How can I be sure the check will be good?

[meackerman]

Last time I sold a house, the Title Company said that they where getting so many fake Certified Checks that they hold them just like a personal check. If you are getting cash from the house you just sold, it will take a week or two for them to issue that check.

last two houses we bought the title company only accepted funds that were wired to them. no checks of any kind. They might have also accepted cash, but no way I'm carrying that kind of money around.

 

[MurphDaSurf1956]

I'm probably going to sell a piece of equipment for around $10,000. If the buyer wants to pay with a check, how can I be sure the check is good?

Of course I would prefer cash, but I know that when I buy something, I prefer to pay with a check.

Can I go with the buyer to my bank and find out? Is there another way?

As a retired Detective Lieutenant who investigated white collar crimes, I suggest you hold the check till it clears. Even guaranteed instruments came be forged but if your bank is sharp, they should be able to tell you.

 

[MurphDaSurf1956]

If I had the person's phone number, I wouldn't be "out" the money. The buyer is guilty of passing counterfeit money and the feds should be called. Also, it is up to the buyer to make good on the purchase with real money.

Always check them one by one and look for the number on the strip. They can wash lower denomination bills and print $50 and $100 over them. Paper will be good and they'll have a stripe BUT it won't match the printed denomination.

 

[Stewart17810]

I'm probably going to sell a piece of equipment for around $10,000. If the buyer wants to pay with a check, how can I be sure the check is good?

Of course I would prefer cash, but I know that when I buy something, I prefer to pay with a check.

Can I go with the buyer to my bank and find out? Is there another way?

Something else to consider is the check can clear your bank and you can get cash in hand but the your bank will tell you that they have at least a month to clear the persons bank that is making the purchase and if it doesn't make it, your bank will debit your account for the bad check.

 

[MurphDaSurf1956]

Something else to consider is the check can clear your bank and you can get cash in hand but the your bank will tell you that they have at least a month to clear the persons bank that is making the purchase and if it doesn't make it, your bank will debit your account for the bad check.

True dat! They'll cash forgeries and eventually when the receiving bank rejects it, they'll come looking to you for the cash!

 

[fried1765]

That might sound like a good idea but not always possible. The last machine I sold went to Michigan and I’m in TN. Was the buyer going to mail me a check and let me cash it before he even sees the machine and hope it exists when he gets here? Probably not. Is he going to drive down with a check and come back to get it later? Probably not. Am I going to drive to Michigan to meet at his bank? Definitely not. He brought me about half the amount in cash and a cashiers check for the rest. I had insurance on the machine so I wasn’t that worried. The chance of someone bringing me $40,000 cash was about zero so the options I had were to take the check or to trade it at the dealer for $6,000 less then I ended up selling for.

Why not a "wire" after he sees the machine?
Should only require a couple of hours for the wire to process while the buyer hangs out.

 

[fried1765]

True dat! They'll cash forgeries and eventually when the receiving bank rejects it, they'll come looking to you for the

Something else to consider is the check can clear your bank and you can get cash in hand but the your bank will tell you that they have at least a month to clear the persons bank that is making the purchase and if it doesn't make it, your bank will debit your account for the bad check.

Something else to consider is the check can clear your bank and you can get cash in hand but the your bank will tell you that they have at least a month to clear the persons bank that is making the purchase and if it doesn't make it, your bank will debit your account for the bad check.

Something else to consider is the check can clear your bank and you can get cash in hand but the your bank will tell you that they have at least a month to clear the persons bank that is making the purchase and if it doesn't make it, your bank will debit your account for the bad check.

TRUE,.......But most folks do not realize this!

 

[meackerman]

Always check them one by one and look for the number on the strip. They can wash lower denomination bills and print $50 and $100 over them. Paper will be good and they'll have a stripe BUT it won't match the printed denomination.

always look at both sides. When I worked at BofA, we took a trip to their cash vault if SF. They let us look at some counterfeit bills...a few of them were perfect on the front side, but looking at the back side it was obvious they were fake. At the time (early 1990's), the people at the cash vault were more effective at finding fake bills (usually by the feel of the paper), the fancy machines they had to detect fakes weren't as effective.

 

[Rob REECE]

I'm probably going to sell a piece of equipment for around $10,000. If the buyer wants to pay with a check, how can I be sure the check is good?

Of course I would prefer cash, but I know that when I buy something, I prefer to pay with a check.

Can I go with the buyer to my bank and find out? Is there another way?

Only take cash. Checks take time to clear and are a headache.

 

[TractorGuy]

Good luck calling a bank for verification. I accepted a check for a motorcycle a while back. I called the bank it was drawn on (Wells Fargo) and discovered they had no way to reach a person. I walked in our bank to deposit it and asked if they could get it verified and the answer was no. I just had to put it in and see if it cleared. Thank goodness it cleared with no problem.

 

[Cougsfan]

Checks can have no money to back them. Cash can be counterfeit, as can cashier checks or other "safe" notes. Better just not sell anything and stay in bed with the covers over your head. Either that or use common sense and have a reasonable amount of trust in people. Going through life assuming everyone is out to cheat you doesn't seem to me to be a very pleasant existence.

