How do you tell if it's a scam or not?

[stumpfield]

I got a question for my fellow TBN'ers. I'm selling a trailer to someone from out-of-state. He will come to get the trailer and pay me with a cashier's check. He got a loan from his bank and the bank gave him a cashier's check for the full amount. He gave me a phone number to call to verify this cashier's check before he will come out to get my trailer. I got a little suspicious when i receive a phone call today from someone claiming she's with the bank that issued the cashier's check and assure me it's a good check. Why would the bank to that? Sounds a little fishy. I do want to get rid of this trailer. I ask for green cash. However, he's not comfortable carry $15k of cash and drive 500miles to see me. I can understand that.

Have you made any deal similar to this? e.g. sold or bought a tractor or something similar.... How do you handle the payment?

 

[Bird]

You said he got a loan from his bank. Didn't you find out the name of the bank? Instead of calling a phone number that he gave you, I'd look up the phone number for the bank. And no, I would not be satisfied by someone calling me and claiming to be from the bank. Do you have caller ID on your phone so you can see the number the call came from. And of course, I'd also be sure to record the license number of the vehicle he's driving when he comes for the trailer, and I'd ask to see his driver's license and write down the information from that.

 

[dfkrug]

I have done it more than a few times. First, I don't want
to RECEIVE $15K cash either. When you deposit more than $10K,
your bank or CU must report it to the IRS.

2nd, cashier's checks are OK if you can look at them and call the
issuing bank DURING BIZ HRS. Most checks will have watermarks
and/or other security features, and ALL have a tel# to call. Won't
work on a wknd. So, I ask that if someone is bringing a Cashier's
check, it must be BIZ HRS, during the week. Some send them in
advance, but that is risky for the buyer. Good for you, however.

Going to World AG Expo next week? I will be staying in Oneals, very
close to Yosemite.

 

[bamatoolmaker]

Banks do not call and assure you their checks are good.Take the check and the buyer to your bank to confirm validity.Counterfeit money is printed everyday why not a cashiers check or a money order.Selling to someone out of state will make it harder should you let them take your property and have to prosectue theft or litigate collections.

 

[dirtworksequip]

Have the buyer give you the check number and issuing bank. Then look up the phone number and call the bank to verify that the check is good. Its as simple as that. Or you could have the the buyer wire transfered the funds into your bank account. It willl cost the buyer about $15.00 to do a wire transfer.

 

[lopezian]

He gave me a phone number to call to verify this cashier's check before he will come out to get my trailer. I got a little suspicious when i receive a phone call today from someone claiming she's with the bank that issued the cashier's check and assure me it's a good check. Why would the bank to that? Sounds a little fishy.

That doesn't sound a little fishy - it sounds VERY fishy! I doubt any "bank" is going to call you out of the blue to confirm the authenticity of a check.

There is a slightly more complicated scam that involves a cashiers check made out for more than the amount of sale. You can read about it on snopes. That site specifically mentions Nigerian buyers but the scam has been pulled by less exotic nationalities too.

Be aware that even after your bank has cashed the check and released the funds, the check has technically not "cleared". It may come back as fraudulant two weeks later and your bank will freeze your account to recover the funds. Even if the issuing bank verbally assures you that the check is valid, that is in no way a legal obligation on their part to honor the check.

The only really safe course for the seller is pure cash.

 

[stumpfield]

The only really safe course for the seller is pure cash.

That's what I thought. Green cash is safer. Of course, it can be counterfeit too. In this case, the buyer don't want to carry cash. I never met him in person yet. This deal is via numerous emails and just 1 phone call. His bank doesn't have a branch in my area. It's not a well known bank (at least I never heard of it). I was going to call the bank but it beat me to it by calling me first. That's why I was a little supprise. The caller ID I got does match the area code and prefix of the bank but not the exact phone number listed.

 

[stumpfield]

Going to World AG Expo next week? I will be staying in Oneals, very
close to Yosemite.

O'neals. That's where bought my septic tank. That's a lonnnnng drive from O'neals to the AG Expo.....

 

[NewToy]

I went through a similar situation with a Corvette I sold. The guy had a 18K cashiers check and was ready to pick it up. He lived about 5 hours away and also was uncomfortable carrying cash. I checked with my bank and was informed a cashiers check must also go through the clearing process. I asked if they could call the bank it was drafted on and confirm it's validity and that was a NO. I told the guy I would deliver the car and go to his bank with him and get the check cashed. He agreed and it was smooth sailing. He was so honest when I went to the DMV with him to transfer the intra state title he never asked me to shave the sale price to minimize his tax exposure. This was 4 years ago and we still talk, real nice guy. Too many scammers out there to watch your trailer leave and sweating the check to clear for 3-4 days. Deliver it to him and get the cash. As far as the 10K IRS deal, just make two deposits, no problem. You obviously have a shaky feeling about the whole deal so do yourself a favor and deliver it and get the CASH. Work out the gas expenses and save yourself an ulcer or worse. I have never worried about carrying cash, can't see the big deal. Put it under the seat and go about your business. No biggie.
John

 

[dsb5610]

I purchased a Toolcat from a private party. The machine was not out of state (roughly a 5 hour drive) but the seller was. When looking into payment options, both banks (buyer/seller) suggested there are known scams related to cashiers check and recommended a wire transfer as the safest way to make payment. Keep in mind a wire transfer does not happen instantly, it can take 1-2 hours to be confirmed. I traveled to see the machine and once I verified it was as described I called my bank and requested the transfer. While waiting for the transfer to clear I loaded the equipment. The seller's bank eventually called to confirm the transfer was successful and I was on my way.

dsb