Scam question
Team Owner
Joined: Aug 2008
Posts: 33,025
Likes: 6,538
From: Rochester NY
St. Jude Donor '09 thru '26
The best way to accept large amounts of cash is to meet the buyer in your bank and deposit the cash into your account, allowing the buyer to hand the cash to the teller.
They will count it in a machine that detects any counterfeit moneys and will reject then. It then will be the buyers obligation to come up with any short changes.
Sigh the title over to the buyer after the money is accepted by the bank.
This protects you from counterfeit money and getting mugged by the buyers partner before you can take the money to the bank.
Ps, counting out $40,000 in cash is no easy task, especially if it involves a lot of twentys! Let the bank do the work.
They will count it in a machine that detects any counterfeit moneys and will reject then. It then will be the buyers obligation to come up with any short changes.
Sigh the title over to the buyer after the money is accepted by the bank.
This protects you from counterfeit money and getting mugged by the buyers partner before you can take the money to the bank.
Ps, counting out $40,000 in cash is no easy task, especially if it involves a lot of twentys! Let the bank do the work.
Drifting
Joined: Jul 2005
Posts: 1,615
Likes: 37
I certainly don't think its a manly thing to be stupid in the way that you buy or sell, but a cautions way to do business.
This is a true story of CL scenario that happened about a mile from my house. The story was in the paper, that is how I knew about it. No, I don't live in a high crime area.
I am only repeating the story to show what can happen, even in a cautious scenario. In this case, the buyer lost.
A guy bought a car on CL. Seller told the buyer cash only. Seller told the buyer to meet at a well known park in the daylight. Buyer pulled into the park with his money. As soon as he got out of the car with his money, another car immediately pulled in directly behind his car blocking the buyer from getting out. The seller and his "blocker" beat the crap out of the buyer, took his money, and then stole the car he came in.
Talk about a bad day.
In this case the transaction should have taken place at the local police station.
This is a true story of CL scenario that happened about a mile from my house. The story was in the paper, that is how I knew about it. No, I don't live in a high crime area.
I am only repeating the story to show what can happen, even in a cautious scenario. In this case, the buyer lost.
A guy bought a car on CL. Seller told the buyer cash only. Seller told the buyer to meet at a well known park in the daylight. Buyer pulled into the park with his money. As soon as he got out of the car with his money, another car immediately pulled in directly behind his car blocking the buyer from getting out. The seller and his "blocker" beat the crap out of the buyer, took his money, and then stole the car he came in.
Talk about a bad day.
In this case the transaction should have taken place at the local police station.
Drifting
Joined: Feb 2010
Posts: 1,734
Likes: 267
From: Richmond Texas
Fake checks, (stolen, washed, forged, etc. ) don't ever clear. Sure, after 3-10 days your bank may say it's cleared and hand you over the cash, but 3 months later (or more) when someone finds out their account has been compromised and the check gets reversed, you bank will come looking for you. You may have moved, closed the account, whatever, but you are still on the hook for that money. If they can't collect, it will go on your record, your next bank won't let you open an account till you clear it up. If that is a win for you, then it's just the way it is.
I deal with dozens of fake, stolen, washed, etc.(though our company).. checks a year, my last one took six weeks for my bank to do their investigation. I finally got the money back into the account, but some poor soul was out the $3000.00 on the other end. Companies taking checks usually deal with check guarantee services, covering their asses when they get scammed, regular people don't have that protection.
Back to the thread........
When these dumb-asses contact me, i give them the local police substations address to send the check to..
Le Mans Master
Joined: Apr 2006
Posts: 7,033
Likes: 603
From: Limerick Pa
The thread stated how does this work with his wheels.
No one is ever going to send a shipper for the wheels.
The scammer will send a washed check, stolen check,bad check, and ask you to send your good overage money back to him.
There is no need to plan for Police stations or anywhere else.
NO ONE is ever meeting in this case..
