way2roll wrote:

Banks make this process so simple and safe I can't imagine why you wouldn't want to use the processes in place. If you have an account at a bank, not only do they have notary's on hand to complete title transfer, they can also facilitate a safe and easy funds transfer to complete the sale. They verify funds from the buyers account, complete the transfer and validate it's in your account. Zero risk. Easy and has all the safeguards in place. While it is true that transactions over $10k require a SAR (suspicious activity report) it's transparent to the customer and further mitigates risk if the bank is actually the one doing it. Some people prefer the drama of cloak and dagger scenarios, but this type of transaction happens every day at every bank and it's the safest and easiest way to handle it. Get a buyer, call your bank and make an appointment for the both of you and let them handle it. Handling cash and cashier's checks is a much riskier method and way more of a hassle - And you still need a notary for title transfer - and the bank will now file 2 SARS. Because the truth is, that method is more suspicious. Let your bank help you, it's a service they provide for free.

The fact that the OP is adamantly against wire transfers and not having the bank handle the transaction is actually more suspicious. As a buyer I wouldn't ever handle a transaction like this if the bank didn't handle it.

way2roll wrote:

Banks make this process so simple and safe I can't imagine why you wouldn't want to use the processes in place. If you have an account at a bank, not only do they have notary's on hand to complete title transfer, they can also facilitate a safe and easy funds transfer to complete the sale. They verify funds from the buyers account, complete the transfer and validate it's in your account. Zero risk. Easy and has all the safeguards in place. While it is true that transactions over $10k require a SAR (suspicious activity report) it's transparent to the customer and further mitigates risk if the bank is actually the one doing it. Some people prefer the drama of cloak and dagger scenarios, but this type of transaction happens every day at every bank and it's the safest and easiest way to handle it. Get a buyer, call your bank and make an appointment for the both of you and let them handle it. Handling cash and cashier's checks is a much riskier method and way more of a hassle - And you still need a notary for title transfer - and the bank will now file 2 SARS. Because the truth is, that method is more suspicious. Let your bank help you, it's a service they provide for free.

The fact that the OP is adamantly against wire transfers and not having the bank handle the transaction is actually more suspicious. As a buyer I wouldn't ever handle a transaction like this if the bank didn't handle it.

mountaintraveler wrote:



I don't understand what you mean.

I will need to cash the cashier's check in a local bank branch that issued the check, not my bank but whatever bank issued the cashier's check.

I guess what's suggested above, to meet in the branch of that bank and handle entire transaction there.

JRscooby wrote:




Years back I sold a trailer. The buyer had a cashiers check. Went to my bank, had them verify the check was good by calling bank where buyer got loan. Deposited check, had bank notaries stamp signature. At same time, same buyer bought another trailer from friend, same deal.
As turns out, I was lucky. I was selling because did not need the trailer. Friend was selling because needed money. Couple weeks later, he had checks bouncing, and I got notice of balance reduction.
Turns out buyer had used a good copy machine, cashed the real checks. Friend called sheriff of buyer's home county, was told civil matter, friend would have to sue.
And when you talk of cashing check, that has risks. There is chance you will meet bad actors. Some will take cash illegally, others take cash, make you pay lawyer to get it back. (Look at CAF laws)

mountaintraveler wrote:



No, I don't want to deal with banks. My question was about cash transaction. Walking out is fine, as soon as the buyer isn't shady. I will not sell to a shady buyer, have pretty good spidey sense about people. Just want to make sure I won't be given fake cash, so won't sell to cash directly one on one. Banks parking lots are pretty safe, and I'd drive around to lose anyone who might be trailing me (I've been around some dangerous places in this world, know the procedure)

ktmrfs wrote:

show up at a bank with more than 10K cash to deposit into an account and you will need to provide plenty of identity to deposit the cash. and the deposit will be reported to at the very least the feds. Part of the money laundering problem. doing multiple small transactions won't get around it unless they are well spaced out.

Last time I sold a motorcycle it was for cash, about 5K and even though the bank tellers knew me, and it was under the 10K limit I still had to answer a bunch of questions, have my ID photocopied and sign some documentation to deposit the money into my account.

From the fed's

When a cash deposit of $10,000 or more is made, the bank or financial institution is required to file a form reporting this. This form reports any transaction or series of related transactions in which the total sum is $10,000 or more. So, two related cash deposits of $5,000 or more also have to be reported.

And whomever provides you with the cash will need to go through the same process since withdrawls above 10K also must be reported to the feds. Again it's cumulative withdrawls over a period of time, so breaking them up likely won't get around it.

ktmrfs wrote:


If the OP cashed the check and gets cash it will still be reported to the feds
And unless the OP is putting the money in a mattress a bank/credit union/brokerage etc. will also be reporting the transaction.

So instead of ONE transaction being reported, two will be reported.

Less headache to use a transfer between accounts

JRscooby wrote:




Years back I sold a trailer. The buyer had a cashiers check. Went to my bank, had them verify the check was good by calling bank where buyer got loan. Deposited check, had bank notaries stamp signature. At same time, same buyer bought another trailer from friend, same deal.
As turns out, I was lucky. I was selling because did not need the trailer. Friend was selling because needed money. Couple weeks later, he had checks bouncing, and I got notice of balance reduction.
Turns out buyer had used a good copy machine, cashed the real checks. Friend called sheriff of buyer's home county, was told civil matter, friend would have to sue.
And when you talk of cashing check, that has risks. There is chance you will meet bad actors. Some will take cash illegally, others take cash, make you pay lawyer to get it back. (Look at CAF laws)