Cashiers checks for payment of boat sale

[RAT Attack]

Re: Cashiers checks for payment of boat sale

Trust is a two way street.

As the buyer, would you feel comfortable driving 700 miles to met someone you never met with them knowing full well that your showing up with cash in your pocket?

People are robed all the time in this scenario. We had a guy shot and killed a couple of weeks ago doing the same thing. The people got $250 off the dead body.

I see what your saying, so, how about Travelers Checks???

 

[jonesg]

Re: Cashiers checks for payment of boat sale

My wife works for bank of America fraud division ,
you should see the stacks of fake bankers checks.
Postal orders etc, they often don't even bother chase them.

Try passing a fake $20 note and see how they dog you.
Cash is king.

Fake checks pass because they are only verified to see if theres funds available, then the funds dissapear and the check turns out fake much later...and the money is taken back by the bank.

I sell and buy cash only, if anyone thinks they might get robbed fine, go buy someplace else. Simple enough.

 

[DianneB]

Re: Cashiers checks for payment of boat sale

I just bought a boat yesterday and made payment in one certified cheque. I don't know if that's anything like "a cashier's cheque" south of the border but the certified cheques up here are pretty fancy - a lot of embossed numbers, multiple signatures from the bank, bank stamps, and so forth. Sure anything can be forged but it the risk that high? I suppose if I was buying or selling a boat for many tens of thousands of dollars, I would do the transaction at the bank and have them verify funds before the transfer was signed.

 

[Silvertip]

Re: Cashiers checks for payment of boat sale

While it is true cashiers checks can be easily created, it is also true they can be easily verified. A check, -- any check -- must be drawn on an institution. Step 1) If you don't recognize the institution, don't take the check. Step 2) During the negotiations, ask for the name, address and phone number of the instituion the buyer will be using to obtain the cashiers check. Step 3) Get on-line and verify that thie institution actually exists. Call them with a couple of simple questions to verify this is not simply a residence or cell phone number. Step 4) When the buyer shows up, call the institution and have them verify that they actually wrote the check and match the serial number and name(s) on the check.

That said, cash is always best and make the transaction at YOUR bank and deposit the money immediately. No danger of being held up on the way from wherever to your bank.

 

[saildan]

Re: Cashiers checks for payment of boat sale

I have sold one of my two boats and have received 2/3rds of the price.

I can either get the balance via a bank wire transfer or a cashier's check.

My question is:....can a cashier's check be "revoked" by the buyer before I have a chance to deposit it?

Reason I am asking is because by the time I get this cashier's check in hand and deposited.....it will be about 2 weeks.

My bank explained to me, a cashiers check, especially one drawn on a foreign bank, can float in the system for months. Your bank will hold the check you cash for a certain period, then they will make the funds available to you on the good faith the check is progressing through the system. BUT - if the check later proves to be no good, your bank will take back those funds - Right Now!

Consult with your bank about the method of payment they recommend.

Here are a couple of examples of BOGUS cashiers checks I received as partial payment for a boat in the old Over Payment scam. As you can see by the payee, I saw it coming and just let them give me a couple of souvenirs for the inconvenience of corresponding with the buggers.

Originals of these checks now reside in the
hands of the FBI in their respective issuing states

If your buyer doesn't want to carry cash across the country suggest they get a certified check, or money order, or Travelers checks, or whatever they like from a bank in their town who also has a branch or affiliate in your town.

Remind them to verify what ever they choose will be immediately cashable when they arrive in your town.

When they arrive to pick up the boat they go to the bank and cash their own check made out to them and bring you cash.

- oh, and don't accept any overpayment with an agreement you'll forward the overage back to them.

My policy is, if you over pay I'll send you a Thank You card.


More scam info -

http://www.oag.state.tx.us/oagnews/release.php?id=364

http://www.snopes.com/crime/fraud/cashier.asp

http://www.sailingtexas.com/chumor4.html

 

[tashasdaddy]

Re: Cashiers checks for payment of boat sale

according to my bank as soon as a bank to bank, electronic transfer is received, it cannot be revoked. i have sold several overseas this way.

 

[scoutabout]

Re: Cashiers checks for payment of boat sale

Ask your bank what they need to be able to instantly confirm you have the cash in your account. That's how the gentleman who originally owned the Scout and I worked it when I bought it from him.

I flew and drove good long way from Canada to North Carolina. We splashed the boat, I gave it a good sea trial, then we hauled it out, went straight to his bank whereupon I handed a certified cheque from my bank to him. We signed the sales agreement then he handed the cheque to his bank manager who disappeared for ten minutes and returned confirming the money was now all in his account.

We shook hands, went outside, transferred the boat trailer to the U-haul truck I'd rented for the very long drive back and I rode off into the sunset. Not difficult at all.

In fact, here's a shot of me....outside his bank...about to drive off into the sunset...It was a happy day. (Actually, as I was driving north, the sun was setting beside me, not in front of me... )

 

[Home Cookin']

Re: Cashiers checks for payment of boat sale

as to cash--you have to register cash over $10,000.

On any transaction, the buyer may be just as suspicious as the seller. Thre are fake checks and fake titles. Comes to a point of trust coupled with judgment and common sense: 'trust everyone but cut the cards."

 

[Stachi]

Re: Cashiers checks for payment of boat sale

I have sold one of my two boats and have received 2/3rds of the price.

I can either get the balance via a bank wire transfer or a cashier's check.

My question is:....can a cashier's check be "revoked" by the buyer before I have a chance to deposit it?

Reason I am asking is because by the time I get this cashier's check in hand and deposited.....it will be about 2 weeks.

Can an unscrupulous buyer rush to his issuing bank and "cancel" that cashier's check before it's deposited?

If I accept a wire transfer to my account, the buyer is going to have to wait until I can verify the funds are deposited to my account before he drives off into the sunset with my boat in tow.
No telling how long that would take, and he is coming 700 miles to where the boat is, and should be prepared to wait until the funds are verified right?

First of all , whenever I sell anything, the sale does not commence unless full payment, in cash is received by me. I don't care what agreement you write with the 'buyer' local state laws will apply. That means that even if the buyer signs a paper saying it is a non-refundable downpayment...he will win in court if your state laws say different. In this case , the buyer should open an account in YOUR bank, so the transfer can be completed.
Countless times I have seen people , who ask to put their car on our shop lot to sell it, and they take down payments and end up having to give the money back and cannot sell the car until released from the agreement with 'buyer'.
We sell cars off of our shop lot that we buy ,repair and try and turn a profit off of., it's part of our business and we NEVER take a downpayment..we learned early on not to do that.

 

[Stachi]

Re: Cashiers checks for payment of boat sale

Ask your bank what they need to be able to instantly confirm you have the cash in your account. That's how the gentleman who originally owned the Scout and I worked it when I bought it from him.

I flew and drove good long way from Canada to North Carolina. We splashed the boat, I gave it a good sea trial, then we hauled it out, went straight to his bank whereupon I handed a certified cheque from my bank to him. We signed the sales agreement then he handed the cheque to his bank manager who disappeared for ten minutes and returned confirming the money was now all in his account.

We shook hands, went outside, transferred the boat trailer to the U-haul truck I'd rented for the very long drive back and I rode off into the sunset. Not difficult at all.

In fact, here's a shot of me....outside his bank...about to drive off into the sunset...It was a happy day. (Actually, as I was driving north, the sun was setting beside me, not in front of me... )

thats a pretty boat ! what is all of the brightwork over that engine?