Is a cashiers check OK?

[kathfred]

I have 17 years of banking experience, most of those years as a teller. Unless you are at the bank when exchanging CASH and that cash is run through a machine which will verify it and count it - I would not take cash. The counterfeiters are very skilled today. I would never take a Cashier's Check/Official/Bank Check either unless I was at the bank when it was issued. Wire transfer is the safest way to go. IMO.

[SCOTTinNJ]

Originally Posted by kathfred

I have 17 years of banking experience, most of those years as a teller. Unless you are at the bank when exchanging CASH and that cash is run through a machine which will verify it and count it - I would not take cash. The counterfeiters are very skilled today. I would never take a Cashier's Check/Official/Bank Check either unless I was at the bank when it was issued. Wire transfer is the safest way to go. IMO.

True story. 20 years ago I was purchasing a house and needed an $8k deposit. I would have been charged a fee to wire the money and it turns out the two banks were maybe 100' apart. So I withdrew cash and deposited it at the second bank minutes later. As the cashier was counting $100 bills she put one aside.

Turns out the bill was a counterfeit (verified later by the feds). I went back to the issuing bank and best I could get was a $50 refund.

Even cash from a bank can be problematic.

[Dremel]

Originally Posted by AlinCal

Was it thru their financing program? or a personal account or loan?

personal account I believe.

[gypsydad]

Originally Posted by Al and Missy

USAA will do a wire transfer, just as easy as they will issue a draft. Get a wire transfer or pass.

Al

True...USAA is great! Sounded like a scam...if they really were serious, they would be working with you and USAA to get the wire transfer, with you involved...I would also make sure you talk with your bank on the receiving end prior, to make sure everyone is in agreement. Do not let the title or AS go until money is verified...IMHO

[Sovereign85]

WOW! Lotsa legal advisors out there.

[Janet H]

Originally Posted by Sovereign85

WOW! Lotsa legal advisors out there.

There will be fewer when camping season ramps up

[Randonneur]

I just purchased my Airstream from a dealer and asked USAA to do a wire transfer while I sat in their office. USAA charged me $20 for the transfer and told me that there might be a charge from the incoming bank as well, though I am not certain that that happened. It was quite seamless. They sent me two emails. The first email confirmed of the initiation of the process. The second email confirmed that the money had been transferred. They further told me that I should receive a phone call from USAA to confirm the transaction. I receive that phone call within 20 minutes.
I was somewhat concerned about the whole process initially and so called USAA the week before to make certain that it would be possible to do this. In the end, it was very easy.

[Isuzusweet]

Originally Posted by PatLee

Why isn’t PayPal safe?

A lot of scammers set up fake websites that pretend to be PayPal. They send a link to you for you to complete the transaction, you enter your password; before you know it, they go onto the true PayPal website with your name and password.

They will claim to PayPal that the item sold to them was not what was described, or damaged, and they will be issued a refund, with the funds pulled out of your PayPal account, or bank account that PayPal has access too.

There are probably many other ways of duping a naive seller with PayPal.

Never do large transactions through PayPal.

Cheers
Sidekick Tony

[Isuzusweet]

The very first thing anyone should do is Google potential "PayPal scams", or potential "Cashier check scams", or potential "Ebay scams", or potential "cash scams"; the skys the limited.

Just Google what potentially could go wrong with any financial transaction BEFORE going through with it.

Scammers prey on a sellers greed, (they will offer you full price, or even more money); a sellers "Need" to sell it, a buyers desire to have that rare part or model; they will demand a deposit to secure an item as "they have someone else coming to see the item soon".....the list goes on.

There is a new scam born everyday, for the new sucker that is born everyday.

Cheers
Sidekick Tony

[AlinCal]

Looks like the only safe transaction so far would have been with the people that wanted me to donate the Bambi. Lol

[rowiebowie]

Originally Posted by AlinCal

Well that was big waste of time. Supposed buyer called off deal saying usaa advised him of a scam if I would not accept there secure check.

First thought: The best way is to work within the branch of the same bank the money is coming from (either to verify the check is legit, or to confirm wired funds).

Second thought: It's a shame crooks find ways to scam and make both parties rightly paranoid. But that being said, I was thinking while reading this thread that somewhere on another forum, a mirror-image discussion was taking place (started by the potential buyer).
.

[Joyman]

Purchased our AS OCT.2018 We are in GA drive to small town in NY Went to my bank before we left(Thurs am) signed wire transfer papers. Seller sent us his bank info before he left had all paper work complete. We were suppose to Call my bank when got there and approved the sell. My branch mgr. Said she would hit send & initiate it upon our call. We went to sellers bank Tue am at 9am and called my bank to transfer funds ( trailer was exactly as described in ad) . We signed paperwork in front of banker. But the transfer took 90 mins to officially go thru. We bank at Bank of OZK seller banked at Bank of America. . BOA told him to log in on line and check his account, best way to see funds were there. Left bank went to Dennys and ate Breakfast and went to officially transfer title hand to hand and drive off to our wonderful New aluminum lifestyle. Bank transfer cost me 10.00 but by far so much less hastle and worry.