 

[quarencia]

There have been a number of threads on this and bottom line is that many things can be counterfeited and payment can be stopped on cashier checks, bank drafts, etc. Wire transfers can be reversed. If it matters, I understand the cash/check business and have stopped and reversed things and was no big deal.

Most people are honest but some aren't and I'm not taking on the added risk of figuring out who's who, especially when it's an internet transaction and you'll never find the people again. My job is to deliver the product and the buyer's job is to deliver good, meaning negotiable funds.


When I sell something these days, first choice is cash. Second place is to open an account at a branch of the bank I deal with. Then we go into my branch and you do a cash transfer from your account to mine. The buyer removes the cash from his act and I deposit in mine.

Third place is to wait two days after you give me a cashier's check or bank draft. In the mix is the escrow acct at an attorney or postal money orders since they can be verified on the net.


Now, if you want to know the value of that $10,000, just try to borrow it from someone on the street and give them a cashiers check for the $$.

It is illegal in all 50 states and all US territories for a bank to refuse payment on legally presented certified check drawn on that institution. Doing so would violate banking laws that comprise the Uniform Commercial Code. The only way a bank can cancel a certified check is for the person who purchased it to return the original check to the issuing bank. The bank will take back the original check and release the funds held to cover the check….but your fee is forfeited. The only way around this is some form of fraud. There is no way to stop payment or cancel a certified check without presenting the original signed draft.

 

[ROUSTABOUT]

I'm probably going to sell a piece of equipment for around $10,000. If the buyer wants to pay with a check, how can I be sure the check is good?

Of course I would prefer cash, but I know that when I buy something, I prefer to pay with a check.

Can I go with the buyer to my bank and find out? Is there another way?

Don't do a check and a check won't be a problem. Wrap cash in tin foil and hide it in the vehicle somewhere. Cops like to confiscate it.

 

[ROUSTABOUT]

I've sold two implements. Each for around $1500. I told the buyers - cash only. It was no problem for the buyers in either deal.

And, NO, I do not have one of those "cash sniffing" pens. Neither does my local bank. OR, at least, they did not use it when I deposited 31 - $100 bills.

Real money has RFID chip in it. That is why you should wrap large amounts in aluminum foil. Cops love civil forfeiture. 8000 is the going rate to get your cash back.

 

[ROUSTABOUT]

+1 on what I would do.

However, I'd never travel with a large amount of cash on me.

Look up "Civil Forfeiture".

Wrap in foil and hide it. Should be fine.

 

[ljjhouser]

Better safe that sorry. Take cash (while it is still good), check and hold machine until cleared by bank, or meet him at the bank with tractor keys to give him and any paperwork (bill of sale) AFTER you have secured the cash by transfer or cash received from the bank. However, I also think any movement of cash more than 10000 from the bank will be reported to the gov by the bank. So, if I received cash, it would go directly to my bank to be accounted for. Civil forteiture is interesting. I did not know that. Don't think I like that much. It sounds like being robbed in broad daylight while standing at the police station.

 

[wsc9tt]

"hold the check until it clears" doesn't work the way you think. This is a common scam method. A check will appear in the balance of your bank account before it has ever been validated.
I have received lots bad checks and only avoided being taking by paranoia. Just say no. Have them write a check to Walmart and get a money order.

 

[fishdrivel]

Cash or cashier's check only. If the buyer has no other choice then I would hold the equipment until the check cleared.

Holding the check until it clears is not safe. Charges can still be reversed. Some banks will reverse charges when it "cleared" a month earlier. I know, I learned the hard way.

 

[marhar]

I'm probably going to sell a piece of equipment for around $10,000. If the buyer wants to pay with a check, how can I be sure the check is good?

Of course I would prefer cash, but I know that when I buy something, I prefer to pay with a check.

Can I go with the buyer to my bank and find out? Is there another way?

You have a few options: If you have agreed up the price you can ask for a "cashiers check" from his bank. Not a certified check..often the words are used interchangeably but they are different. " Click on the word check to see the of a certified check... "A certified check does not draw funds right away from an account holder's account; the money stays in their account until the check is cashed. A cashier's check, on the other hand, immediately withdraws the funds from an account and is then held by the bank until the payee cashes the check. This is an additional step that makes a cashier's check more secure".

If you have not agreed on the price of the equipment I would go to the buyers bank with him and have him "buy" a cashiers check (issued to you).

If you go to your bank with the buyer all that you can be sure of is that at that very moment his check is good (your bank can call and verify the check is good at that instance; if another check clears later in the day your check may no longer be good. OR if he write two checks for the same amount the same day one may clear and the other may be “non-sufficient funds” (NSF).

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[2wheelz]

Wire transfer, only way to do it, open a free savings account have them transfer the money in. As soon as it hits the account move it to a different (checking) account or just withdraw it. When you are done close the extra account or just keep it for things like this.
No headache no worries.
Cashiers checks are a thing of the 90's the last time I asked for one my bank basically said why? These are so easily forged we just do not deal with them any longer.
Why would you want to count out $10k in cash?