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Private party money transfers

HitIt

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I am going to be selling my Silverado and a camping trailer pretty soon and want to make sure I have all of my ducks in a row as far as money transfers. Not sure if it matters but these will both be < $10k sales. Everything I have sold recently has been to friends and I realize the scamming game is yuuuuge these days. So the way I see it, I have three options:

  • Cash
    • Risk: Counterfeit bills
    • Mitigation: Meet at bank and have money deposited into my account
  • Cashier's Check
    • Risk: Counterfeit check
    • Mitigation: Call issuing bank to ensure that check is authentic
      • Is this enough? Do I need to deposit and wait until funds clear? From what I have seen, it is pretty difficult to get a real cashier's check cancelled.
  • Wire transfer
    • Risk: Transfer not really initiated or insufficient funds
    • Mitigation: Wait until funds hit my account to complete the sale
Does that about cover it?
 

2Driver

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Less than10k id get cash and have the bank accept it in a mutual transaction with the buyer there and before you hand over title.

Remember with a wire you hand over your account and routing numbers. There is also ACH it like a direct deposit vs wire.
 

HitIt

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Less than10k id get cash and have the bank accept it in a mutual transaction with the buyer there and before you hand over title.

Remember with a wire you hand over your account and routing numbers. There is also ACH it like a direct deposit vs wire.
Yep, that would be the plan with cash.

Is there some issue with handing over bank acct and routing numbers? That info is written on every person check ever written. I just sort of assumed that if there was any risk, the info wouldn't be on personal checks.
 

Mandelon

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You can open an account to accept a wire transfer. Accept the incoming transfer, then take the money out, then close the account.

For smallish amounts like you're talking about I'd just take the cash. Probably a good idea to do it at a bank and have them run it through their counting machine.
 

2Driver

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Yep, that would be the plan with cash.

Is there some issue with handing over bank acct and routing numbers? That info is written on every person check ever written. I just sort of assumed that if there was any risk, the info wouldn't be on personal checks.
I don’t really know for certain although if someone was trying to get those numbers and didn’t have a check then they would have them after the wire.

I do lot of wires but with one broker. I can tell you if the there is a mistake in the wire or for some reason the funds don’t show both banks will point the finger at you, the other party or the other bank. There’s no guarante, I’ve had
funds go MIA for a day and each place pointed the finger at the other.
 

HitIt

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There’s no guarante, I’ve had funds go MIA for a day and each place pointed the finger at the other.
But if I wait for the funds to hit my account, I should be good, right?
 

MK1MOD0

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When we wire, our bank sets up a temporary account. Once wired, they transfer to our account, and close the temporary one. Very safe . Like said, under 10k, go to bank, have them run cash through counter and then deliver title.
 

Cdog

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I had to wire 75k Tuesday to a dealer in TX I have never met in person. Nerve racking no doubt.

on a side note. Wells Fargo charged me $50 for a recent cash handling deposit into my business account. WTF!! I negotiated a full refund but these snakes are looking to take advantage everywhere they can.
 

Cdog

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When we wire, our bank sets up a temporary account. Once wired, they transfer to our account, and close the temporary one. Very safe . Like said, under 10k, go to bank, have them run cash through counter and then deliver title.
This!!!
 

84miller

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Cash only and ask/demand to see their driver's license to fill out the DMV release of responsibility and fill it out if front of them once the money is handed over, if they refuse move on. That way by chance any bills are counterfeit you have information to give the bank/police.

No wire transfer, you do not want any person you know to have your bank account information.

No checks, no cashier's check.
 

yz450mm

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I got a Cashier's Check yesterday for 8k and was sending it FedEX (had the envelope there at the counter with me), the teller told me to make sure and hold onto the receipt portion of the check so that it could be replaced in case it was lost in transit. She said that if lost, it would be cancelled and a new one issued.

Seems like it would be pretty easy for someone shitty to hand someone a CC, take the item home, then call the bank and report the CC lost.
 

