Safest method to receive money for boat purchase?

[78Southwind]

I have someone interested in purchasing a boat from me. The buyer wants to send me money via PayPal or Zelle. Which method is the safest or is there a better method?

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[Spudsbud]

Cash.... or no deal.
Too many buyers out there. Skip down the list.

 

[Outdrive1]

Zelle is a transfer, thats a Wells Fargo deal. It’s safe. Paypal I’d be worried they could reverse the charges.

I usually do certified funds. Wire, cashiers check, cash.


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[t&y]

Just did a cashier check. You can call the bank it was issued from right on the spot and verify funds.. I'd say the safest is walk into the bank and do a wire transfer.

 

[78Southwind]

Zelle is a transfer, thats a Wells Fargo deal. It’s safe. Paypal I’d be worried they could reverse the charges.

I usually do certified funds. Wire, cashiers check, cash.


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Do you know how long it takes for zelle to clear? The guy's in Massachusetts and wants to send a Transport company to my address to pick the boat up once the money clears. I'm a little apprehensive because the guy text me literally a couple minutes after I put the ad up while I was still editing it.

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[NicPaus]

Cash. I did the verify the cashiers check method and the buyer turned around and did a stop payment before it cleared. If you insist on cashiers check make sure it is issued by credit union or bank not the buyers name on it. If out of there account and name on check they can stop payment or cancel it. If credit union or bank the bank has to. Cost me $17K.

 

[Outdrive1]

Do you know how long it takes for zelle to clear? The guy's in Massachusetts and wants to send a Transport company to my address to pick the boat up once the money clears. I'm a little apprehensive because the guy text me literally a couple minutes after I put the ad up while I was still editing it.

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Instant. Its a transfer, similar to a wire.


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[t&y]

Cash. I did the verify the cashiers check method and the buyer turned around and did a stop payment before it cleared. If you insist on cashiers check make sure it is issued by credit union or bank not the buyers name on it. If out of there account and name on check they can stop payment or cancel it. If credit union or bank the bank has to. Cost me $17K.

Wow... but wait. The cashier check was issued from the buyer? It wasn't issued by a bank or credit union?

Sounds to me like you called one of his buddies who followed a script and told you it was valid. Always call the bank directly, they verify the routing number and who it was issued to. Sucks to hear you got screwed.

 

[OldSchoolBoats]

Zelle is safe, I would take that all day or a wire transfer.

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[NicPaus]

Wow... but wait. The cashier check was issued from the buyer? It wasn't issued by a bank or credit union?

Sounds to me like you called one of his buddies who followed a script and told you it was valid. Always call the bank directly, they verify the routing number and who it was issued to. Sucks to hear you got screwed.

I brought it to chase and verified in person. Cashed the one to me sent the one to Ford that's one that was canceled. I had to pay them off got the title sitting in my desk but no truck.

 

[t&y]

I brought it to chase and verified in person. Cashed the one to me sent the one to Ford that's one that was canceled. I had to pay them off got the title sitting in my desk but no truck.

That is theft by trick or device. Should be a felony in any state I know. File a police report, get your truck entered as stolen, and get it back.

 

[NicPaus]

That is theft by trick or device. Should be a felony in any state I know. File a police report, get your truck entered as stolen, and get it back.

I tried police told me it was a civil matter. Would not even take a report.

 

[crzy2bealive]

Cashhhh

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[crzy2bealive]

Or if it's high ticket item maybe an escrow service.

Almost typed escort service.

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[lbhsbz]

Wow... but wait. The cashier check was issued from the buyer? It wasn't issued by a bank or credit union?

Sounds to me like you called one of his buddies who followed a script and told you it was valid. Always call the bank directly, they verify the routing number and who it was issued to. Sucks to hear you got screwed.

And look up the bank phone number yourself...don’t call the number on the check.

 

[t&y]

I tried police told me it was a civil matter. Would not even take a report.

