I was just wondering about this, ah well. Would have been nice as it clears instantly
Sold Bike - Received Draft....WTF!!!!!!!!!
- Thread starter PaisaMed
- Start date
I was just wondering about this, ah well. Would have been nice as it clears instantly
I was trying to get CIBC to tell me the limits. The system is very strange.
Here are the CIBC sending limits:
Each transfer must be a minimum of $10.00 and a maximum of $3,000
Maximum for a 1-day period: $3,000
Maximum for a 7-day period: $10,000
Maximum for a 30-day period: $30,000
RBC has no problems sending a $10,000 e-transfer (no idea what the cap is). CIBC has a weekly limit for accepting e-transfers of $10,000 as well as a daily limit (that she didn't know the value of). I couldn't accept the transfer, it just gave me errors. I asked to raise the limits and she said that interac sets the limits and CIBC cannot change them (?). She put a request through to the back office and said they would contact me. I never heard from them, I tried again a week later it deposited fine. My initial guess is there is a hold period on e-transfers that they do not want to acknowledge.
If handling large amounts of cash is a problem for the buyer, meet up at his bank, have him do the withdrawal at the teller and complete the transaction there.
Just about any piece of paper can be forged, drafts, certified cheques and the new plastic bills. A friend was offered some and he declined but said they looked pretty good.
The most foolproof way is to meet the buyer at his / her bank and get the cash straight from the tellers hands. If you aren't comfortable with carrying that much cash you buy a money order or do a transfer holding back what you need for the immediate future.
The most foolproof way is to meet the buyer at his / her bank and get the cash straight from the tellers hands. If you aren't comfortable with carrying that much cash you buy a money order or do a transfer holding back what you need for the immediate future.
cf1340
Well-known member
this is probably the best option if the buyer is from your area.
This was what I did with Hack when he sold me the Bandit. etransfer for deposit to hold the bike. Then was a pain waiting for the 24 hour period to expire to send the second of two payments (threshold was too low to pay the bike in one payment).
etransfers are awesome but they really need to get you an option to raise the limit from $3000 or so to $5000 or so.
Or... as others have mentioned going to the bank together is also a good option.
GateKeeper
Well-known member
Are you guys buying and selling bikes or laundering money....?
In all the cash transactions I have ever done I don't think I have ever come across bogus money, drafts, certified cheques and so on....maybe I have been lucky....
we should do a poll to see how many actually have gotten stiffed on a transaction....
would be interesting to see the results...
In all the cash transactions I have ever done I don't think I have ever come across bogus money, drafts, certified cheques and so on....maybe I have been lucky....
we should do a poll to see how many actually have gotten stiffed on a transaction....
would be interesting to see the results...
Exactly.
- Cash from the buyers bank (directly via the teller) is legit.
- A draft you purchase yourself, directly at the same bank, from the same teller, is legit. If it costs you $10 or $20, it is what it is.
Zero risk of anything being fraudulent or fishy that way, and no cash to carry out of the bank.
Although in all honesty, I've carried a lot of cash around before without issue. The key is to not let anyone see you with it (slide it onto your pocket discreetly) and not flaunt it. Be cautious of course, I wouldn't go to your own ATM at 2AM to deposit it or anything like that, but to walk out of Bank A with $10K (or whatever) discreetly in your pocket, drive to your own bank, remove envelope from pocket at the teller, and deposit it...the chances of anything happening (unless you live in a really bad area) are not that high I wouldn't expect.
on line e transfer limits are controlled by the financial institution and can change at anytime. They used to be $1000 and most have increased to $3000 as use has increased. So, those limits could change at any time and it likely could be different depending on the bank.
Drafts are forged all the time. If you both deal with the same bank, you can do electronic funds transfer and it's done easy enough. Even on a weekend. As long as the bank is open.
Drafts are forged all the time. If you both deal with the same bank, you can do electronic funds transfer and it's done easy enough. Even on a weekend. As long as the bank is open.
I've never been murdered
I bought my last car with Interac from a used dealership. Just called my bank on the way there and asked them to up my daily limit for a couple of hours. But it was only $5000. Usually I just pay cash. Takes a few visits to the ATM to collect that much as they'll usually only give out about $1000 at a time.
$4000+ in $20's sure is annoying to count.
$4000+ in $20's sure is annoying to count.
Make sure you go to the ATM that hands out 50's. The sign above CIBC atm's tells you which one you need (I would hope other banks have similar signs).
Good to know. Don't recall noticing this sign but I'll look for that in the future.
Even if after your poll there is only 1% of people that have got screwed, no one is going to want to be that 1%. These days you have to be really careful on how you do business with people, many have made their full time job figuring out ways to screw you.
The way I look at it is, my condition to sell the bike is cash, if the buyer does not meet that condition then I move on, If the person is motivated to buy then they will figure it out, if they are not then move on.
If they are afraid to meet a "seller" with cash in hand, I can understand that but they can figure out a way, bring a couple of friends, make the exchange in a public place etc.
The way I look at it is, my condition to sell the bike is cash, if the buyer does not meet that condition then I move on, If the person is motivated to buy then they will figure it out, if they are not then move on.
If they are afraid to meet a "seller" with cash in hand, I can understand that but they can figure out a way, bring a couple of friends, make the exchange in a public place etc.
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Other than the bikes I've sold to personal friends, which I would accept a cheque / draft for.
The bikes I've sold to people from online or random people I do not know. I just accompany them to the bank to get the cash transferred from there account to my account. i sign the ownership there in front of the teller too. I've done it a few times on a Saturday at the TD Bank at Square 1. We do the paper work / money transfer at the bank. We walk back outside to the bike and I take the plate off and we BOTH go to the MTO office in the mall and I give my old plate back and he gets a new one.
The bikes I've sold to people from online or random people I do not know. I just accompany them to the bank to get the cash transferred from there account to my account. i sign the ownership there in front of the teller too. I've done it a few times on a Saturday at the TD Bank at Square 1. We do the paper work / money transfer at the bank. We walk back outside to the bike and I take the plate off and we BOTH go to the MTO office in the mall and I give my old plate back and he gets a new one.
Why not save a couple bucks and reuse your old plates?
I do that but only if I am buying a new bike in a short time ... if I paid it 3 months ago and the registration is good for 9 months, I get a refund back on the amount unused.
If I have 1 month left or expired, I'll save myself a trip to the MTO and take it home and hang it up in my garage until I buy a new plate.
So you get a new plate whenever the sticker is about to expire? I save the $30 or whatever and reuse them. Got annoyed when I found out they don't do temp plates anymore but only temp stickers as I had to buy another set of plates and I still had a set at home that I just didn't bring (was too far from home to go get them). I guess it's not really a big deal either way, though.
Although he typed "new plate", I thought it was a typo and that he meant "new bike". Makes more sense that way.
