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Old 01-21-2019, 03:20 PM   #1
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Is a cashiers check OK?

I have a buyer from out of state who is financing the purchase of our trailer thru USAA who will issue him a cashiers check in my name.
Pretty uneasy about letting our trailer leave without actual funds in hand, especially going out of state.
I have requested cash but they are uneasy about that and not sure its possible.
What do you think?
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Old 01-21-2019, 03:22 PM   #2
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Cashiers checks can be forged. A wire is the best way to go. Receipt is verified, and can't be clawed back. Do it right and be done.

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Old 01-21-2019, 03:30 PM   #3
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When my wife bought ours she wire transferred from USAA
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Old 01-21-2019, 03:38 PM   #4
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Was it thru their financing program? or a personal account or loan?
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Old 01-21-2019, 04:23 PM   #5
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Do not do this. It is so easy to transfer moneys between accounts today. Checks and money orders, or pay pal, are not safe.
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Old 01-21-2019, 04:34 PM   #6
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When I asked my bank manager about this, he stated that wire transfer and cash were the safest methods of purchase. I paid cash last year for my current Airstream and it was a pain getting that much cash and I had to go to several different banks. It is a bigger pain when you show up at a bank with a large sum of cash.
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Old 01-21-2019, 04:48 PM   #7
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Quote:
Originally Posted by azflycaster View Post
. . .

. . . It is a bigger pain when you show up at a bank with a large sum of cash.
Depending on the amount, a large cash transaction can also trigger federal requirements for the bank to report the event to the federal government, under anti-terrorist laws/regs passed after 9/11.

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Old 01-21-2019, 05:06 PM   #8
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I think its 10K and up that gets a special reporting from the bank.
This will be 3 and a half times that.
When I bought this same trailer the seller insisted on cash but I was only able to get 2/3rds of it from three different bank branches in the short period I was needing it, so the seller accepted a cashiers check drawn on the same bank he used for the smaller balance and was going to hold the title until cleared.
After we met and talked a bit I think he sensed I was not a crook and the cash and the bank check were acceptable.

One of my attempts to withdraw cash from my account I was told they could order the cash in and have in about a week. LOL
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Old 01-21-2019, 05:11 PM   #9
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Definately go with a wire transfer, or bank to bank wire transfer. Cash can be put you and your family in a precarious situation if they have cohorts to rob you the second they leave with the trailer.

If they will not do a wire transfer, then walk away from the deal.

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Old 01-21-2019, 05:12 PM   #10
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Cash, Wire transfer or possibly an escrow service.

reading here: https://www.escrow.com/accounts/unit...automobile-asc

be careful about choosing an escrow service however, there are some fake ones..
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Old 01-21-2019, 05:59 PM   #11
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Definately go with a wire transfer, or bank to bank wire transfer. Cash can be put you and your family in a precarious situation if they have cohorts to rob you the second they leave with the trailer.

If they will not do a wire transfer, then walk away from the deal.

Cheers
Sidekick Tony
So...They are going to bring me money and then steal it back? After I have their name and address?
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Old 01-21-2019, 06:14 PM   #12
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Stranger things have been known to happen. Bank to bank is much safer.

“Moved, left no forwarding address...” will be discovered later. I’ll trust bank transfers before cash...
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Old 01-21-2019, 06:24 PM   #13
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Alan,

You may have what they say is their address. Teller's checks (a more common name than other bank issued checks these days) can be forged on a computer. Cash is a pain to get and to deposit as you are suspected of being a drug dealer or other naughty things. Most people are honest, but when you meet the dishonest one, you can have lots of problems. Banks and other institutions wire money all the time.

When we sold our Airstream they wired the money from a bank in Virginia (the buyers—a family—were in 3 states. The wired it to a bank I use that is entirely an internet bank thought I think they have a California location so they have a address. I wire money through interbank transfers all the time because I also have a local credit union account where I can easily deposit checks or cash and then transfer it to the internet bank.

Not everyone knows about this, but your bank does. Ask them how to do it, tell the buyer to contact their bank and get it explained and then you can have it wired. I checked my account online when the money was to come in every hour or two and when it came in (usually in a few hours it shows up unless it is the end of the business day) I let the buyers know and signed the title and photographed and emailed it to them. That's not all necessary, but a courtesy. I then FedExed the documents to them in Alabama and the next day they arranged for someone to pick it up. There has to be a little bit of trust or it can't work. Wiring money to your bank tells the buyer how to find you and should help them if they worried if you were dishonest. The buyer should have someone they trust inspect the trailer and see your title and registration. If there is a loan on the trailer, the lender will have to be involved and they will tell you what they want to release the title and transfer it to the buyer. They will probably want to receive the funds and disburse them to you minus the loan amount—count on them to charge a fee for that.

I haven't been charged for a bank wire for many, many years. They are so common, the cost to the bank is minimal, but some banks like to stick it to their customers. By the way, the overnight should cost around .01% of the price.
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Old 01-21-2019, 06:41 PM   #14
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Is a cashiers check OK?

Cash is king, but given the amount in question a WT is advisable.
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