Safe method of financial transaction at sale time

[golfknut]

We have our present rig up for sale and am preparing for the eventual sale.
I'm looking into a safe method of completing the financial transaction at the time of sale. The present state of things in this world makes for a lot of headaches when dealing in financial areas.

I won't trust any type of check and the sale price is too high to expect cash.

I am thinking about a direct bank to bank transfer of funds.
My credit union said the buyer would have to set that up at his bank and then I would have to provide that bank the routing number and my account number. It's a bit scary to me to have to provide that information to a strange, probably out of state bank. But I guess that information is on every check we write.

Is this a safe method?
Any other safe methods?

[dons2346]

golfknut wrote:
We received an offer from an out of state buyer and he says he can provide us a certified bank check.

Is that a safe avenue?
Better than or different than a cashier's check?

Yup, and I bet he will have his driver come pick the coach up. Am I correct?

One of the oldest scams on the books. The driver gets the coach and you get a worthless piece of paper

[Dutch_12078]

Certified/cashiers check are easily forged. Wire transfer is the safest means of moving large amounts of money from bank to bank. The buyer cannot reverse the transaction, and even the sending bank can't reverse it unless an obvious and provable error has been made.

[ILVMYGT]

That might work. I would call the bank and verify the check was issued for the mount. I would look the bank phone number separate from the number printed on the check.

You could also hold the title until the check clears, then mail it to them

[DrewE]

golfknut wrote:
We received an offer from an out of state buyer and he says he can provide us a certified bank check.

Is that a safe avenue?
Better than or different than a cashier's check?

It's basically another (newer) name for a cashier's check. I think there may be a technical difference in that it's in the bank's name alone or something, but for practical matters it's the same.

It's safe if the buyer is on the square...but then again, that's true for a personal check or most any other form of payment. Bank checks have been forged, and stop payments can be issued on them, so it's not absolutely secure if the buyer has nefarious intentions.

[azdryheat]

Nothing wrong with a cashier's check. Do the transaction at your bank.

[golfknut]

We received an offer from an out of state buyer and he says he can provide us a certified bank check.

Is that a safe avenue?
Better than or different than a cashier's check?

[time2roll]

Yes wire transfer is the safest method. If buyer has the money just drive it all down to your bank and make the transaction. If buyer needs a loan you probably need to go to buyers bank to complete the deal. Banks have people that handle this every day.

[lj2654]

We bought a coach from a private party. They banked at the same bank as us. I took some cash to them as they requested,and met them at the bank.Their bank had my bank wire the rest to their account. Their bank drafted a bill of sale and notarized it for us. We were both comfortable doing it this way. They had the title and signed it over to us and we went back to their place and drove it home.

[midnightsadie]

go talk to your bank they can guide you,and it won,t be a surprise to them when you walk in to complete a deal/

[Lwiddis]

Which out of state banks do you consider “strange?”

PS - read any reports on shenanigans by Wells Fargo? Are they “strange?”