HitIt

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Seems like it would be pretty easy for someone shitty to hand someone a CC, take the item home, then call the bank and report the CC lost.
Interesting. I was thinking that verifying the authenticity of the cashier's check would be enough but it sounds like (if I ended up being persuaded to take a cashier's check) I would want to make sure the funds clear first.
 

white tortilla

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I always go cash if I can for a private vehicle sale. Only cause I don’t want any type of paper trail. For example say if I sold a boat or car, even for 20k, 30k, get a good feel on buyer, maybe google their name, check social media, anymore most people have some type of online prescence. meet in person at a bank. Thumb through the money. Grab a $5 counterfit bill pen at staples and check if you want to. Maybe take out 5-10% of bills at random, or any that stand out, take them into bank and have them count/verify and deposit them. Take the rest so a special hiding place.
 

Hdgasser

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Cash and a counter fit pen, or take it to the bank and let them run it thru there counter.

10k in cash would be pretty easy to lay out on a table and draw a line threw all of them to see if any are fake.
 

Cdog

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Serious question...

I've always heard that a million dollars in cash doesn't look like a lot of money when its actually all stacked up.

Would you be willing to share - Assuming those are all $100 bills, how much is in that pic?
$23,800

Most of these are brand new sticking together $100 so it looks a little anemic
 

ChumpChange

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There's so much paranoia these days with account numbers, wires, and the likes. Your information is already out there.

If you want to not be defrauded, pick up the phone. Talk to the person. Verify their legitimacy. Had a buddy just sell his Suburban to a guy in Michigan. He's in SoCal. He called me asking about fraud because they were texting back and forth. Told him to call the guy. When he did, he soon found out that he likes to buy out here as everything in MI is rusted due to road salt. The guy was going to fly out here and get it all handled in a week. Done deal. No fraud. Everybody on this site would be screaming SCAM SCAM SCAM.

The main problem is people want to email and text. Talk to the person, ask a couple questions and off you go. And the people who keep their wiring information likes it's Gold is hilarious. Who cares. If bad people want to do bad things, they will. They're not preying on you. They're going after the big boys.

For this transaction, just take cash and meet him at the bank if you're worried about counterfit.
 

ChumpChange

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Serious question...

I've always heard that a million dollars in cash doesn't look like a lot of money when its actually all stacked up.

Would you be willing to share - Assuming those are all $100 bills, how much is in that pic?
You're right it's not that much. It fits nicely into a small bag. We'd get million dollar shipments at a bank branch that I once worked at. It was one of the busiest branches in the area. Lot of check cashers.
 

Cdog

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There's so much paranoia these days with account numbers, wires, and the likes. Your information is already out there.

If you want to not be defrauded, pick up the phone. Talk to the person. Verify their legitimacy. Had a buddy just sell his Suburban to a guy in Michigan. He's in SoCal. He called me asking about fraud because they were texting back and forth. Told him to call the guy. When he did, he soon found out that he likes to buy out here as everything in MI is rusted due to road salt. The guy was going to fly out here and get it all handled in a week. Done deal. No fraud. Everybody on this site would be screaming SCAM SCAM SCAM.

The main problem is people want to email and text. Talk to the person, ask a couple questions and off you go. And the people who keep their wiring information likes it's Gold is hilarious. Who cares. If bad people want to do bad things, they will. They're not preying on you. They're going after the big boys.

For this transaction, just take cash and meet him at the bank if you're worried about counterfit.

This 1000%

I won't transact on anything over $300 without speaking to someone on the phone. All my adds say call me if you're a serious buyer.

Before I sent my truck wire on Tuesday I called the business manager of the dealership and verified the wire account info, googled and did my DD.

I would have thought this stuff was standard procedure common sense......If anyone gets pissy I use the "Trust but verify" - Ronald Reagan quote
 
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HitIt

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The main problem is people want to email and text. Talk to the person, ask a couple questions and off you go.
I miss the good ole days when I would post an ad in the Recycler. Someone had to care enough to go buy one and then call you. Then they come over, you BS about cars, they hand you some cash, and move on with your life.
 

Magic Mike

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I miss the 80’s/90’s Recycler days bad...
I had a great business as a teenager hustling Porsche wheels. The guy at my corner store would call me early Thursday morning as soon as the paper got delivered. As I got older, I would wait at 5:30 am on Van nuys blvd. at the Recycler office, or the newsstand that they got delivered to first and buy like 5 different areas papers... Before cell phones and today’s BS!!!

