Would you accept a Cashier Check for payment?

[Peder_y2k]

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.

[Rzrbrn]

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.

[Roger Y]

I agree with RogerH above. I recently encountered this very problem living in Missouri and purchasing a Casita located in Louisiana. The seller and I both had these very concerns so I asked at my credit union where I do my banking about how to proceed. They said all the seller needed to do was call and ask for a cashiers check verification and they would verify on the phone that they had issued the check. The seller was satisfied with this solution and off I set for Louisiana with cashiers check in hand. Of course this means a transaction needs to be done during banking hours. The Casita was everything the seller said it was, I handed over the cashiers check and he called and received verification. I left with the title and the Casita. Easy Peazy... made it within 20 miles of home when the engine on my GMC Sierra gave up the ghost.... don't get me started on GM's displacement-on-demand engine design.

[Tami B]

Having previously worked for a bank, I know you can call the bank on which the cashier's check was drawn to verify the validity of it. I agree that it would be most safe to wait until the cashier's check clears your bank before releasing the camper and the title. On the flip side of it, I was scammed when I tried to buy a camper; the woman asked for a cashier's check and said it would be held by a third party, a shipping company, that would ship the camper to me for inspection, after which they would deposit the check. Total scam. The shipping company didn't exist, and when I called her on it, the woman disappeared. I'm thankful I caught it before I sent my cashier's check.

[hisjr]

If security is what you want, Paypal or escrow.com Ask the buyer/seller to split the fee since you both benefit from the service. My problem with cash, a bank check, etc is that you get no protection once your hand it over.

[Bob_Reed]

I can tell you that there is no way in hell I would drive a long distance with $20,000 in cash on me. I mean, it is quite true that you are right to be concerned about the buyer's honesty, but on the other hand, he is going to be concerned with yours. Heck, in some states, if the police were to stop you and find $20,000 in cash, they would seize it. Look up "civil forfeiture". So you not only have to worry about the bad guys, you have to worry about the police.
I think the idea of meeting at your bank and settling things there with a cashier's check (which your bank should be able to confirm the authenticity of) is the best solution.

[Doctor Harold]

Originally Posted by Raspy

Letting the trailer go, even if you keep the title, is asking for trouble. It could be wrecked or on the other side of the country before you realize you've been had. Having a copy of their drivers license is no guarantee you'll get anything back.

So true, and imagine your liability if the trailer breaks loose and causes a school bus to crash and burn.

One thing about cashiers checks that few seem to know: they can be stopped payment just like a personal check.

Another thing: If you do carry a substantial amount of cash to buy an RV or car and you get stopped for some reason, and the officer asks you if you are carrying cash ALWAYS SAY NO. You have no legal obligation to tell an officer the truth, and you could lose you money. This is well worth watching:

https://www.youtube.com/watch?v=3kEpZWGgJks

So much for your 4th amendment rights.

EDIT: Bob beat me to Civil Asset Forfeiture while I was typing.

As for those responses:

Originally Posted by Civilguy

I've also seen quite a few respond to an ad with "Will you accept xxx dollars?" before they have seen anything more than the ad.

After they get you trusting them they often will offer MORE than you are asking and tell you to pay the shipper with the excess funds. The shipper takes your item and your money and you will lose both because the fake cashier's check will take several weeks to bounce -- even after your bank has told you it cleared. The bank deducts the money from your account and you get to lick your wounds.

I sold a 1968 XKE on ebay payment was made by wire transfer. All went well, and the car went to Germany.

One last thing: Never NEVER send money by Western Union to someone you don't personally know. Once the money is transferred it can never be recovered. That's why scammers use Western Union. Although sending your first born child by Western Union may be okay.

If you want to read some mind-boggling scam threads you will find many here:
https://forum.419eater.com/forum/vie...9b00cc598473ab

Harold

[EggRoll]

When I sold my car to an out-of-area buyer we had communicated a couple of times prior to meeting, both via email and on the phone and negotiated the price subject to inspection at a local mechanic. The inspection found the car to be in good overall condition without any surprises. From there we drove over to my bank and I deposited the cashiers check and was told by the teller that the funds were good. This policy of the funds being good can vary by the bank, so check with them prior to the transaction. From there I signed over the title and the buyer was on his way with the car.

