Selling - okay to take a personal check?
Selling my Class A DP. Is it okay to take a personal check for the funds? I DO NOT transfer title until the funds clear. Thus if the check bounces then that's fraud, perhaps even grand theft au...
Forum Discussion
rgatijnet1 wrote:DownTheAvenue wrote:rgatijnet1 wrote:DownTheAvenue wrote:
Meet the buyer at his bank and get cash directly from the bank. Then immediately buy a cashiers check with that cash. That is the safest way. That way, the buyer cannot stop payment on any check, and he has no control over any of the funds you receive. If he buys a cashier check, he can stop payment on it.
Accepting a personal check is not wise. Always meet the buyer at his bank.
A lot of banks do not have much cash on hand anymore, without making prior arrangements. I prefer a wire transfer directly in to my account. It cannot be reversed, the funds are verified by my bank, and I don't have to worry about anything that could go wrong.
All done at the same bank, you would not actually be holding that much cash, I used that more to describe the transaction.
Wire transfers can be reversed.
Can a Transfer Be Reversed After Being Accepted?
Once a wire transfer has been accepted by the recipient's bank, there are only a few circumstances that allow for the reversal of the wire transfer under the Uniform Commercial Code. The only available options for reversing a completed transfer are if the sending bank made a mistake, if the payment order was a duplicate of a previous order, or if the order is for an amount greater than the beneficiary was entitled to receive under the transfer. In those cases, the beneficiary's bank will recover the funds improperly paid to the beneficiary.
Thank you for confirming my statement that wire transfers can be reversed.