On the other cases its buyer beware. It can happen on any site money is exchanged.
Common sense has to come into play.
If you are buying a 63 swc for 25k because his great uncle died and he inherited it and hates old cars and just wants to sell it, you are going to get jacked.
Its the person that thinks they are getting the deal of a life time that gets burnt.
No one is ever going to send a shipper for the wheels.
The scammer will send a washed check, stolen check,bad check, and ask you to send your good overage money back to him.
There is no need to plan for Police stations or anywhere else.
NO ONE is ever meeting in this case..
On the other cases its buyer beware. It can happen on any site money is exchanged.
Common sense has to come into play.
If you are buying a 63 swc for 25k because his great uncle died and he inherited it and hates old cars and just wants to sell it, you are going to get jacked.
Its the person that thinks they are getting the deal of a life time that gets burnt.
Team Owner
Joined: Dec 1999
Posts: 26,555
Likes: 257
From: Florida
2021 C2 of the Year Finalist - Modified
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St. Jude Donor '03 thru '26
What do you think of this procedure:
I sold car in parking lot of my bank. Buyer had Cashiers Check from out of state.
We went into bank. I told teller to determine if check was good by calling the bank the check was on. She got the manager involved and they made some calls.
They came back and said the check was good.
All went well, but not sure how to do it in the future.
I sold car in parking lot of my bank. Buyer had Cashiers Check from out of state.
We went into bank. I told teller to determine if check was good by calling the bank the check was on. She got the manager involved and they made some calls.
They came back and said the check was good.
All went well, but not sure how to do it in the future.
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Drifting
Joined: Feb 2010
Posts: 1,734
Likes: 267
From: Richmond Texas
What do you think of this procedure:
I sold car in parking lot of my bank. Buyer had Cashiers Check from out of state.
We went into bank. I told teller to determine if check was good by calling the bank the check was on. She got the manager involved and they made some calls.
They came back and said the check was good.
All went well, but not sure how to do it in the future.
I sold car in parking lot of my bank. Buyer had Cashiers Check from out of state.
We went into bank. I told teller to determine if check was good by calling the bank the check was on. She got the manager involved and they made some calls.
They came back and said the check was good.
All went well, but not sure how to do it in the future.
The last 2 cars I sold on craigslist were local and I went to THEIR bank with them and stood at the tellers window as they issued the cashiers check.
I then gave them the title and keys, went to my bank and deposited the check.
If I am doing an out of state transaction, I will only do bank wire transfer. "Have your Banker Call My Banker". Be at the branch when the funds transfer.......
Team Owner
Joined: Aug 2007
Posts: 58,061
Likes: 7,146
Army
Took a couple of hours to get the funds wired but the buyer and I had lunch near my bank and got to be friends while the funds got transferred
Drifting
Joined: Oct 2012
Posts: 1,421
Likes: 184
From: Wolcott CT.
Le Mans Master
Joined: Apr 2006
Posts: 7,033
Likes: 603
From: Limerick Pa
Photocopiers are so good now that they can duplicate any bank check out there.
I have seen a legit bank check made out for 20 dollars changed to 20k.
WIRE IS SAFEST WAY
You can take a bank check for price of car BUT never release it until the FUNDS are CLEAR That can take 10-15 days in some occasions.
You may get the money after 5 days from your bank but you will be on the hook if it bounces.
I have seen a legit bank check made out for 20 dollars changed to 20k.
WIRE IS SAFEST WAY
You can take a bank check for price of car BUT never release it until the FUNDS are CLEAR That can take 10-15 days in some occasions.
You may get the money after 5 days from your bank but you will be on the hook if it bounces.
