier's Checks are.

I contacted my Credit Union and asked about Cashier's Checks and was informed that even though they gave me the cash for the check, that they could still come back and hold me responsible if the funds weren't there or were moved before the check cleared. It could take anywhere from 3-90 days for them to come back after me. I asked her about a Postal Money Order and she would not comment on how secure they were.

I called the man back and told him that cash was the only acceptable form of payment. It's not the typical type of scam ran with Cashier's Checks or Money Orders but can be done apparently. YMMV, but I'm not risking an almost 30K tractor. Now to find one of those pens for detecting counterfeit bills.
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for 30K do a money transfer (bank to bank ) now banks have a time slot to transfer money , which means if your there at 10 AM and the banks time slot is 4 pm , get the idea ? Also with this You do not have to count the bills or think about counterfeit's
 
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elh0102 said:
I think you are being overly cautious, but then it's your money. I don't understand the answer from your credit union. Assuming the buyer is paying for the cashier's check through his account at the same bank, clearing should not be an issue. The issuing bank would verify collected funds in the customer's account, and the charge would be immediate to his account. At that point, the check is a direct obligation of the bank, not the individual who bought the check, and I've never seen one bounce. The risk with any type of official check is fraud. If you verify the check is legitimate, there should not be a problem.
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The buyer is not local. He is a 3 hour drive away and hasn't seen the tractor. Offering full price without "haggling". His bank is not my bank. My bank will cash the check and it will be at least 3 days before the check will clear his bank. Plenty of time for the funds to be moved or withdrawn. If my bank or credit union tells me it's a possible scam I listen to them. Yes, I'm cautious and at the end of the day, I'll still have my tractor or cash.
 
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Larcat said:
If he's willing to go to the bank, go to his bank and have him withdraw cash.

I've sold two cars that way for cash, no problems.

No need to get a cashiers check involved, and him wanting to smells bad.
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I'm retired so I'm available whenever. He is a 3 hour drive away and says he can't be here until 5-6PM at the earliest. Sounds like cash is the only option.
 
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Larcat said:
Last I'll say on this -- I wouldn't give this person an account number for wire tranfer for a whole host of reasons. Cash or nada.

Honestly, given all you've said I'd find another buyer. A quality tractor will sell, even if it takes a little while. Supply chains and all.
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Nobody gets an account number from me. I don't even give my SS# to most doctors. LOL
 
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Just and FYI. I called the potential buyer back. He banks at Truist. I still have 2 accounts there. I talked to the Branch Manager. She said he could write a check. They would verify the funds, and I would get the funds deposited in my account. Funds immediately withdrawn from his account and placed in mine, no chance of fraud. He is supposed to be here at 3PM tomorrow to inspect the tractor. Bank closes at 6PM.
 
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customcutter said:
Just and FYI. I called the potential buyer back. He banks at Truist. I still have 2 accounts there. I talked to the Branch Manager. She said he could write a check. They would verify the funds, and I would get the funds deposited in my account. Funds immediately withdrawn from his account and placed in mine, no chance of fraud. He is supposed to be here at 3PM tomorrow to inspect the tractor. Bank closes at 6PM.
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Sounds reasonable. I knew there had to be a secure way as it is completely reasonable that someone wouldn’t want to transport 30k in cash.
 
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