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Safest method to receive money for boat purchase?

t&y

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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.
Interesting. So if the bank issued a cashiers check to "GRADS" and a guy with a valid form of Identification with the exact name "GRADS" goes to to a bank and deposits that check, are you saying they will still put a stop payment on that check just because the seller says "I lost it".... it just happened to be picked up a person with the exact name it was issued to by me in the first place???????
 

NicPaus

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I got 2 cashiers checks one for $5600 in my name and 1 made out to ford for balance owed. Mine cleared no problem and the one to ford got canceled or lost whatever the buyer claimed. Ford did not notify me until next payment was past due. Since I did not have that check in hand PD would not do anything. If they would of made a police report my insurance would of covered it. Live and learn. Sold 2 things since where credit union wrote the cashiers check buyer name not on it and no issues. If you went and had 1 made at Bank chase told me $25 fee and it is no longer valid check.
 

DLC

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Interesting. So if the bank issued a cashiers check to "GRADS" and a guy with a valid form of Identification with the exact name "GRADS" goes to to a bank and deposits that check, are you saying they will still put a stop payment on that check just because the seller says "I lost it".... it just happened to be picked up a person with the exact name it was issued to by me in the first place???????

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t&y

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Which validates what I've been saying. A proper Cashiers Check is issued by a bank or credit union to a specifically named person or organization. If that person or organization cashes the check, its gone. Now I suppose if who ever received the check sat on it for a while and it hadn't been cashed prior to someone trying to cancel it, that might be different.
 

Smooth Mvr

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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 is INSTANT!!
 

Sleek-Jet

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

Almost typed escort service.

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This.

Most banks and credit unions will do an escrow service, costs about as much as a wire transfer. Buyer pays for it.

You'll need a written purchase agreement, but that is pretty simple.

The escrow holds the title, once funds are received and verified they send the money to you and the title to the buyer. You never have any exposure to the buyer. No cashier's check or electronic payment shenanigans.
 

ChumpChange

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This.

Most banks and credit unions will do an escrow service, costs about as much as a wire transfer. Buyer pays for it.

You'll need a written purchase agreement, but that is pretty simple.

The escrow holds the title, once funds are received and verified they send the money to you and the title to the buyer. You never have any exposure to the buyer. No cashier's check or electronic payment shenanigans.

Always the safest way for big dollars.
 

colenighthawk

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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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It's a scam, don't do it, cash or no deal
 

nameisbond

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I only do in person transactions. I'll take a cashiers check, usually the buyer banks at a national chain and I go with them to get the check. Preferred method though is wire transfer...................................... I rent office space in central Washington State. My landlord there just had $175k stolen by his bookkeeper. The police are saying its a civil matter. So don't expect the police to be of help if scammed. Again go wire, its near impossible to reverse. Unless the bank makes a mistake.
 

2Driver

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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?

^ This, the next thing you know he’s going to want it inspected. 😁
 
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