Hello,
I am selling a used motorcycle. My question is what is the safest way to take payment? Payment would be greater than $10,000. Are certified cheques still the safest?
Thanks in advance
Hello,
I am selling a used motorcycle. My question is what is the safest way to take payment? Payment would be greater than $10,000. Are certified cheques still the safest?
Thanks in advance
I like cash. An etransfer is pretty hard to reverse after it is accepted ( but not impossible and etransfer over 10K is hard). I place very little faith in certified cheques as they are easy to forge.
The SAFEST way i know of is bank to bank transfer. Costs the same as a certified cheque, but cannot be faked. Certified cheques can be faked, if you take a certified cheque, call the issuing bank to verify OR go with the buyer to his/her bank and watch the teller hand him/her the cheque... which he/she then hands to you.
The thing about bank to bank transfer is it comes directly from the buyers account, that he/she had to prove his/her identity to the bank to get the account. (ID theft kinda negates this BUT anyone going through the trouble of creating an ID, setting up accounts with a bank, that have to relate an account to a SSN for tax purposes) for a purchase of a motorcycle is wasting their time and evil talents and is going to be EXTREMELY rare).
ALL financial transactions can be reversed or cancelled or counterfeited, but with bank to bank you at least know WHO you're dealing with.
If you take cash and it's counterfeit... you get to eat the loss and sue the buyer. The government WILL not cancel or reverse the transfer of ownership if it's already done.
Bank to bank transfer is pretty simple, the buyer should be able to do it yourself from their bank's website, if you're crossing the border, you'll need to know your banks SWIFT code.
For the paranoid: Go to the buyer's bank and have him withdraw the cash in front of you. He slides it to you in front of the teller. Then you slide it back to the teller and ask for a transfer, MO or draft. The bank can't say it's counterfeit and there's no link between accounts to reverse.
There is more disclosure of information on a personal cheque than in a bank transfer.
The buyer gets to know your transit and account number... what's he going to do with that?
On a cheque he gets a copy of your signature.
the biggest problem with cheques and cash, and the like. is if YOU accept a fraudulent check or counterfeit cash, it's YOUR problem. If you take the buyer to your bank and he writes a fraudulent cheque, even payable to the bank, he gets done for fraud, YOU get done for UTTERING. same thing if HE deposits counterfeit cash into your account at your bank.
If your bank accepts a fraudulent transfer, IT"S THEIR PROBLEM. You were not part of the transaction.
Hello,
I am selling a used motorcycle. My question is what is the safest way to take payment? Payment would be greater than $10,000. Are certified cheques still the safest?
Thanks in advance
Go with the buyer to her bank. Ask them for a draft, may cost a few bucks, but its simple and bulletproof as there is no way for the buyer to cancel a draft.
If the buyer uses the same bank as you, the transfer can usually be done free. Immediately if you done person, overnight if done by phone or online.
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