Selling thru a bank check

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MegansDad

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The search function gave me nothing.
I know it has been asked before, I am selling a truck and the buyer wants to give me a check from his Credit Union.
What is the process for this as far as waiting for check to clear. Do I give him truck but no pink slip?
What if he crashes the truck on the drive home.
 
Don't do it.

CASH or Direct Transfer from their bank, Certified check would be third and last option.

And Direct Transfer is not a 3rd party AP like ZELLE, etc. that can be scammed via a bogus deposit, etc.

Easy enough to drive to their bank and do the transaction right there, walk away with cash.
 
Zeropulp said:
Meet him at his CU and have them give you a cashiers check while you both stand there
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So a cashiers check is ok.
Crusty said:
Don't do it.

CASH or Direct Transfer from their bank, Certified check would be third and last option.

And Direct Transfer is not a 3rd party AP like ZELLE, etc. that can be scammed via a bogus deposit, etc.

Easy enough to drive to their bank and do the transaction right there, walk away with cash.
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My bank told me his small credit union probably would not have enough cash on hand to do that.
 
Zeropulp said:
Meet him at his CU and have them give you a cashiers check while you both stand there
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THIS!
Or do a wire transfer from his Credit Union. That is instant, but there will still about a day till you actually can use the funds.
 
Zeropulp said:
Meet him at his CU and have them give you a cashiers check while you both stand there
Click to expand...
I did this a few months ago when I bought my dually. Seller met me at my CU and they cut him a check. Simple.
 
Or have him meet you at your bank/credit union and have them verify that it is a legit bank check before handing over the keys.
 
Have him make a wire transfer from his bank to yours. Meet him with the truck at his Credit Union, bring with you a printed routing slip from your bank. Walk up with him to the teller have him give the teller the amount and then hand the teller your bank slip. Do not give the buyer the routing slip and have the teller hand it back to you once the transaction is complete. Then call your bank, confirm the transfer and at that point start to hand over titles and keys.

If they do not want to go thru this, walk away your being scammed.
 
here's the problem with a cashiers check. I sold my rzr for 30k, guy brings me 20 cash and 10 cashiers, my CU had to hold it for 10 days. His bank didn't hold it, mine did and wouldn't move off the hold for any reason.
 
MWB said:
Have him make a wire transfer from his bank to yours. Meet him with the truck at his Credit Union, bring with you a printed routing slip from your bank. Walk up with him to the teller have him give the teller the amount and then hand the teller your bank slip. Do not give the buyer the routing slip and have the teller hand it back to you once the transaction is complete. Then call your bank, confirm the transfer and at that point start to hand over titles and keys.

If they do not want to go thru this, walk away your being scammed.
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i did a wire transfer on a car trailer I sold, I thought the old guy was scamming me when he said he wanted to wire transfer. I had never done it, and found out that's the safest way, once it goes, it cant be taken back
 
The bank should be able to order the cash for him if everything else makes you uncomfortable. Takes a few days.
 
Poule43 said:
This / You will be able to Cash the Credit Union Check right in front of him. This is the best way
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Agreed. I have bought and sold many cars, boats ,RVs, etc. this way. You have to go with him into the CU or bank and watch them issue the cashier’s check. There are many fraudulent ways to get these checks. That’s why banks hold them for 20 days to make absolutely sure they clear.

Personally, I don’t like doing large cash transactions and prefer the cashier’s check method or wire transfer. It’s easy to do wire transfers online these days too. But there is usually a $35 fee and depending on the time, it can take a day to hit your account.
 
CASH or wire transfer is only guarantee!!

sold a VW years ago on friday... was given cashiers check.. Deposited it on Friday afternoon.

woke up sunday AM and VW was in driveway.... only to find out buyer changed his mind, and put a stop pymt on cashiers check, said it was lost!

so yes, i could of went to court and fought it, but who wants that headache and time!!

lesson learned!! also if it is a LARGE transaction, and buyer doesnt want to A) deal with that much cash or B) send a wire, and hope you give him pink slip!! there are AUTO ESCROW companies that protect both buyer and seller.
 
Cashier's check printed by the CU in front of you, or a wire transfer, is the only way. Cash is 3rd on my list, and I always meet the buyer at MY bank to deposit it immediately. No way I want to deal with inspecting for counterfeits or anything else.

Make certain it isn't a check in the buyer's name, but an actual cashier's check (they can cancel the check otherwise).

Cash deposits over $10k requires you to fill out forms. I try to avoid this as I've had it come up as questions on background checks that just resulted in more questions when I appeared confused about the matter (I didn't think of the cash the seller paid when asked, took me a bit to realize it was for a truck I sold).



Man: people fucking suck these days.
 
Wire transfer, only. I don't trust anyone... have had very close friends fuck me over for a few dollars after years of putting food in their belly. Strangers will not hesitate to do it, for less.

Last time I dealt with a Cashier's Check was on my end to go pick up my Attitude at Norco RV (only way I'd touch one: purchasing from a Dealer).
 
Toy Collector said:
Wire transfer, only. I don't trust anyone... have had very close friends fuck me over for a few dollars after years of putting food in their belly. Strangers will not hesitate to do it, for less.

Last time I dealt with a Cashier's Check was on my end to go pick up my Attitude at Norco RV (only way I'd touch one: purchasing from a Dealer).
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If I were Norco RV I'd want a Cashiers Check from you as well....#Sketchy

LMAO
 
Also,

A lot of fake cash out there,
When i did a large transfer of cash, a good friend of mine that owns a gas station has a super legit, cash counter and it spots fake bills, i have had fake $100, I really do not think the buyer was trying to put one over, i feel that these bills get pass on and on,
 
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