bank check?

[Johnny Quest]

anyone run into any issues selling something to someone, and getting paid with a bank check? it sounds like the guy has the same bank as us, so ideally, we both go to the bank, and transfer funds. once they clear, i give him the title, right? maybe if i'm being overly cautious. i hate selling big $ items on ksl, and even more weary anytime they dont pay in cash

 

[Noahfecks]

As a banker I ask, why not cash? You could meet at the bank.

Bank checks or cashiers checks are actually fairly commonly faked, I would use caution

 

[Unimog]

^^ This. I just let the seller know that they will get the title or item after the check clears, which can take up to a week. If you meet at the bank that issued the check, they could likely check and cash it immediately.

 

[jeeper]

Meet at the bank. That's how I like to do it.

 

[Deleted member 12904]

How big ticket item are we talking? If it's over $30k ish I would just do a wire transfer if it's not just get cash.

 

[gijohn40]

I just sold a jeep to a guy in Idaho where he gave me 3k cash and a check for the last 1k... I told him when the check clears he will get the title. His check bounced and I was left making calls and threats about reporting the jeep stolen. but he was smart enough to get a bill of sale which is all that is needed to get a new title after a sale. not sure how this would hold up in court but I always look at the old saying possession is 9/10 of the law. if they can't some up with the full amount agreed on they don't take the product in the future.

 

[frieed]

brother received a cashiers check for a diamond ring. Check was bogus.
brother sold a gun for cash. Cash was fake.
I sold a boat for 20k to a guy from california. we went to a local branch of his bank and I watched them make out the cashiers check.
go to the bank with him.

 

[Noahfecks]

I just sold a jeep to a guy in Idaho where he gave me 3k cash and a check for the last 1k... I told him when the check clears he will get the title. His check bounced and I was left making calls and threats about reporting the jeep stolen. but he was smart enough to get a bill of sale which is all that is needed to get a new title after a sale. not sure how this would hold up in court but I always look at the old saying possession is 9/10 of the law. if they can't some up with the full amount agreed on they don't take the product in the future.

Hey john! FYI a bad check over $999.99 constitutes a felony. Probably too late and I agree with your 9/10 rule but it would be your word against that of a felon.

 

[mbryson]

At the very least, call institution to verify check is not bogus

 

[smartass_kid]

meet at a branch, have him withdraw the cash and hand it to you.

he might feel uncomfortable carrying around a large amount?

 

[Johnny Quest]

How big ticket item are we talking? If it's over $30k ish I would just do a wire transfer if it's not just get cash.

$3500. not massive. but not a hit i'd like to take, either

 

[Johnny Quest]

meet at a branch, have him withdraw the cash and hand it to you.

he might feel uncomfortable carrying around a large amount?

i've asked multiple times. something about it being needed for a business? idk why that makes a difference. english is not his first language

 

[rholbrook]

i've asked multiple times. something about it being needed for a business? idk why that makes a difference. english is not his first language

Run from it. You can take the check with him to his bank and cash it right there in front of him. Don't take chances.

 

[smartass_kid]

if it is for a business purchase it might be a line of credit that his is pulling from.
using a check with a discounted rate vs. cash advance.

go to the bank with him and cash it before handing over the keys

 

[Noahfecks]

i've asked multiple times. something about it being needed for a business? idk why that makes a difference. english is not his first language

it's fraud

It doesn't have to do with LOC, customer could draw on the line an make a CC, it's because it is fraud, specifically account take over fraud. The check will clear the bank in an attempt to get you your money in a speedy fashion, then about 5 days later they will yank it back out. The check will have a legitimate account and routing number that someone stole.

Sorry to be the bearer of bad news, I do this for a living

 

[mbryson]

Sounds way to fishy to me

 

[Johnny Quest]

it's fraud

It doesn't have to do with LOC, customer could draw on the line an make a CC, it's because it is fraud, specifically account take over fraud. The check will clear the bank in an attempt to get you your money in a speedy fashion, then about 5 days later they will yank it back out. The check will have a legitimate account and routing number that someone stole.

Sorry to be the bearer of bad news, I do this for a living

and this is what i was looking for. thanks for the heads up

 

[cuban b]

The last couple cars I've sold, I met the buyer at the bank (mine or his) and it took all the worry out of the transaction. They even have bills of sale and other useful forms at most banks. That's my go to for larger items these days.