Cash was it, if someone mentioned a check they would get laughed at...
 
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2Driver

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So here’s a deal we learned about since we do a lot of hard money transfers.

Scammers intercept the emailed escrow or bank instructions of where to wire. The scammers then attach a new copy of the instructions but with their account and routing numbers. I always call and verify numbers before wiring now. It’s good to do anyway in case the numbers were typo'd
 

rivrrts429

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I just did this with my truck I sold. Met buyer at my bank. Ran the $45k through the counterfeit/counter machine, signed title over, done...
 

LargeOrangeFont

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Serious question...

I've always heard that a million dollars in cash doesn't look like a lot of money when its actually all stacked up.

Would you be willing to share - Assuming those are all $100 bills, how much is in that pic?
My friend’s wife stupidly spends their money constantly. I asked her what she though $1M in $100s looked like and she said it was a room full of money. My friend looked at me and I said “ There’s yore problem.”
 

Cdog

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I miss the good ole days when I would post an ad in the Recycler. Someone had to care enough to go buy one and then call you. Then they come over, you BS about cars, they hand you some cash, and move on with your life.
“A 71 cuda in plum crazy purple”

 

DLC

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So here’s a deal we learned about since we do a lot of hard money transfers.

Scammers intercept the emailed escrow or bank instructions of where to wire. The scammers then attach a new copy of the instructions but with their account and routing numbers. I always call and verify numbers before wiring now. It’s good to do anyway in case the numbers were typo'd
this is it to a T! The scammers don’t scam the bank they scam your e mail, intercept the info and send out revised wire instructions so funds go the them.

always pick up the phone and contact the other person to verify.

I could tell you stories about this type of fraud. One incident on Friday after turkey a company almost lost 3.1 million, the controller got busy and didn’t pick up the phone to verify the transaction. And that’s on the customer not on the bank.
 

lbhsbz

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this is it to a T! The scammers don’t scam the bank they scam your e mail, intercept the info and send out revised wire instructions so funds go the them.

always pick up the phone and contact the other person to verify.

I could tell you stories about this type of fraud. One incident on Friday after turkey a company almost lost 3.1 million, the controller got busy and didn’t pick up the phone to verify the transaction. And that’s on the customer not on the bank.
And always look up the number to the bank(s) on your own....don't use the phone number on any email or cashier's check.
 
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Mandelon

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I sold a house to a guy with bad credit but lots of money. He got a loan for the max he could qualify for and paid cash for the rest. I had a shoebox with $75,000 in it. We made it rain in the bedroom and rolled around in it. LOL. But once stacked up, it didn't take up as much space as you'd think.
 

RogerThat99

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You can open an account to accept a wire transfer. Accept the incoming transfer, then take the money out, then close the account.

For smallish amounts like you're talking about I'd just take the cash. Probably a good idea to do it at a bank and have them run it through their counting machine.
This is what I would do if I was going the wire route.

The last vehicle I sold, I did accept a cashier's check, but I went to the buyers bank with them to withdrawal the funds and cut the cashiers check. It all worked out.

Sent From Tapatalk
 

ChumpChange

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This story happened just last week.

Signed loan documents for a customer. Purchase transaction on a commercial property. We were in contact with both our customer and the title company.

Borrower send me an email that was sent to him from the title company with wire instructions. Now the borrower didn't need to wire the funds as I was doing 100% of the purchase amount on my end. So this email was already out of place. Fortunately, the borrower also included the title officer in the email, not by hitting reply, but by typing his email. The title officer responded that that was NOT his email.

Don't reply to emails, forward them where you have to put their email in the TO section.

Someone spoofed one of their emails, either the borrower or the title company. When I looked at the email address, it was missing the E in the word TITLE.com

This is why banks do call backs on wire transfers. There's too much electronic fraud out there.
 

Melloyellovector

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My friend’s wife stupidly spends their money constantly. I asked her what she though $1M in $100s looked like and she said it was a room full of money. My friend looked at me and I said “ There’s yore problem.”
Lol

100k in 100s will fit standing up in a standard checkbook box. 10 check book boxes will fit in a boot box.
Or so Iv heard ;)
 
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