Ok to Accept Certified Check as Payment?

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Cash only 100%

even a bank calls the issuing bank to verify a certified check and on top of that if you do not have enough funds in your account to cover for the certified check in the event its shyte then i have seen them not pay for up to 2 days...
 
certified cheuqe is safe provided the buyer actually has the money in his account. not everybody is comfortable carrying 10 grand worth of cash up to your bike cuz your boys can just jack him from behind
 
how do dealerships do it? i can see a guy paying the dealer a fake check and by the time they find out it's fake the bike is gone.
 
The only thing I can think of why a buyer would be hesitant to pay in cash would be someone in the same situation as me where PC Financial has no tellers (Cant go through CIBC tellers) and I have a set limit on how much I can withdraw per day which is a pretty small amount.
Although... If this deal has been going on for a few days and a buyer is serious about buying, they could always plan ahead and take out their max per day until they reach the amount required for the purchase....
Personally, I wouldn't take anything but cash.
 
redlinerush said:
certified cheuqe is safe provided the buyer actually has the money in his account. not everybody is comfortable carrying 10 grand worth of cash up to your bike cuz your boys can just jack him from behind
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Sooo whats stopping people from jacking the 10g certified cheque?
 
Great post as I'll be selling my bike this year. I personally would not accept a certified cheque, either a bank draft or cash. Even for the bank draft or cash meet at the bank and do the transaction as counterfeit cash is everywhere. Too many scammers around these days and money doesn't grow on trees.
 
Whats stopping people from using counterfeit cash? Either way the best solution is to go with the buyer to the bank and do the transaction there. If you are from different banks, go with the buyer to withdraw money/sign cheque and then go to your bank and deposit it.
 
Sushii said:
Whats stopping people from using counterfeit cash? Either way the best solution is to go with the buyer to the bank and do the transaction there. If you are from different banks, go with the buyer to withdraw money/sign cheque and then go to your bank and deposit it.
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This is about the only safe way to go about it. I work in information security for a financial institution and we do a lot of investigations into fraudulent certified cheques and money orders. A lot of banks won't call the other bank to validate a certified cheque or money order as a matter of policy because it limits their liability.

It can take up to ten days for a certified cheque or money order to clear the issuing bank and realistically your bank can come back at any time if the instrument is found to be forged.

As sushi mentioned - go with the buyer to have the cheque cut or funds withdrawn is the only way to know that it's real. Otherwise you need to deposit the cheque and wait ten days after you've deposited it and verified with your bank that it's ok to release what you're selling.
 
You guys are paranoid. I've accepted certified cheques upto $50 grand before. Ask him for a bank draft instead then.
 
Certified cheque are good as cash, i don't think any bank will certify it with out drawing the money out of the account anyway.
 
R1Style said:
You guys are paranoid. I've accepted certified cheques upto $50 grand before. Ask him for a bank draft instead then.
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Bank Draft is even easier to fake. Most of the time any payment method works, the one time you lose to a scammer you learn your lesson. Another vote for going to the bank with them and watching them withdraw the money. Why 2 cheques at 2K each? That's suspicious on it's own.

When buying or selling anything over $1000 I write up a contract (2 copies) and we both sign.

I (seller) sell 1 (item for sale and VIN if vehicle) to (buyer) for the sum of ($price) on (date). I certify that to the best of my knowledge I am the legal owner of this (item). Payment in full has been received via (cash/certified cheque/etc.)

We both sign and I write down both of our drivers license numbers, home addresses and phone numbers on it. Obviously giving out drivers licenses isn't perfect, but I haven't had anyone refuse yet. This lets you check their photo id and see if things look reasonable. If things later go south at least I have some idea who the other party was. Obviously if scamming was their job, they could have a fake id matching their fake info, but it is one more layer of protection.

I've never had a problem that required me to go back to the contract and a lawyer could probably write something better/more complete, but it gives me peace of mind. If someone doesn't agree to the contract, I have no interest in what they are selling.
 
Last bike i sold was a cash only deal.The guy who wanted it showed up with a certified cheque and said, "i've been riding for 20 years and always paid this way...bro". Sorry bro,cash only,no new bills please.He stormed off calling me a jerk,and was back 1/2 hour later with the cash and an apologie.
My wife has worked for BMO for 42 years and has seen conterfeit cheques,money orders,drafts and cash.When she talks...i listen.
I would rather be labelled paranoid,than left standing with a worthless scrap of paper that looks really nice at first glance.
 