Pro
Joined: Sep 2007
Posts: 699
Likes: 53
From: cape cod MA
according to my banker wire transfers are also risky , as the crooks get smarter they are figuring out ways to hack into banks systems . I just sold a 33 coupe to a guy in colorado, he overnighted the bank check and i had my banker take it from there she had it for about a week before she would let me get the money after i got the ok from her i sent the title and let the guys shipper pick up the car.as far as the guy buying the wheels , he could be out of state and have a relative or freind nearer to the sellers location . Ive done that a few times myself but still cover your azz with both hands. tell the bank whats going on and let them help you with the transaction , most are willing to do that.
Melting Slicks
Joined: Sep 2013
Posts: 2,882
Likes: 2,178
From: Chicopee MA.
I wonder if there is a system where the buyer wires the money to your bank,not your account, and then after the bank is certain that the money is there, you can get a bank draft that you can safely deposit into your account?
Le Mans Master
Joined: Apr 2006
Posts: 7,033
Likes: 603
From: Limerick Pa
With a wire you have to go into the bank, present ID, and the money gets shipped. They cant ship any money unless its in YOUR account. If they are smart enough to hack into a bank system ( some are ) they will clean the whole bank out not just send 50k to you for a Corvette.
Just as you said, the bank took a week on a bank check before you were told it was good.
As to Rogers question above, what I do is open a new account ( banks love doing this but you dont get a toaster anymore ), have the money sent to the new account, as soon as the money is in that account which you can verify on line, transfer it into another account. Leave the other account sitting there with a zero balance.
Just as you said, the bank took a week on a bank check before you were told it was good.
As to Rogers question above, what I do is open a new account ( banks love doing this but you dont get a toaster anymore ), have the money sent to the new account, as soon as the money is in that account which you can verify on line, transfer it into another account. Leave the other account sitting there with a zero balance.
Last edited by Bowtyeguy; Nov 25, 2015 at 02:11 PM.
Melting Slicks
Joined: Sep 2009
Posts: 3,382
Likes: 1,258
From: MI
2023 C2 of the Year Finalist - Unmodified
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Conduct your business in the bank lobby. If you're selling, go to the buyer's bank and have his bank issue you a bank check, transfer the money, or give you cash. If you're buying, go to your bank and have them pay the seller directly. No person-to-person money exchange. Safe, no risk, lots of cameras.
Instructor
Joined: Jul 2014
Posts: 135
Likes: 17
From: Punta Gorda, Florida
Another Twist!
in my driveway someone broke into my house and stole over $8k cash I hadn't taken to the bank yet. Good thing I wasn't home! Life is a risk, and bad people are out there.
Pro
Joined: Sep 2007
Posts: 699
Likes: 53
From: cape cod MA
With a wire you have to go into the bank, present ID, and the money gets shipped. They cant ship any money unless its in YOUR account. If they are smart enough to hack into a bank system ( some are ) they will clean the whole bank out not just send 50k to you for a Corvette.
Just as you said, the bank took a week on a bank check before you were told it was good.
As to Rogers question above, what I do is open a new account ( banks love doing this but you dont get a toaster anymore ), have the money sent to the new account, as soon as the money is in that account which you can verify on line, transfer it into another account. Leave the other account sitting there with a zero balance.
Just as you said, the bank took a week on a bank check before you were told it was good.
As to Rogers question above, what I do is open a new account ( banks love doing this but you dont get a toaster anymore ), have the money sent to the new account, as soon as the money is in that account which you can verify on line, transfer it into another account. Leave the other account sitting there with a zero balance.
Le Mans Master
Joined: Apr 2006
Posts: 7,033
Likes: 603
From: Limerick Pa
You are correct because they wont let you switch a check until FUNDS CLEAR. If its a wire FUNDS are already clear.
If you put a check in and go check your balance it will say FUNDS AVAILABLE and FUNDS PENDING.
Wire is like handing cash from my banks hands to yours, in 20 minutes for a 15 dollar charge.
If you put a check in and go check your balance it will say FUNDS AVAILABLE and FUNDS PENDING.
Wire is like handing cash from my banks hands to yours, in 20 minutes for a 15 dollar charge.