Safest Payment Method?

[CPTKILLER]

I mentioned my experience with a fake cashiers check. The criminals are quite good with good looking cashiers checks that even fool banks. As has been said, DO NOT RELEASE THE EQUIPMENT AND/OR TITLE until the funds are cleared in your bank. This can be a 3 day to 7 day process.

As an aside, law enforcement rarely spends the resources to catch these scammers.

 

[part-time-Farmer-NC]

Some credit unions are quirky about electronic transfers. LGFCU being one. I tried a couple of times to transfer funds from my account to another institution (like etrade) they wouldn't. I'm changing banks for a better MM rate on savings so this will go away soon.

I second (or is it third) check with your bank to ensure you follow their directions.

 

[RayIN]

An aside to this;
Crooks have devised a counterfeit $100 bill that will pass the marker test. Google it.

 

[2515R Dude]

Send the money to me along with sticky note telling me were it needs to go. I got you covered

No problem, better yet give me your bank account number, the routing number, driver's license and SS. I'll transfer everything there plus 25% for your trouble.

 

[Southernspeed]

An aside to this;
Crooks have devised a counterfeit $100 bill that will pass the marker test. Google it.

Yeah and this is my biggest concern for taking cash. A bank transaction is the way to go I think, if they're open!

 

[2515R Dude]

I recently purchased a truck for $64K. My concern was i did not want to use cash but i wanted to have a backup plan if something goes wrong and i can back out of the deal without loosing money.
Called my bank to ask what was the best way. The answer was: wire transfer is impossible to reverse without big, long and usually unsuccessful fight.
The moral of this story, you are the seller, so, as soon as you get wire transfer, which is virtually immediate, it is impossible to take it from you. Go to his bank with your bank account and routing numbers available(actually if you care your check book all info is there), and have his bank to wire, not transfer the funds to your account.
It cost some $10-20, but it worth it.

 

[5030]

If you sell a vehicle or piece of equipment for a substantial value (in this case, a truck for $50k) and it's a face to face private deal, how would you take payment? Cash? That's a lot of cash. Would you trust a personal check or even a certified check? Any other suggestions? Thanks!

Cash in bills no larger than 50's.

 

[jigs_n_fixtures]

An aside to this;
Crooks have devised a counterfeit $100 bill that will pass the marker test. Google it.

All they need to do is get a bundle of fresh $1 bills, and tumble your funny money with it in the drier, with some poker chips. The funny money comes out a little worn looking and the ink transfers, so the marker test shows the ink is correct.

 

[jigs_n_fixtures]

Last vehicle I bought, I met the guy at the local credit union, where I keep my money, he signed the title, and I transferred the money from my account to his.

When I sell guns, I have them meet me at my gunsmith's shop. His full-time gig is as the lead jailer for the sheriff's office. If they are willing to meet with me in his presence, they are probably good to buy a gun. Because he knows who has been arrested for what over the last twenty years or so.

 

[chim]

Yesterday we sent #1 Son a substantial amount of money via a wire transfer from our bank to his. Cost something like $30 on our end and $15 on his. It showed up in his account right after we initiated it but his bank still told him he couldn't access it until today some time.