Just surprised that it would take 90 mins. But botn bank local management told Me this.

[mefly2]

Cash talks ...cashiers checks sometimes walk ...

[AlinCal]

Funny nobody mentioned bit coin?

[Ronman]

Don’t be fooled. Counterfeit cash is readily passed off undetected until it’s too late. Bank to bank transfer or carry the cash into YOUR bank with the buyer in tow. (No pun intended)

[trepine]

Accept cash but do the transaction at the bank and have the money counted, verified electronically, and deposited on the spot. Then the bank notary can notarize and transfer the title. This is how i’ve done large cash transactions.

Otherwise a wire.

I’ve personally experienced cashiers check fraud. For a large transaction the only two methods i’ll accept is above. Or a verified escrow service, which incidentally usually requires a wire.

[PirateChris]

Just did this..I was the purchaser. I arrived at the sellers location and had a Wells Fargo Cashier Check for about $100K to buy his Interstate. We went to HIS bank branch, and they were able to confirm the authenticity of the check by calling Wells Fargo. He got comfort the check was good, and I drove away.

That said, a wire transfer is the safest and most assured approach. The bank usually charges $15-$25 for the service, and you end up sitting around for as much as four hours waiting for the transfer....but it's a bullet proof approach.

Good luck and be well


PirateChris

[Gene]

If the supposed buyer was the only source of the info that USAA thought it was a scam, then the buyer was probably the scammer and is just trying to cover his tracks. If USAA told you there was a scam, they were telling you that you were the scammer and that is strange—and why would USAA tell you anything about a transaction with one of its supposed customers? As others have said in other words, looks fishy.

The days when you could use counterchecks are long gone. If you don't know what a countercheck is, you are far younger than me. With all the various terms for a check issued by the bank (certified, bank, teller's, etc.) few people can be sure what the terms mean anymore. Any such check should be from funds set aside for that particular check or otherwise guaranteed by the bank. If the check is supposed to be from segregated funds (or you are legally assured it comes from a bank account), if the check is forged, none of that matters. Relying on a teller or other employee for answers to those questions is not wise. Maybe you can rely on a statement from the bank manager. Can you get it in writing? Probably not. Or check the Uniform Commercial Code for your state for definitions, but federal law may supersede it—when you do check the UCC, you will find it often very confusing since bankers have strongly influenced it and the customer is often wrong. Most lawyers should be able to handle transactions such as this, but most of the time the simplest, cheapest route is a bank wire, often called ACH.

For a smaller transaction, such as buying an old trailer for rehab, cash usually works and usually it is real money. Go to the buyer's bank and get the cash from the teller, then get a teller's check on the bank's account and take it to your bank and deposit it. The buyer's bank will change you for the check, but it will assure you that the cash is not tainted. Of course, if the teller has the same last name as the buyer....

If your trust level is so low you cannot accept wires, checks, cash and only buy or sell with diamonds or gold dust, your options are quite limited.

[gypsydad]

Originally Posted by Gene

If the supposed buyer was the only source of the info that USAA thought it was a scam, then the buyer was probably the scammer and is just trying to cover his tracks. If USAA told you there was a scam, they were telling you that you were the scammer and that is strange—and why would USAA tell you anything about a transaction with one of its supposed customers? As others have said in other words, looks fishy.

The days when you could use counterchecks are long gone. If you don't know what a countercheck is, you are far younger than me. With all the various terms for a check issued by the bank (certified, bank, teller's, etc.) few people can be sure what the terms mean anymore. Any such check should be from funds set aside for that particular check or otherwise guaranteed by the bank. If the check is supposed to be from segregated funds (or you are legally assured it comes from a bank account), if the check is forged, none of that matters. Relying on a teller or other employee for answers to those questions is not wise. Maybe you can rely on a statement from the bank manager. Can you get it in writing? Probably not. Or check the Uniform Commercial Code for your state for definitions, but federal law may supersede it—when you do check the UCC, you will find it often very confusing since bankers have strongly influenced it and the customer is often wrong. Most lawyers should be able to handle transactions such as this, but most of the time the simplest, cheapest route is a bank wire, often called ACH.

For a smaller transaction, such as buying an old trailer for rehab, cash usually works and usually it is real money. Go to the buyer's bank and get the cash from the teller, then get a teller's check on the bank's account and take it to your bank and deposit it. The buyer's bank will change you for the check, but it will assure you that the cash is not tainted. Of course, if the teller has the same last name as the buyer....

If your trust level is so low you cannot accept wires, checks, cash and only buy or sell with diamonds or gold dust, your options are quite limited.

Gene- you see what happens when you get rid of your AS and get a Nash? You start longing for another AS! Not to late to sell that SOB and get another AS!

[AlinCal]

The wife would likely approve the trade made in diamonds, me not so much.
Then there's the cubic zirconia risk.

Gold dust does sound interesting though.

I believe you are right about the USAA calling him to warn that I am a scammer, didn't happen. Title in my name and clear it was just a matter of the wire and a transfer of title at a bank location as many mentioned. This should not have been the first time they did that.