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I'm going through the same thing now Posted by DougM [Email]  (#211)  [Profile/Gallery]
(more from DougM) on Tue, 31 Aug 2004 10:27:34
In Reply to: Selling, accepting cashiers check?, Morgan Davis, Tue, 31 Aug 2004 09:12:36 Members do not see ads below this line. - Help Keep This Site Online - Signup |
The buyer wanted to wire the funds directly into my bank account, but the bank highly advised me against giving out my account info to a stranger. They suggested the best means of payment would be a cashiers check. Of course we all know the problems which could occur with a counterfeit cashiers check, especially if you release the car before the check comes back.
I received the check overnight and immediately deposited it into my account. The teller filled out a paper basically telling me it would be 5 days before the check would clear. If you read Scott's frudster pages you will find that 7-10 business days is more the norm for checks to go across the country. In my case the distance is 2500 miles, and the check amount exceeds $10k.
My check was from Bank of America, and a phone number of the branch it was drawn on was included on the face of the check. I called them yesterday and gave them the check number, and they verified it was legitimate. I guess if a scammer was high tech he could set up some phony phone number and have some woman at the other end of the phone say it was a good check.
There has to be alot of trust between the parties, especially in my case, since the buyer has no intention of seeing the car before sending the money. Plus he is arranging shipping and trusting me that I will have the car to put on the truck(the shippers are picking it up at my house). He also isn't having the car shipped until after Labor Day, so that gives me more time to verify the check is good.
If they are picking the car up at your home, cash would be the safest method of payment. I would not release car or title unless the payment is secure. A cashiers check is certainly not secure in this day and age.
If you release the car and keep the title, wouldn't that be a total inconvenience for you if the check came back phony, then you had to go get the car back? What if they had it trashed by then?
Hope it works out for you! I'm very happy with the way mine is turning out.
posted by 68.68.16...
, Tue, 31 Aug 2004 12:07:51, Tue, 31 Aug 2004 10:27:34 <-- Viewing This Message, Tue, 31 Aug 2004 10:20:10, Tue, 31 Aug 2004 10:47:38
, Tue, 31 Aug 2004 22:22:03, Wed, 1 Sep 2004 01:09:56
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