Would you accept a Cashier Check for payment? - Page 3 - Fiberglass RV



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Old 05-13-2019, 07:21 PM   #29
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Old 05-13-2019, 07:25 PM   #30
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Originally Posted by trainman View Post
When selling long distance and the buyer wants to bring a Cashiers Check for payment, would you except it and release the trailer and title to them. I guess what I'm asking in today's world with everything that can happen and go wrong, including scams, dishonest people trying to take advantage of the situation, would you accept a Cashiers Check for payment My personal thought if I were the buyer I would not want to do anything without inspection of the trailer, that is put my eyeballs on it, then I would decide from there. My personal thought is for the buyer to bring cash ($20,000, or give a personal check, or Cashiers Check and when it clears my bank they can pick it up. So what is the proper way you would handle the situation to protect your interest. I also do not want to give them the trailer and when the check, or Cashier Check clears send them the title and paperwork. It's not that I don't trust buyers, but I want to do business in a business type manor, that works for both parties and I don't want to have to drive 500 miles looking for a trailer I can't find if something goes wrong. Your thoughts.

trainman
Just do a bank to bank transfer. That way you have the money, he gets the trailer and title. No danger to anyone.
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Old 05-13-2019, 07:29 PM   #31
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Would you accept a Cashier Check for payment?

This is very relevant for me right now. I'm in the process of selling my mom's Class B motorhome after deciding it is too much to take care of at this season in our lives. It's still fairly new, so the amount of money involved will be substantial, way more than I've ever handled as a seller or a buyer!

I sat down with a banker this morning. It was surprisingly un-enlightening.

Door #1 is a cashier's check, and when I mentioned the issues we have already raised here, she acknowledged everything that's been said. She suggested that I accompany the buyer to their bank while the check is issued, transfer title, and then deposit it immediately in my bank.

Door #2 is a wire transfer. Again, since the transfer has to be initiated at the buyer's bank, I would have to meet the buyer there so that ownership documents could be transferred at the same time the transaction is made. The seller gets access to your bank account number (which also happens every time you write a check, as she pointed out).

I also looked into PayPal, call it Door #3. It looks like the fee is 2.9%.

Seems like there are no easy or obvious solutions unless buyer and seller happen to use the same bank. I live in a rural area, so local banking options are limited. I'm leaning toward Door #2, but listening to all the comments carefully.
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Old 05-13-2019, 08:22 PM   #32
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I would accept a cashiers check from an Ethiopian Prince but from no one else.
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Old 05-14-2019, 05:44 AM   #33
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I've met the buyer at their bank as well. I have also wired funds from my bank to the seller on one I bought. Fake cashier checks have become common. And with the best cashier check fakes, initially your bank will think it is good, only to find out a week or two later its a fake.

Google Cashier check fraud. Of course, most are legit. Its sad we have to assume fraud, but its the world we live in.
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Old 05-14-2019, 04:55 PM   #34
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Ed Colorado: I, too, would accept that cashier's check from the Ethiopian Prince, but only for over 3.8 million and only with a wire transfer of firstborns, of course. And only until this weekend. Since I am apparently such a great guy and all. And deserve it.
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Old 05-14-2019, 05:02 PM   #35
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As a secret Nigerian Prince I have $10,000,000 in blocked funds that to get access to I need to transfer to a US Fiberglass RVer. All you need to get a 10% handling fee is to accept the $10,000,000 cashier's check and send me a check and your bank transfer permission to send me the money after it is deposited into your account of over $10,000 plus the ten million.
Guaranteed to be legit, I promise!

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Old 05-14-2019, 05:03 PM   #36
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JD, Nigerian Prince, where's the firstborn, huh? Huh? Required to initiate wire transfer...!


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Old 05-15-2019, 01:34 PM   #37
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Well since I posted this post to start with I just wanted to let everyone know what happened. I had a out of town call on our Casita, sale from Craigslist ad, the person was very nice and was pretty sure he want the trailer, but it was a 500 trip for him, he said that's ok. He asked how I wanted to be paid, cashier check or cash, he said no problem either way because there is a bank in your city and it is the same that I use in my city. He inspected the trailer which it was in perfect shape, we went to his bank and I got the funds, couldn't be much easier then that. We are both professional people and it's nice to deal in that way and everything goes as it should. I personally don't put up with any BS on selling or buying, if it's not sounding correct then it's probably not. Studies say that most people are honest, it's just those few you have to watch out for.

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Old 05-15-2019, 03:52 PM   #38
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Yes things should be very easy if both buyer and seller use the same bank or at least banks that work together. My S&L will only work with affiliate banks, which are few and far between. They simply would not transfer money to the sellers bank. I did not expect this in our day and age.
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Old 05-15-2019, 05:25 PM   #39
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Thank you for letting us know! Same banks make for easy money transfers! Glad you had a good sale.

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Old 05-18-2019, 10:48 AM   #40
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I am shocked at the lack of understanding of cashier's checks in this day and age. If the check is legitimate, the funds have already been transfered from the buyer's account to the bank's account at the time the check is drawn.

We have amazing technology these days. All you need to do is ask the buyer to take a photo of the check and text it to you. You can call the bank upon which it is drawn and verify that it's legitimate before the buyer ever leaves home. If you're still uneasy, take it AND the title to YOUR bank, have YOUR bank verify the funds when you deposit it, and sign the title there.

Yes there are scams. Yes, you need to do your due-diligence. Cashier's checks are still the safest, easiest, and least expensive way to pay for RVs. I've got an out-of-state buyer who gave me a $1500 cash deposit on my $19,000 van, and will bring the remainder of the funds in a cashier's check in a week or so to take the van home. No issues at all.
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Old 05-18-2019, 10:57 AM   #41
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I'd accept a check or payment of any sort, but hold on to the item and title till the payment clears and funds are deposited.
A legitimate buyer will go along with the arrangements, or I would not sell to them.
There's always another buyer.
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Old 05-18-2019, 11:07 AM   #42
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Roger, it just did not work that way for us. Let me try to explain again: Seller at Bank A in City A, State MT would not accept a cashiers check drawn on a Bank B, City B in State MT even if the seller was present with us at Bank B. Seller's Bank A would not accept a cashiers check from our S&L in TN. They would accept the cashiers check on Bank B in State MT if we would deposit in Seller's Bank A and wait, without a title, until the Cashiers check cleared Bank A, and said it would take no less than 7 work days for the check to clear.

It's great that it works smoothly for you. Did not work for us.
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