Form of payment for private sale - and anything else!

[escaper2025]

cash only for a sale that could easily be $30,000 or even $50,000 ? yah, I don't think so. when we bought our used Escape, we went with the seller to a nearby branch of our major bank, and had them write a counter check off our account right in front of her. did much the same thing buying several nice used cars.

Well, someone is welcome to wire transfer money to me I guess. But then they will have to wait a few days for me to be satisfied that all is legit.

One thing is for sure. I'm not taking a check of any kind for any reason.

I had to deposit a "large" check recently. Bank made me wait TEN DAYS to clear the funds! Forget that!! I had no choice in that particular instance. But selling something? Yeah. Not going to wait 10 days for access to the money from selling a trailer.

 

[BravoDeltaRomeo]

We bought ours used in Canada for $32k. The seller accepted a Bank Draft. Quick, easy, certified funds, no risk for either side really.

When you guys say "cash only". Do you actually mean paper money, like tens of thousands of dollars in a briefcase? If so, I would feel more at risk with that than a Bank Draft or Certified Check as the seller. I wouldn't e-transfer or wire that much either.

I would never deal with someone who wanted cash only for anything over $3k.

 

[John in Santa Cruz]

yeah, $2000-3000 is my cash limit. heck, receiving that much or more, I'd be worried about counterfeit.

 

[escaper2025]

cash only for a sale that could easily be $30,000 or even $50,000 ? yah, I don't think so. when we bought our used Escape, we went with the seller to a nearby branch of our major bank, and had them write a counter check off our account right in front of her. did much the same thing buying several nice used cars.

Well, someone is welcome to wire transfer money to me I guess. But then they will have to wait a few days for me to be satisfied that all is legit

 

[escaper2025]

We bought ours used in Canada for $32k. The seller accepted a Bank Draft. Quick, easy, certified funds, no risk for either side really.

When you guys say "cash only". Do you actually mean paper money, like tens of thousands of dollars in a briefcase? If so, I would feel more at risk with that than a Bank Draft or Certified Check as the seller. I wouldn't e-transfer or wire that much either.

I would never deal with someone who wanted cash only for anything over $3k.

Yes, I mean actual, physical cash.

Anything else is NOT cash.

 

[BravoDeltaRomeo]

T

Yes, I mean actual, physical cash.

Anything else is NOT cash.

A Bank Draft is more secure than cash. It's a safer and more secure transaction too.

Maybe we are more trusting up here in Canada. But cash deals over a certain dollar amount are just asking for trouble.

 

[escaper2025]

But cash deals over a certain dollar amount are just asking for trouble.

Well.....I know at least one reason for that, but I don't think I'm allowed to say. But for me, that's not an issue.

 

[Ron in BC]

A Bank Draft is more secure than cash. It's a safer and more secure transaction too.

Maybe we are more trusting up here in Canada. But cash deals over a certain dollar amount are just asking for trouble.

I think from time-to-time there's also been some issues with phony bank drafts and there's a chance that the recipient might think that also.

I don't like carrying a lot of cash but if the seller is wary of anything but cash then I'll carry cash with one caveat: that we meet at their bank. The cash never touches their hands; over the counter to the teller and through their counting machine and the amount is verified. Reasonably risk free.

Ron

 

[BravoDeltaRomeo]

I think from time-to-time there's also been some issues with phony back drafts and there's a chance that the recipient might think that also.

I don't like carrying a lot of cash but if the seller is wary of anything but cash then I'll carry cash with one caveat: that we meet at their bank. The cash never touches their hands; over the counter to the teller and through their counting machine and the amount is verified. Reasonably risk free.

Ron

That makes sense and protects both parties.

The way some members were taking, they wanted a metal briefcase full of $20's or no deal.

 

[John in Santa Cruz]

Few banks keep that much cash on hand anymore. $30,000 would be 300 $100 bills.

re phony cashiers checks or bank drafts, if its issued by a branch of a major bank in the presence of the seller, its pretty hard to question it.

 

[escaper2025]

That makes sense and protects both parties.

The way some members were taking, they wanted a metal briefcase full of $20's or no deal.

If you're referring to me, I neither specified nor cared how someone carries their cash. Besides that, a smart buyer will carry their cash, if at all possible, in a fashion that leaves their hands free, should they be needed for another purpose.

That said, a briefcase is way too big for just $20K. That's a relative small stack that can easily be carried in something like a zipper pouch - the kind that banks often use.

My particular buyer had more than just 100s though. It's almost as if he took up a collection or something.

Back in the good old days (before 1969), you could carry $20K in a much smaller package: $500 x 40 bills, $1000 x 20 bills, $5000 x 4 bills or $10000 x 2 bills.

Sadly, those denominations are no long available at face value. Smart people got as many as they could before they were withdrawn and positioned themselves to make some SERIOUS profit in future years.

 

[Kingfish]

In some states, like mine for example, if you get stopped for any reason by the cops and they find a large amount of cash on you they can confiscate it until you prove its origin. If any of the bills have a drug scent (highly possible) then that opens up a huge can of worms.

 

[escaper2025]

In some states, like mine for example, if you get stopped for any reason by the cops and they find a large amount of cash on you they can confiscate it until you prove its origin. If any of the bills have a drug scent (highly possible) then that opens up a huge can of worms.

That's true. Just one reason why I do my very best to avoid being pulled over by the police, and if I AM pulled over by the police, I do my very best to avoid giving them any reason to look very far into my activities.

But, granted, some times, despite one's best efforts, things go sideways. Always a good idea to be prepared to deal with such events...one way or another.

I don't view it as a big concern though. I've been pulled over by the police only once since 2003. Given my track record, I'm happy to take my chances carrying whatever amount of cash suits my fancy.

 

[Jean-ESC]

I also think cash is unrealistic. Yes, go to a bank together. The easiest for me was when the seller and I had the same bank, we went to the nearest branch and I transferred the money. However, I did fine with cashiers checks with both my sales.

 

[John in Santa Cruz]

In some states, like mine for example, if you get stopped for any reason by the cops and they find a large amount of cash on you they can confiscate it until you prove its origin. If any of the bills have a drug scent (highly possible) then that opens up a huge can of worms.

I remember reading something like 70% of $20 bills in circulation test positive for traces of cocaine

 

[escaper2025]

I also think cash is unrealistic. Yes, go to a bank together. The easiest for me was when the seller and I had the same bank, we went to the nearest branch and I transferred the money. However, I did fine with cashiers checks with both my sales.

If I went to a bank with a buyer, he would have to withdraw cash to give to me. I'm just not going to wait 10 days for some stupid check to clear.

 

[escaper2025]

I remember reading something like 70% of $20 bills in circulation test positive for traces of cocaine

And probably 5% of people.

 

[MrLynn]

If I went to a bank with a buyer, he would have to withdraw cash to give to me. I'm just not going to wait 10 days for some stupid check to clear.

When we bought our trailer I had a cashier's check from our bank (Citizens Bank). There was no Citizens branch in the seller's city, so we went to his local bank, and he had them call Citizens and verify that the check was valid and the funds in our account were available. I don't recall if the funds were transferred at that time, but they were made inaccessible to us.

 

[TTMartin]

Yes, I mean actual, physical cash.

Anything else is NOT cash.

Anyone considering traveling with over $10K should look up both Federal Laws on transferring those amounts of cash. And your risk of having the Cash Seized via Civil Asset Forfeiture.