Selling - okay to take a personal check?

[jpwiggo]

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 auto.

I know most suggest certified check, but those are easy to scam today anyway. (You need to call the back to verify, and find the bank number from Google, and confirm its a real bank.)

[Chum_lee]

Dutch_12078 wrote:
Bank to bank wire transfers have worked well for me.

Yep! I've done millions of $$$$ of (legal) foreign cash sales (US sales to Mexico and cash back to the US) and never been burned once. Go to your bank and make sure they have a commercial working relationship with the sellers bank first. You'll need to talk to someone higher up than a teller to confirm this. Letters of credit work well also but are more complicated and expensive. Then:

Go to youtube and search for "police seizing assets keeping the cash"

In many states it is now illegal to travel with large sums of cash. (over $10,000) The police can seize cash just because they "think" it might be illegal. You'll do all the work get it back. Mississippi is one of the worst. Welcome to America!

Chum lee

[kerrlakeRoo]

As has been said, certified checks are forged anymore, if he is local, meet at his bank title in hand and do it there.

[Lwiddis]

Nope. Seller brings cash to my bank.

[rgatijnet1]

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.

[Dutch_12078]

Bank to bank wire transfers have worked well for me.

[Trumpet_Player]

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.

Actually, the safest way is a bank wire. When your bank advises the funds have arrived, then give them the keys and sign the title. The wire can be verified as received almost instantly.

Safe travels.

[SidecarFlip]

Isn't that one of the 4 greatest lies... 'The check is in the mail'....lol

[rhagfo]

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.

Ow days this is the correct way to do it!!!

[DownTheAvenue]

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.

[ScottG]

No.
After the last time I sold a car I wont take cash either.
The only way I will do it is if the buyer comes to my bank with me with cash and I have a teller count it out and deposit it directly to my acct.

[Home_Skillet]

I wouldn't either one.


The buyer can go to his/her bank and get an official bank draft.

[MrWizard]

No..
Not unless he is your best friend, who is well off

It might clear your bank in a few days
Then two weeks down the road the thing bounces because of fraudulent use, id theif etc..

Real cash, get your bank and his bank involved