[sheilasabo]

We sold a motorhome, $100,000. I went to our credit union and said what do I do? They told me Cash only and do it at the CU so they can run it through their machine and put it directly into our account. They even gave us a room to use for signing papers and made copies for us. We have done lesser deals in the driveway and had the people wait until I ran to the CU and had it checked out. Cashier checks can be forged....

[Jon in AZ]

Seems like you have a few more options at large national banks than local banks or credit unions.

My banker told me the same thing about stop payments on cashier’s checks, but I’m finding contradictory information from other sources.

Don’t think I want to answer the questions that would certainly follow if I were pulled over carrying $100K in cash... for a transaction yet to be made...

[sheilasabo]

Well, we're used to dealing in cash, also armed, so it doesn't bother us and our buyer OK with it. The only other thing you can do is hold the trailer and title until all has cleared.... If their not willing, just walk away.

[RCF13]

The best for you and the other person is go to the bank and transfer the money from their account to yours. They have paperwork and you do too. That is one of the biggest scam around Craig's list and I'm sure others. I even got a check bounce back and not only I lose that money but a fee on top.
If they want it going to a bank would be good for both of you. Good Luck

[Martha D]

I drove from PA to Texas there was no way I was going to carry that much cash on me. The buyer agreed for a cashier check. She also called my bank to verify that the money was there and it wasn’t a false account. Everyone was happy.

[Jim Marshall]

When we bought our Casita, I went to my bank before I left for a 500 mile drive to look at and possibly buy the trailer. I gave information on the seller and the amount to the book keeping department telling them I would likely be requesting a wire transfer if we made a deal. Filled out all paper work for transfer and got bank phone number, email address, and cell phone number of the bank officer I was dealing with. When it came time to purchase, I called my bank and sent an email authorizing them to execute the transfer. The seller called their bank and we waited till they had the funds in their account. Took about an hour or hour and half because the actual transfer takes place at the Fed level, not bank to bank - at least that is how it was simplified to me. When money cleared, we went on our way. In the wait time, we had coffee and a good visit.

Love the Casita.

[Dave8850]

You might call your bank and ask for them.

[Thomcat316]

Cashier's Checks are too easy to stop payment on, and convincing forgeries are out there. Cash is simple, and wire transfers are almost as simple and save you from needing to haul cash through Civil Forfeiture, Kansas.

[MyronL]

I've sold two of my previous trailers and with each one I made it clear right up front I would only accept payment with cold cash. No exceptions. That, in retrospect, is one of the wisest decisions I have ever made.

[trainman]

Originally Posted by Kai in Seattle

Thank you for letting us know! Same banks make for easy money transfers! Glad you had a good sale.

BEST
"K"

Do note here, we did not both have the same bank, but the buyer's bank did have a branch in Ft. Worth where I live. The buyer did stop off at his branch and pickup the cash, I guess so he didn't have to carry it 500 miles from his home city in Texas, smart move on his part. I have not accepted Cashier Checks in over 20 years, not that I ever got a bad one, just too many cases of time delays and fraudulent ones. Note here, I was talking to a family member who works in a bank and she says, yes, they have had cases of bad cashier checks, they always recommend to their customers do not release the vehicle, or the title till all has cleared and this could take up to 7 days on a cashier check. Moral of the story is, it's up to the buyer to pay in funds that the seller will accept and don't be offended if they want cash.

trainman

[caderider1]

Look into E-transfer at your bank . It is a safe way to transfer funs from one to another .

Originally Posted by trainman

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

[monB]

When I bought my trailer, I was SURE I wanted it, so made a large deposit with a personal check. Two weeks later, I arrived with cash to pick it up ($6,000 if I remember correctly).

If and when I buy something for a larger amount of cash, I get the full amount from ONE bank, put it in one of their cute little envelopes, along with the receipt. I keep it apart from my travel money, and don't add any or take any out.

I also take along any paperwork/notes/other related to the sale.

This all shows chain of custody for the $$$ and that I'm *probably* not a drug dealer.

Of course, I bought from someone on this site, so there was some security in that. Don't know that I'd do that with the new system.

Mon