Cashier's Check

[customcutter]

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.

 

[OldSpook]

You have to buy a postal money order. They take the funds immediately. At least that's my understanding of it

 

[Larcat]

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.

 

[elh0102]

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.

 

[hawkeye69]

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.

 

[cmatera]

Hawkeye is right. Often, it's a scam, and Cashiers Checks can be fake. By the time you find out, it's too late. The only way I'd accept a cashiers check is if the guy sent it to me and AFTER it clears my bank, I will call him to pick up the tractor. If he is local though, NO reason not to be able to bring cash.

 

[qball]

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.

that!!!

 

[beerthief]

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.

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

 

[customcutter]

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.

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.

 

[customcutter]

You have to buy a postal money order. They take the funds immediately. At least that's my understanding of it

Unfortunately, they can be forged also. Hopefully it would involve the Fed's if they did. Cash is easier.

 

[beerthief]

HE cant drive for 30K ? He does not want to see ?try ? Hmmm?
I would say to have him drive and see /try then go to your bank and do a bank transfer , his account to your account done . then hand him the title or key .

 

[customcutter]

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.

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.

 

[Ranchibi]

Ken, you are doing the right thing as cashiers checks can be copied and used. Cash or Postal Money Order especially with a large sum of money in the transaction.

 

[customcutter]

Ken, you are doing the right thing as cashiers checks can be copied and used. Cash or Postal Money Order especially with a large sum of money in the transaction.

Thanks Randall, my CU rep wouldn't even suggest the PMO as being 100% legit. Apparently, they are being forged also.

 

[pdxFrank]

You have to buy a postal money order. They take the funds immediately. At least that's my understanding of it

max of $1000 for a USPS M.O., so for items that might be thou$ands, that could get goofy fast.

 

[Larcat]

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.

 

[customcutter]

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.

Nobody gets an account number from me. I don't even give my SS# to most doctors. LOL

 

[customcutter]

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.

 

[Trucker3573]

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.

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.

 

[Mwerks]

I sold a boat once and two fellows came to pick it up. They paid cash. Now those two fellows looked honest enough but now they new I had significant cash on hand so I didn't take my gun off until much later.