Forum Discussion
George3037
Dec 02, 2017Explorer
The seller probably wanted cash. Not all cashiers checks are a scam but cashiers checks can be cancelled through various means depending on the bank / finance co.
I had it happen to me once when I sold a vehicle. I accepted a cashiers check drawn on a local bank (not a bank I deal with). I deposited the cashiers check in my bank the day after the sale and my bank put a 7 days hold on the money. 7 days later the bank called me to say the funds didn't go through that the check had been cancelled. I had to hire an attorney and sue the guy to get my money. I eventually did at a cost to me plus the delay waiting for my money.
I just sold another vehicle last week and the buyer gave a cash deposit and wanted to pay the balance with a cashiers check. I politely told them no and my reason. They understood and brought cash the next day.
Here's a link to see how to cancel a CC.
https://firstquarterfinance.com/can-you-cancel-a-cashiers-check-stop-payment/
I'm not saying you would do this but you don't know the seller and he doesn't know you. Take cash and a backup person or two to any sale or purchase.
I had it happen to me once when I sold a vehicle. I accepted a cashiers check drawn on a local bank (not a bank I deal with). I deposited the cashiers check in my bank the day after the sale and my bank put a 7 days hold on the money. 7 days later the bank called me to say the funds didn't go through that the check had been cancelled. I had to hire an attorney and sue the guy to get my money. I eventually did at a cost to me plus the delay waiting for my money.
I just sold another vehicle last week and the buyer gave a cash deposit and wanted to pay the balance with a cashiers check. I politely told them no and my reason. They understood and brought cash the next day.
Here's a link to see how to cancel a CC.
https://firstquarterfinance.com/can-you-cancel-a-cashiers-check-stop-payment/
I'm not saying you would do this but you don't know the seller and he doesn't know you. Take cash and a backup person or two to any sale or purchase.
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