Civil matter is more related to a dispute over contract. What you are describing is the guy gave you check, or two of them, to cover the agreed upon price. He then canceled one of them after taking possession of the property. Shows pretty clear intent to defraud unless there is a ton of info you haven't told us about.

Have you checked the title on the truck lately and is it still registered to you? This is the equivalent of a person on the internet tricking someone into sending them money for services that they never received, or paying with counterfeit bills.

At a minimum I'd be down and the local DA's office. You don't really need a police report to get this in court. Some agency's will direct you to a DA investigator that could handle it.

 

[Outdrive1]

Civil matter is more related to a dispute over contract. What you are describing is the guy gave you check, or two of them, to cover the agreed upon price. He then canceled one of them after taking possession of the property. Shows pretty clear intent to defraud unless there is a ton of info you haven't told us about.

Have you checked the title on the truck lately and is it still registered to you? This is the equivalent of a person on the internet tricking someone into sending them money for services that they never received, or paying with counterfeit bills.

At a minimum I'd be down and the local DA's office. You don't really need a police report to get this in court. Some agency's will direct you to a DA investigator that could handle it.

Exactly. Report it stolen and call your insurance and file a claim. I’ve done hundreds of transactions and have never gotten a bad or canceled check.


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[2Driver]

You cant tell me someone hasnt figured out a craigslist scam using zelle or pay pal yet?

out of state and responded in seconds after the post is an alarm to me. Not that isnt real just worth doing more due diligence

 

[Spudsbud]

Again, CASH is the universal problem solver.
He's in Mass.? Stick it in an envelope.
Insure it. 1st class, overnite delivery.
Youu'll have it Monday aft. He gets the boat Tues. morn.
Easy.
He squauks about it...... bye.

 

[mjc]

I just sold are car. I used this. Works every time

 

[H20 Toie]

cash or wire transfer period

 

[RiverDave]

That is theft by trick or device. Should be a felony in any state I know. File a police report, get your truck entered as stolen, and get it back.

Tell that to all of OCM Tim’s victims.. they say it’s a civil matter and to sue them.

I asked the cop that told me that.. if you left the cop car at my house with the keys and I just decided not to give it back would you sue me?

Doesn’t make any sense to me, but that’s what they said.

 

[CJ_Donahue]

Everyone knows the PayPal scams - Hell No but the current Zelle scam is faud accounts. The "Buyer" sends money via Zelle and the seller ships. Sometime shortly after the "True" account holder claims they were hacked and they didn't purchase a boat. Wells Fargo's solution is the cancel the transaction and tells the seller to file a theft/fraud police report.

Cash or wire transfer only. I personally, even when meeting at a bank, only accept cash or hold until everything clears.

 

[t&y]

Tell that to all of OCM Tim’s victims.. they say it’s a civil matter and to sue them.

I asked the cop that told me that.. if you left the cop car at my house with the keys and I just decided not to give it back would you sue me?

Doesn’t make any sense to me, but that’s what they said.

That is a totally different set of circumstances Dave.

On another note, thought you were supposed to be out on the Damn Run right now?

 

[zx14]

Cash, his hand to yours.

 

[JUSTWANNARACE]

"Transport company after the money clears"..

SCAM!!!

 

[HNL2LHC]

Cash. Even with that I go with the person to the bank when they withdraw it. I don’t trust anyone with my money and an amount more than I an willing to loose. So that is anything over $100. LOL

 

[motormonkey]

Open an account, transfer money. Wait 7 business days for money to clear, then pull money and deposit in your account.
Once conditions are satisfied , then ship. Mail title a week after boat is recieved.
Lots of scammers out there and banks won't help.

 

[78Southwind]

This is probably why I don't ever selling anything worth any real value. We will see what happens, I just text the following: If you're still interested on Monday I can get together with my bank and see how you can do a wire transfer to the bank.