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It’s obvious that many of you reading this thread have had no problems with cheques in the past. As I’ve stated before, just because something hasn’t happened to you doesn’t mean it’s never happened! There is nothing “paranoid” about being cautious.


SkyRider said:
so basically the cops did not want to do their job.
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It’s not that the police didn’t want to do their job; their hands were tied in this case. We alleged fraud because he put a stop order on the cheque prior to giving it to my mother. He claimed he did that to protect himself. He didn’t feel the item he was purchasing was as described. Once he had it in his possession he could make that determination and remove the stop order or as he did leave it in place.
(Just to clarify, he paid a large amount in cash, the balance was by cheque.)

The officer assigned said that if we went forward with a court case there was a chance that a large man with a baseball bat might show up at my mother’s house. He asked if we were willing to take that chance?

And before you all jump on me saying I’ve watched too much TV let me remind you of this fact; many of the best TV shows and movies have been based on or inspired by factual events.

Also on a related topic, I too am selling a couple of motorcycles at this time. I cannot believe the gall that some people have. Making demands and telling me what I must do or accept. I’ll not high jack this thread but I’m thinking I should post something about the modern day motorcycle (or anything) buyer.
 
rome said:
Certified cheque are good as cash, i don't think any bank will certify it with out drawing the money out of the account anyway.
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This is incorrect. A certified cheque only indicates one thing; that the person had the money in his account, at the time the cheque was certified. The funds are not frozen until the cheque is cashed, so there is no guarantee that the funds are present after the cheque is created.

There have also been a goodly number of fake certified cheques, that have been used in vehicle purchases.
 
Quick question for those in the know, could you claim the bike as stolen on your insurance if the payment didnt go thru.
 
I have no problem paying in cash. Some banks prefer you call ahead if the amount is above a certain amont. My TD branch has asked me to call if I need anything above $5000.

If the other party deals at the same bank, it's pretty easy to make a funds transfer.

I'm in the banking industry and see a lot of fraud with certified cheques and money orders. I'm sure many have worked out just fine. Just makes for easy pickings for fraudsters.
 
There is so much misinformation in this thread, it's just crazy. Like many people said, you can always go and verify/cash the cheque with the buyer. I have paid for my bikes and cars with bank drafts and certified cheques, and never had any problems. Personally, I would never go to someone's house with 5-10 grand of cash in my pocket. Bank draft will have a seller's name on it, it's bank certified/guaranteed, so both parties feel safe during the transaction.
 
I worked at a bank as a Uni student. Anything can be made counterfeit. Anything can also be verified as long as you are willing. I would take cash as a first choice, and anything else after that. To verify a certified cheques, money orders, or bankers drafts, just simply call the bank the funds are drawn from, speak to a CSR or a CSM, and say you have a item you need verified. (The bank the money is drawn from usually has their info stamped or printed right on the draft) Another route that will work for sure is go to the actual bank that the funds are drawn on, and just cash it. Bring 2 good ID's and the CQ and you are gold. BUT NEVER GIVE YOUR PROPERTY OVER UNTIL YOU HAVE CASH IN HAND. Unverified deposits can be reversed up to 1 week after transaction, so make sure you get it in cash somehow.
 
IRONLUNG said:
I worked at a bank as a Uni student. Anything can be made counterfeit. Anything can also be verified as long as you are willing. I would take cash as a first choice, and anything else after that. To verify a certified cheques, money orders, or bankers drafts, just simply call the bank the funds are drawn from, speak to a CSR or a CSM, and say you have a item you need verified. (The bank the money is drawn from usually has their info stamped or printed right on the draft) Another route that will work for sure is go to the actual bank that the funds are drawn on, and just cash it. Bring 2 good ID's and the CQ and you are gold. BUT NEVER GIVE YOUR PROPERTY OVER UNTIL YOU HAVE CASH IN HAND. Unverified deposits can be reversed up to 1 week after transaction, so make sure you get it in cash somehow.
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Good information. Does GTAM have a sticky yet? As for the "cash is king" types, remain cautious. Counterfeits don't have to be THAT convincing to fool the average person who doesn't handle money everyday. Crooks can "salt" a pile of cash to get a 50% discount, too.

Years ago, before the $5 bill had a foil strip, a friend of mine showed me one his daughter received as change. Inkjet printed with a glitter-ink rubber stamp to imitate the translucent maple leaf overlay. Pretty low-tech execution, but it didn't really stand out at arm's length--the distance most people hold their money at.
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