valhalla360
No paticular place.
Senior Member
Joined: 08/19/2009
View Profile
Good Sam RV Club Member
|
JRscooby wrote:valhalla360 wrote:
It's not a question of "trust". Banks operate under rules that they can't violate...and no, if you deposit a bad check and the rules allow, they aren't going to eat the loss.
Well maybe the "rules" allow the banker to tell their customers "Yes, this is good as cash" before we accepted the checks, then week later, "No, sorry, the check is no good"
Over years that bank made money from us. Would not of trusted anybody there to run a 13 speed up threw the gears while keeping truck 'tween the ditches, but expected them to be experts at keeping my money safe.
The only reason I brought this up was to hint to OP that wire transfer is safest way to make deal.
If they told you that, you have a lawsuit against the bank...but that's probably not what they said and you didn't get it in writing.
Tammy & Mike
Ford F250 V10
2021 Gray Wolf
Gemini Catamaran 34'
Full Time spliting time between boat and RV
|
wapiticountry
Mountain West
Senior Member
Joined: 10/02/2011
View Profile
Good Sam RV Club Member
 Offline
|
PA12DRVR wrote:Interesting thread.
If the OP is by chance still observing, one way to avoid 99.99% of the hassle / risk of banks / cashier's checks / cash reporting would be to have a title company (or the escrow department of banks that still offer the service) simply undertake an escrow service: will add a few days to the transaction time, but eliminates risk and (IMNSHO) lots of hassle.
Don’t think there are Escrow companies that pay out $45,000 in cash. They wire or use cashiers checks. For some reason the poster wants to instantly have a big stack of greenbacks, nothing else.
* This post was
edited 07/31/23 12:19pm by wapiticountry *
|
LouLawrence
Traveling the US fulltime since 2000.
Senior Member
Joined: 03/16/2021
View Profile
|
Interesting thread? How many RVers do you think this might apply to? I am thinking less than 1%. It's fun fodder, I suppose, but, otherwise, this thread went off the rails long ago.
|
JRscooby
Indepmo
Senior Member
Joined: 06/10/2019
View Profile
Offline
|
valhalla360 wrote:
If they told you that, you have a lawsuit against the bank...but that's probably not what they said and you didn't get it in writing.
It is exactly what was said, but know we didn't get it in writing. Friend asked the manager point blank, "If I take this Cashiers Check will I have the money to pay to overhaul my engine?" Banker made promise, but when repairs where done, there was no money.
BTW, that bank was located on truck route, on one side of large vacant lot. Other side of lot, insurance agency that sold policies geared to our industry. It was handy to pick up settlement check, stop at bank on way home, deposit in 3-4 accounts. I know of at least 30 1 to 3 truck operators that used that bank at the time. After the "buyer" was ranting about it was my fault his truck was impounded, his wife was arrested, the hand asked me about it plus our friend that could not get truck out shop, the story got out. I know at least dozen that changed banks. I can't say that was the reason, but less than 10 years later the bank sold.
|
nickthehunter
Midwest
Senior Member
Joined: 07/18/2005
View Profile
Offline
|
Do you ever proof read what you write?
|
|
|
Grit dog
Black Diamond, WA
Senior Member
Joined: 05/06/2013
View Profile
Offline
|
^ Guessing not…just babble.
2016 Ram 2500, MotorOps.ca EFIlive tuned, 5” turbo back, 6" lift on 37s
2017 Heartland Torque T29 - Sold.
Couple of Arctic Fox TCs - Sold
|
Scottiemom
Florida
Senior Member
Joined: 09/09/2003
View Profile
|
There is at least one escrow company that would do it. My son used them with a sticky situation buying a jet ski for $12,000. The sticky part was the son co-owned the jetski with his dad whose name was on the title and there was a lien. The dad was in on the deal, wasn't shady or anything and the dad and son both cooperated. So my son used an on-line escrow service to handle it. No money was delivered until the title was released and transferred cleanly, then the money was paid. When I bought my new moho from a private individual, he suggested I look into it. I did and they would have handled the transaction, which was over $100,000. But in the end, my investment account wired the money to the seller's bank. They owned it free and clear with a good title, so that worked best.
Dale
Dale Pace
Widow of Terry (Teacher's Pet)
Traveling with Brendon, my Scottish Terrier
2022 Honda Odyssey
2011 Mazda Miata MX-5
2021 Coach House Platinum III 250DT
Fulltimed for 15 years, now living in Florida
http://www.skoolzoutforever.blogspot.com/
.jpg)
|
Grit dog
Black Diamond, WA
Senior Member
Joined: 05/06/2013
View Profile
Offline
|
^Yup, it’s that easy. Thanks for sharing, and helping folks learn basic adulting financial safety skills, even though the OP is likely out burying zip lock bags of cash somewhere in Idaho….
And as an alternative for others following along wondering how on earth they might safely complete a private party financial transaction, there are these things called banks. And they have people called personal bankers that can also instruct you on a safe way to exchange money for goods.
|
PA12DRVR
Back in God's Country
Senior Member
Joined: 09/17/2003
View Profile
|
wapiticountry wrote:PA12DRVR wrote:Interesting thread.
If the OP is by chance still observing, one way to avoid 99.99% of the hassle / risk of banks / cashier's checks / cash reporting would be to have a title company (or the escrow department of banks that still offer the service) simply undertake an escrow service: will add a few days to the transaction time, but eliminates risk and (IMNSHO) lots of hassle.
Don’t think there are Escrow companies that pay out $45,000 in cash. They wire or use cashiers checks. For some reason the poster wants to instantly have a big stack of greenbacks, nothing else.
Actually, the OP (who hasn't been back near as I can tell) said: "I will ask buyer to give me cashier's check of a bank that has local, branch, I think. I want to be able to go to the branch in person and cash the check and also first verify that the check is good, before I sign the title over.
Had anyone done a sale like this? What are the steps with cashier's check handling to make sure one won't get defrauded?"
Escrow avoids fraud and the seller could take the Title Co's check to the local bank and cash that if they wanted cash...but that would of course trigger the scrutiny of the regulators
CRL
My RV is a 1946 PA-12
Back in the GWN
|
JRscooby
Indepmo
Senior Member
Joined: 06/10/2019
View Profile
Offline
|
PA12DRVR wrote:
Actually, the OP (who hasn't been back near as I can tell) said: "I will ask buyer to give me cashier's check of a bank that has local, branch, I think. I want to be able to go to the branch in person and cash the check and also first verify that the check is good, before I sign the title over.
Had anyone done a sale like this? What are the steps with cashier's check handling to make sure one won't get defrauded?"
Escrow avoids fraud and the seller could take the Title Co's check to the local bank and cash that if they wanted cash...but that would of course trigger the scrutiny of the regulators
Right at the start, I posted what happened to me in a transaction pretty much like what you describe the OP wants. Some don't like it, but I don't think a bank would let that much cash walk out the door, with no chance to get it back.
|
|
|