 

[Blackmagic94]

Cash
Apple pAy
Zelle
Cashier check
Money order
Postal money order
Cocaine
Hookers
Machine guns

 

[ChiliPepperGarage]

What I've done in the past is wire transfer. I go to my bank and open a new account. Call the buyer and they have their bank transfer the money to my new account. It only takes a few minutes. Once my bank verifies the funds I transfer all the money to my regular account and then have them close the newly created account.
I've done this a few times and I tell my bank what I'm doing and they always tell me that it is a good idea and they are happy to help me with it.
If the buyer is local then I tell them cash only. If it is a large amount I have them meet me at my bank so I can deposit the money right away.

 

[Javajoe]

I always have them meet me at the bank with cash then I have the teller run it thru their counter to make sure none of its counterfeit. WAY too many scams out there. If they want it bad enough they will do what you want

 

[traquer]

Cash is king! If you're both at the same bank than you can call ahead and do the withdrawl and deposit right back in there. That's the only 100% safe method I know.

The other option when I bought and sold my last BMW was cashier's check. Go to the bank and have the teller make out the check. That's also technically 100% safe as the bank is gauranteeing the funds, no the individual acount of the buyer. From my understanding, the only way that can go sideways is if the person cancels the check. BUT, they can't just cancel it. The process will take at least 90 days but even then it will only work if it *hasn't* been deposited and they have check in hand, or there is some sort of demonstrable fraud. I don't know what happened with @NicPaus but that sucks and that shouldn't have been possible.

No paypal or zelle. I do admit I sold a race car on Ebay once and was paid via paypal. The only reason I went through with it was the guy asked me to deliver it to his place in Spring Mountain, I called the office and verified that the gentleman did indeed own a villa on the property. That was a warm and fuzzy feeling knowing that!

 

[SBMech]

Go to the bank with them and have them withdraw the money on the spot, and use their own machine to verify.

Too many scams right now to trust any sort of online/paypal etc.

I don't trust anything but cash anymore, banks will rip you off with cashiers checks bullshit as fast as anyone else.

For anything over $100, since that's about all I am willing to trust anything anymore lol...as much as I spend on a round of drinks with my friends...or used to ....

 

[MK1MOD0]

cash or wire transfer period

This. End of story. Oh, and if cash, better have a electronic cash counter. fake 100’s can be very good.

 

[Blackmagic94]

Well I ran into this issue with buying my cigarette.



Anything over 10k cash withdraw or deposits requires the bank to fill out a Suspicious bank activity form under the patriot act a.k.a. possible terrorism

 

[NicPaus]

Civil matter is more related to a dispute over contract. What you are describing is the guy gave you check, or two of them, to cover the agreed upon price. He then canceled one of them after taking possession of the property. Shows pretty clear intent to defraud unless there is a ton of info you haven't told us about.

Have you checked the title on the truck lately and is it still registered to you? This is the equivalent of a person on the internet tricking someone into sending them money for services that they never received, or paying with counterfeit bills.

At a minimum I'd be down and the local DA's office. You don't really need a police report to get this in court. Some agency's will direct you to a DA investigator that could handle it.

I did not have the check written to Ford that was canceled. That was the issue. I sent it to Ford. Ford didn't bother to let me know until my next payment was due few months later. Figured it was good and never followed up. Lesson learned. Truck went to Mexico from what i was told. Registration was still in my name the next year it was due.

 

[ToMorrow44]

Do you know how long it takes for zelle to clear? The guy's in Massachusetts and wants to send a Transport company to my address to pick the boat up once the money clears. I'm a little apprehensive because the guy text me literally a couple minutes after I put the ad up while I was still editing it.

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That’s got scam written all over it.

 

[GRADS]

Nigerian checks are the only way to go.

 

[ChumpChange]

Wow... but wait. The cashier check was issued from the buyer? It wasn't issued by a bank or credit union?

Sounds to me like you called one of his buddies who followed a script and told you it was valid. Always call the bank directly, they verify the routing number and who it was issued to. Sucks to hear you got screwed.

You can easily put a stop payment on a cashiers check. If you’re the purchaser, Just tell the bank that you lost it and they put a stop payment on it and reissue.

