Selling A boat these days
#22
I hate making big purchases....it's such a pain in the ass.
I tried to pull $20k cash out of my savings a few years ago to buy a tractor...the teller and bank manager about had a fit. "We don't have that much cash on hand.....it will take us until next week to get that much, etc".
Then the bank manager gave me the deal about traveling with that much cash. Listen *******, how about you just give me MY money, and let me and my pal Gaston worry about security. So frustrating.
I tried to pull $20k cash out of my savings a few years ago to buy a tractor...the teller and bank manager about had a fit. "We don't have that much cash on hand.....it will take us until next week to get that much, etc".
Then the bank manager gave me the deal about traveling with that much cash. Listen *******, how about you just give me MY money, and let me and my pal Gaston worry about security. So frustrating.
Tried to pull 10 grand out of the bank and they acted like I was insane.
#23
Platinum Member
Platinum Member
Join Date: Jun 2004
Location: St-Hyacinthe, quebec, canada
Posts: 7,740
Received 375 Likes
on
252 Posts
i know someone who went to the bank, left with 70 k cash, stopped 1 hour drive later at a depanneur, yeah, left his bag in the car for 2 minutes when he was inside buying a pepsi, when he came back, 4 flat tires, broken window and... no more bag...
#25
Registered
There is now way I would drive around with large sums of cash. That's asking for trouble.
Meet the guy at your bank. If your bank won't accept cash, open an account at another bank. I've done this before, so I know there are some banks that will take the cash.
Michael
Meet the guy at your bank. If your bank won't accept cash, open an account at another bank. I've done this before, so I know there are some banks that will take the cash.
Michael
#26
Registered
It is anything over 10K in cash.
I just went through that. I have some money in a bank I don't use much (not my main bank). I withdrew $18,000 to buy something. I got my cash, but got the lecture that they don't normally have that much cash on hand and you have to order it ahead of time. She said I got lucky. Oh, OK. LOL.
But they do report deposits over 10K.
I wanted to offer 9K for the item, so I only took 9K with me (I figured I could run and get the other 9K if needed). I ended up not buying it. I had 9k of it with me so I swung into the bank and deposited the cash. The next day I deposited the other 9K. A few weeks later I got a letter from the bank saying they noticed "Suspicious" activity on my account. It appeared I was depositing multiple cash deposits under 10K trying to avoid the reporting. If I continued this activity they would close my account.
I hate making big purchases....it's such a pain in the ass.
I tried to pull $20k cash out of my savings a few years ago to buy a tractor...the teller and bank manager about had a fit. "We don't have that much cash on hand.....it will take us until next week to get that much, etc".
Then the bank manager gave me the deal about traveling with that much cash. Listen *******, how about you just give me MY money, and let me and my pal Gaston worry about security. So frustrating.
I tried to pull $20k cash out of my savings a few years ago to buy a tractor...the teller and bank manager about had a fit. "We don't have that much cash on hand.....it will take us until next week to get that much, etc".
Then the bank manager gave me the deal about traveling with that much cash. Listen *******, how about you just give me MY money, and let me and my pal Gaston worry about security. So frustrating.
But they do report deposits over 10K.
I wanted to offer 9K for the item, so I only took 9K with me (I figured I could run and get the other 9K if needed). I ended up not buying it. I had 9k of it with me so I swung into the bank and deposited the cash. The next day I deposited the other 9K. A few weeks later I got a letter from the bank saying they noticed "Suspicious" activity on my account. It appeared I was depositing multiple cash deposits under 10K trying to avoid the reporting. If I continued this activity they would close my account.
#27
Gold Member
Gold Member
On topic, receive and count the money at your bank where you then deposit the funds. Security cameras will record the footage clearly, if you pay it in and there's some crooked notes in there, you have the guy on camera. Make sure you have i.d. copies of the buyer to present in the unlikely event of something going wrong.
RR
Last edited by rak rua; 09-26-2016 at 02:19 AM.
#28
Registered
Join Date: Sep 2010
Location: Manasquan, NJ
Posts: 215
Likes: 0
Received 0 Likes
on
0 Posts
Just bought a boat privately, in NY State. Gave them ten grand personal check and we swapped a buying agreement written out and signed by both of us. Sent two certified checks. One to their bank and one to them. They deposited their check. To days later sent me the title. Bank says the lien release paper will get to me in ten days. They didnt release the boat to the transporter, or the title, until checks cleared. Maybe a difference was that I had several conversations with the owner before I met him. Then met his wife. Went for a ride on the boat. It all went smooth. Now I have a 18 ft Grady CC to sell and I am getting a weird email about money to Paypal and can't get out to see the boat blah blah. Sounds like bs to me. How do you scam with Paypal?
#29
Registered
Thread Starter
A big THANK YOU to all that responded!
After reading all of this... there is a lot of ways to handle.
lots of scams to avoid.
the wire to a savings account seems like the best option.
Buyer wants no part of his bank (assume because he sold two boats for parts, is cash flush at moment)
I'll buy a cash counting machine. run all the cash through machine at the bank. deposit into my USD savings account(I'm opening today)
have a bill of sale for buyer. A bill of sale for myself with his Passport # and DL, address ect.
I hope it all goes liquid smooth.
I will miss the boat for sure.
Its impossible to replace especially for the low price it fetched.
thanks again.
Soinc
After reading all of this... there is a lot of ways to handle.
lots of scams to avoid.
the wire to a savings account seems like the best option.
Buyer wants no part of his bank (assume because he sold two boats for parts, is cash flush at moment)
I'll buy a cash counting machine. run all the cash through machine at the bank. deposit into my USD savings account(I'm opening today)
have a bill of sale for buyer. A bill of sale for myself with his Passport # and DL, address ect.
I hope it all goes liquid smooth.
I will miss the boat for sure.
Its impossible to replace especially for the low price it fetched.
thanks again.
Soinc
#30
Gold Member
Gold Member
Sounds pretty secure, not much more anyone can do.
Only one question, buying a cash counter? You're likely to only use it once, what about you and the buyer hand it over to the bank teller and they can run it through their machine in front of you both? They have to count it anyway.............Six of one, half a dozen of the other!
Congrats on the sale, trust the settlement goes well.
RR
Only one question, buying a cash counter? You're likely to only use it once, what about you and the buyer hand it over to the bank teller and they can run it through their machine in front of you both? They have to count it anyway.............Six of one, half a dozen of the other!
Congrats on the sale, trust the settlement goes well.
RR