What is the safest check?
 

Other than going to the bank with a buyer for all cash, what is the safest form of payment?

Planning on taking a 20% deposit on a boat and hauling it almost 900 miles and then exchanging titles and a check.

Whats the safest check to accept - cashiers? bank draft?

I dont foresee any issues at all, but its alot of money and need to be covered.

Certified chaeck from bank is usually good, if you are that worried you need to make sure you know who you are dealing with, address, Name, SS#, Have a written sales agreement. Basically enough information so if teh funds bounce you can track them and the property down.

WILL:ernaehrung004:

Moneyorder is like cash just on paper and only the person who its made out to can cash it.

Wire transfer is safe and fast. You can verify the funds are in your account before he takes possession of the boat. This is how I bought my boat last fall. I traveled 1300 miles to pick it up. Naturally, the seller was leary of a check. Once I was happy with the boat, I gave the go ahead for the wire transfer. We went together to his bank to sign the title and get the bill of sale notarized.

:rolleyes:,,,i quess the future is here.LOL:party-smiley-004:

NO NO Casier Check NO Money Order, I can print them all day long on a good printer and you would never now the difference.:eek:
Electronic transfer the only way!!!!

I like the wire transfer the best because you know the money is there.
While a Cashiers check or Money order is probably good, the banks won't guarantee anything until the check clears.

I have had cashiers checks, bank drafts, and personal checks all go bad on me related to vehicle sales. The only 2 safe options are cash counted/scanned by the bank or wire transfer.

Wire transfers can be reversed. All checks can have holds put on them or stop pays. Cash is king, but if yu have the cashiers check drawn on a bank that you use, it can be verified.

Nothing is guaranteed except cash. I have made a lot of transactions on faith. I guess we all have.

Escow services will work, they just usually have a fee involved.

Just take the deposit and don't deliver until it has posted.

All ways of doing it have positives and negatives for the both seller and buyer.

In my last 2 transactions, I was a buyer and seller.
Buyer gave cashiers check and a chunk of cash to seller. Buyer took boat with a purchase contract/bill of sale. Seller sent the title after the cashiers check cleared the bank.

Last time I used a check, I scanned the check and emailed it to the seller a fews days before so that his bank could get the check confirmed and make sure the cash was in hold on the check.

I have either recieved, or given cash in all the other transactions that didn't include a bank.

only way to do it.... 999% of the time you'll have no probelm.. but wire the money

Once the wire transfer is received- get the bank to draw you a banck check and move it to another bank - that will stop the reversal of the wrie transfer !

I sold a bike to a company in Texas a few years ago they did money transfor to my bank. Then they had someone pick up bike, I overnighted title to them. Worked out good. I picked up a boat this summer and was lucky one of the banks I have an account with had a branch about 20 miles from the seller. I called bank branch frist to see what I needed to bring as it was a long distance away. After deal was made we went to my bank got bank check, than to sellers bank so he could depost check.

Another option is to go to the buyer's bank with the buyer. Have him purchase a cashiers check at the bank in front of you. That way you know it's a good bank check and not a counterfit.

This is what I am doing right now. The bank said a wire transfer can only be reversed "with cause"... like it went to the wrong account. But to be safe, get the money out and then move it to another bank.

Definately WIRE the money.. I do it and there is no problems at all. You can call make sure it has been done. change paper work... Plus the money is Available instantly.. I take a wire.. Once it is there. I transfer it to another one of my accounts... You can't undo a wire... I had a friend that got a bad "cashiers check"... Don't ask me how but it was Fraudelant....

Yes just like he said ... Get the wire then Move it.. I do that and I have never had a problem... I have done that about 17 Times.. I get the wire... Move it to another account..

Yes the movement is exactly my plan.

My bank recommended either a transfer of Money Order, but hold title until it clears. Which I will probabaly do. He'll have the boat, it is insured and i will send title as soon as I can access the funds.

Should be OK for everyone.

Thats pretty much what we did. Checks and balances for both parties.