 

[ChumpChange]

Do you know how long it takes for zelle to clear? The guy's in Massachusetts and wants to send a Transport company to my address to pick the boat up once the money clears. I'm a little apprehensive because the guy text me literally a couple minutes after I put the ad up while I was still editing it.

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Where are you located? Shipper? Sight unseen? This is starting to sound sketchy. Why won’t he come see it? Have you talked on the phone or just text?

 

[DLC]

Cash. I did the verify the cashiers check method and the buyer turned around and did a stop payment before it cleared. If you insist on cashiers check make sure it is issued by credit union or bank not the buyers name on it. If out of there account and name on check they can stop payment or cancel it. If credit union or bank the bank has to. Cost me $17K.

did the check say cashiers check? You can’t put a stop payment On a cashiers check, once the cashiers check is written ( by the bank) the funds get transferEd to the banks cashiers fund and then the cashiers check is cash on hand no waiting for it to clear once depositEd into your account.

you must have gotten a different type of check, did you get a copy of his DL?

 

[Blackmagic94]

Wire transfer is ok too

 

[DLC]

You can easily put a stop payment on a cashiers check. If you’re the purchaser, Just tell the bank that you lost it and they put a stop payment on it and reissue.

the bank can put a stop payment on a True cashiers check put it takes 90 days and you have to sign an affidavit of lost cashiers check. It’s not like a standard lost check situation. In the 90 days the check would be cashed if trying to stop a payment

in this situation if The 1st cashiers check was actually lost you would need to come with the amount of the check for a 2nd cashiers check and Then would be made whole in 91 days for the 1st lost cashiers check. It is done this way to protect the validity of the cashiers check system.

 

[Mcob25rg]

I just did a deal with great guy from Cali. We settled on the amount, he wired the $, waited for it to hit my account ( about 1/2 hour ), he took it home. Wire is the only SURE WAY to do it.

 

[CobraDave]

That is a SCAM!!!!!!!

And Zelle in their fine print says they offer no buyer or seller protection. Cash or a wire, period. PayPal is a scam. I no longer use it.


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[TimeBandit]

I have someone interested in purchasing a boat from me. The buyer wants to send me money via PayPal or Zelle. Which method is the safest or is there a better method?

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Zelle has a daily limit of about $2,000 to $2,500 depending on the bank. My renter has been paying me this way for years and she has to send me two transfers to pay her rent.

wire transfer is the only way to do this one, open a new account and have him send the money to it, transfer the money to your regular account and then arrange transport.

 

[ChumpChange]

the bank can put a stop payment on a True cashiers check put it takes 90 days and you have to sign an affidavit of lost cashiers check. It’s not like a standard lost check situation. In the 90 days the check would be cashed if trying to stop a payment

in this situation if The 1st cashiers check was actually lost you would need to come with the amount of the check for a 2nd cashiers check and Then would be made whole in 91 days for the 1st lost cashiers check. It is done this way to protect the validity of the cashiers check system.

Per Nic it was fraud so your second paragraph means nothing. They could wait it out 90 days.

And I can place a stop payment on a cashiers check for any reason. Just go back to the remitting/branch bank with my receipt.
Yes there is a waiting period to get reimbursement as the bank wants to make sure it has not been cashed.

 

[DLC]

My neighbor sold a jeep to a guy in Michigan, Jeep was in Havasu. Neighor got a check snail mail he opened a saving acc depo the check waited for the bank to say it was ok and then transfer the money into his acc and Then closed the saving account
he then got on the phone to the guy And said come get it! He had a car hauler stop by and pick it up with the Signed pink slip Sitting on the floor.

Took about a week from start to finish

 

[t&y]

did the check say cashiers check? You can’t put a stop payment On a cashiers check, once the cashiers check is written ( by the bank) the funds get transferEd to the banks cashiers fund and then the cashiers check is cash on hand no waiting for it to clear once depositEd into your account.

you must have gotten a different type of check, did you get a copy of his DL?

That's the way I understood it. It is basically a check directly from the bank. We put one if for 20k and it was all available the next day.