How can I be sure the check will be good?

[Richard]

Just saw you're in different areas

 

[sixdogs]

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 $$.

 

[zzvyb6]

10 piles of $1,000 in bundles of 100s is not that thick. And even those could have quite a few fake ones in the packets. Drivers licenses are issued by states to anyone who wants to vote more than once in the same election. Meet at the bank. Wait for the clearance. We have now have more crooks in the tent than honest citizens.

 

[Richard]

If you receive cash..... you can go to the bank and they have that money counter. My understanding is it will scan each bill and (should) stop on any that are fake so they could filter that for you.

 

[dh206]

There's a new(ish) service called escrow.com that is designed for exactly this kind of transaction.
buyer sends money to 3rd party escrow. Seller sends buyer the item with a built-in evaluation/return period (I think it's configurable), and then escrow releases money to the seller. It's kind of like Paypal but with counter-party protections and positive feedback. Paypal can be misused/cheated and doesn't have a revert capability if used independently.

 

[sixdogs]

If you receive cash..... you can go to the bank and they have that money counter. My understanding is it will scan each bill and (should) stop on any that are fake so they could filter that for you.

Plus, the responsibility that the cash is good now falls on the bank. I've met at the teller's window before for the buyer to give the teller the cash to be counted and then given to me as clear and counted. Couple minute transaction.

 

[Sigarms]

Do like the dealerships.

Every time I buy at a dealer it’s:

- cashier check
- drivers license (photo ID) with address
- call bank and verify cashiers check from that person and amount is valid

Although $10000 in cash is only 100 $100 bills. That is not overly cumbersome.

MoKelly

+1 on what I would do.

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

Look up "Civil Forfeiture".

 

[k5pat]

I had a buyer come 100 miles with 13 $100 bills to purchase some shop equipment. I assumed the cash was good, however later found out that two of
the $100 bills were fake. When you hold them up to the light the picture of Ben Franklin is imbedded in the paper. Those two were not. I called the buyer
and he claimed ignorance so I was out $200 from the sale. I'm lucky that only two were fake.
I later sold a Generac generator for $950 and the lady came 100 miles to pick it up with cash. This time I held the $100 bills up to the light and they were good so I let the
generator go. No problems with that sale.
I sold a gun and told the buyer to send a postal money order. I had no problems with that.

 

[artf]

Cash is King! Certified Checks issued by a bank can be stopped and are not guarantees of payment. Wire Transfer would be my second choice.

 

[ruffdog]

I had a buyer come 100 miles with 13 $100 bills to purchase some shop equipment. I assumed the cash was good, however later found out that two of
the $100 bills were fake. When you hold them up to the light the picture of Ben Franklin is imbedded in the paper. Those two were not. I called the buyer
and he claimed ignorance so I was out $200 from the sale. I'm lucky that only two were fake.

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.