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.)

[rk911]

jpwiggo wrote:
There can be scams in most methods. Including CASH and nobody is going to be able to get $50K+ cash. I'm talking to potential buyers who are hours away, and we can only meet on weekends when banks/title offices are closed.

Asking the question differently. If I hold the official title, and don't transfer it until a personal check funds clear - I think I'm okay and protected. If the funds don't clear - this is theft. I gotta believe then my insurance would cover.

a call to your insurance agent should clear that up. a wire txfr seems the best option. why not do that?

[T18skyguy]

I only accept cash and then I check it with the pen to make sure it's good. I know a guy who took $10,000 in cash out of US Bank. When he got home he discovered that several thousand of it was counterfeit. He took the bad money back to the bank, they would not take it back.

[jpwiggo]

There can be scams in most methods. Including CASH and nobody is going to be able to get $50K+ cash. I'm talking to potential buyers who are hours away, and we can only meet on weekends when banks/title offices are closed.

Asking the question differently. If I hold the official title, and don't transfer it until a personal check funds clear - I think I'm okay and protected. If the funds don't clear - this is theft. I gotta believe then my insurance would cover.

[RCMAN46]

I would not take cash even from a bank. Have the money wire transferred to your bank and account.

My nephew just recently went to the bank to get some cash mostly $100 bills.

He then traveled to Denver to watch a football game. Stopped at a bar to have a couple drinks. Gave the bar one of the $100 bills he had got from his bank. The bill was counterfeit. Secret service was called to verify the bill was counterfeit. It was so my nephew is out $100.

His bank told him they do not check all money for counterfeiting.

[rgatijnet1]

gutfelt wrote:
so basically wire transfers that are to the right person for the correct amount can not be reversed or altered

EXACTLY!!!!

[gutfelt]

so basically wire transfers that are to the right person for the correct amount can not be reversed or altered

[rgatijnet1]

DownTheAvenue wrote:

rgatijnet1 wrote:

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.

All done at the same bank, you would not actually be holding that much cash, I used that more to describe the transaction.

Wire transfers can be reversed.

Can a Transfer Be Reversed After Being Accepted?

Once a wire transfer has been accepted by the recipient's bank, there are only a few circumstances that allow for the reversal of the wire transfer under the Uniform Commercial Code. The only available options for reversing a completed transfer are if the sending bank made a mistake, if the payment order was a duplicate of a previous order, or if the order is for an amount greater than the beneficiary was entitled to receive under the transfer. In those cases, the beneficiary's bank will recover the funds improperly paid to the beneficiary.

[gutfelt]

DownTheAvenue wrote:

rgatijnet1 wrote:

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.

All done at the same bank, you would not actually be holding that much cash, I used that more to describe the transaction.

Wire transfers can be reversed.

please explain how a wire transfer could be reversed once you had the funds?

[DownTheAvenue]

rgatijnet1 wrote:

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.

All done at the same bank, you would not actually be holding that much cash, I used that more to describe the transaction.

Wire transfers can be reversed.

[time2roll]

Personal check from a parent only. Otherwise I like cash up to about 10 or 20,000. Anything above that would be a direct bank transfer.

[Bird_Freak]

For the last several years we have used wire transfers only when selling a classic or custom car. Fast, easy and secure.

[gutfelt]

jpwiggo wrote:
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.)

absolutely fine to take a personal check as long as you keep title and the MH in your possession till you have cashed the cheque and received the funds but a bank wire transfer is so much quicker and simple

[stickyeye]

I once took a personal check for the full amount of the sale but the title and camper where not signed over and stayed with me until the check cleared into my account. I gave him a written and signed letter stating that it would be signed over and can be picked up after the check cleared. He picked it up two weeks later. Personally I thought he was nuts doing this but he was ok with it.

[rk911]

jpwiggo wrote:
Selling my Class A DP. Is it okay to take a personal check for the funds?...

nope. the transaction should occur at a bank with a bank officer. titles are EZ to fake. if you're going to take a personal check then keep the RV AND the title until the check clears.

[wolfe10]

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

Same here. When your banker says funds have arrived, hand over paperwork and keys.