Selling an RV/payment
I will be selling my RV a few months later and need to understand how I can safely receive a payment. I want to sell to a private party. It's going to be selling for 40-45K. Receiving bank wire won'...
Forum Discussion
wapiticountry wrote:
Like previously posted, most bank branches aren’t going to have $45,000 in cash. And if they did, they aren’t going to cash a cashiers check for that high an amount for a non customer, even if it’s their own cashiers check. About the only way to have this style transaction go smooth and safe would be to tell the buyer to meet at his bank where he can have it arranged the cash is available and he withdraws that amount from his account and gives it to you on the spot. Hopefully you have an extremely desirable rig priced too good to be true because your need to not involve a bank is going to run off 99 out of a hundred potential buyers.
some banks will even limit the amount of cash you can withdraw from your account in a given day. And the amount is WAY less than 45K. some institutions also limit the amount of money you can transfer in a given transaction or given day. Not a limit on check transactions but limit on account to account transfers.
My credit union has a $10K/day limit on ACH transactions (total not each) same with my Bank. Only my brokerage account has a higher limit on ACH transactions. And a much lower amount on how much I can take from the ATM machine in a day. I suspect the 10K ACH limit by banks/CU may be part of the Fed reporting thing.
