rlb

I'm selling my car and would like to know what is the safest type of payment to accept from the buyer. It seems like a Bank check is a little safer than a Certified check, but I read they can both be stopped. I would prefer cash but the sale amount is $11,000 and anything over $10k is scrutinized for possible money laundering.

P Casey

iTrader: (13)

meet the person at your bank...............

rlb

But what type of payment should I get? I would like to go to their bank with them and get a Bank check and then go to my bank and deposit the Bank check. I am worried that they could stop the check, withdraw their funds, or reverse the check. Is a Bank check ok as long as I am at their bank when they issue it? Or should I really tell them I only want cash?

Beer Magazine

Actually you'd have to meet them at THEIR bank. There is always some risk, but keep the title until the check clears. I think one of the bank checks is like a money order where the money is taken from their account when they make the check.

The "over 10K" cash deposit is really easy to avoid...Deposit some one day, some the next day. Not that difficult.

rlb

I definitely will go with them to their bank but they will want the car and title when they give me the $. If I go directly to my bank and deposit the Bank check, will there be any way for them to stop the check or take their $ back?

mikelr

iTrader: (1)

How about a bank wire transfer of the funds into your account? I've done that in the past on larger vehicle purchases.. bank usually charges like $10 to do it.

P Casey

iTrader: (13)

I say ask them for a cahsiers check and meet them at their bank while they get it, then travel to your bank and deposit it, once the deposit is made then give them title, keys, ect

rlb

I thought about that but when I checked the fees were like $30 to send and $20 to receive. Plus, the hassle of exchanging bank info...

rlb

That is what I would like to do. But is their anyway to stop or reverse the Bank check?

Boomer-Bob

iTrader: (1)

IMHO Bank checks can be faked. If it's already printed when you see it, you really don't know who printed it. You *might* be able to get an escrow of sorts. If not, next best would be to go with the buyer to his bank and have the bank present the check directly to you, drawn on the *banks* account. (Association or "certified" check)

rlb

Yes, I will go to their bank and witness the issuing of the Bank check. But is their any way for them to stop or reverse it?

Black Betty

iTrader: (60)

If you're not laundering money why are you worried about the $10K requirement? Go with them and watch them get the $11K cash form a bank. Take the $11K cash and know it's legit - not stolen or counterfeit. Give them a receipt. Transfer the title. Done.

P Casey

iTrader: (13)

or just do that^^

rlb

Ok, I like the cash option best too. When I casually said I would like cash they suggested a certified check as they did not want to carry the cash. I was just trying to think of some other options and how to protect myself. If they balk at cash, and I can witness them getting the Bank check, would that be safe for me?

Boomer-Bob

iTrader: (1)

The bank can give you their policy based on the method of payment. USUALLY "certified" checks can not be stopped even if lost... until a set amount of time has passed, usually months. Your milage may vary.