Cashier's check safe for private sale?
 

Hello again revscene, I am saleing a vehicle privately and the person purchase the vehicle would like to pay for it with a cashier's check. Is this safe for me to avoid being scam? Is there a way to verify the check authenticity before acceptance of check? Thanks!

if it's a certified cheque, go with him to the bank teller when he makes it so you know its legit.

= Bank draft.

Probably safest way of payment.

If you have any doubts, go to your bank with it prior to completing the sale.

^^^

not as safe as wire payment.

you can issue a bank draft, and then quickly report to your bank that you've lost the draft, and want to cancel it.

then when the deposited draft comes to clearing... it'll bounce.

but it takes a huge phaggot to do something like that.

Ask which bank they're with. Easiest is to do a direct transfer in a branch if you guys are at the same institution.

Just purchased a bike last month. Seller can with me and I got a certified cheque. Done.

A written cheque does not prove they have sufficient funds. Ask them to get a certified cheque / bank draft and it'll be much safer.

You are going sailing with him? By the way you misspelled it.

A bank draft is just like cash.
It's incredibly difficult and time consuming to cancel a bank draft. By that time, you would probably deposited and cleared the bank draft already.

When a person purchases a bank draft, that money is immediately deducted from the account. That money is now tied to the bank draft. Well, technically, the bank now holds that money until the bank draft is deposited.

I've done many transactions with bank drafts. They were all fine. Of course, use common sense to see if the bank draft is genuine.

cashier's check is essentially the same as a certified cheque.

a bank draft is safer and usually half the price of getting a cheque certified. but in both cases, the money itself is tied to the document, unlike a normal cheque where it is tied to the issuer's account. due to this, bank drafts/certified cheques/money orders/cashier's check cannot bounce due to lacking money.

however, the previous point is possible in that either can be reported lost. someone would have to be stupid and dumb to do that because since everything is documented, criminal charges come into play if someone falsely reported it lost.

Wasn't scammer's using 'fake' certified cheque which seller only finds out when it's rejected week later?

I remember reading some cases and thinking Money Order or Certivied Chque isn't scam proof anymore.

let me find a link.

Thats why you need to go to the bank with the buyer and get the cashier to write the cheque. The chances of it being fake after that are slim to none. Deposit cheque into your account same day.

only thing thats truly scam proof is a sack full of toonies.

that said ive used cashiers cheques for every used vehicle purchase/sale ive ever made and never had a problem. if its made out to your name and the specific amount you agreed to its unlikely to be fake.

Even if he cancels it, the bank has guaranteed the funds so they make sure that it doesn't clear and it is legitimately lost (at least at the institution i work at). That being said, it's only a piece of paper and anyone can replicate that.

Safest way....go with him to get it done (like everyone said), sign over car or whatever it is, then go deposit the cheque into your account.

I have bought and sold with bank drafts / certified cheques.

I had a buyer try to use a fake certified cheque on me once. I had a feeling something was off and asked to see his drivers license. Name did not match.

I agree that the safest bet is to be at the bank with them when they are getting the draft.

not true, unless the original bank draft is returned to the bank, it will always be valid.

you can report a bank draft as lost/stolen and have the funds returned, but the bank draft itself is still negotiable

Wire payment = takes 24 hours to post between Canadian banks.

Your best bet is really to go to the bank and just get the draft with the person so you can all see it's on the level.

Mark

On the one hand, bank drafts are the safest because they are as good as cash (money is withdrawn at time of creation, so money must be there).
HOWEVER, as every single person mentioned, don't let 'safe' fool you into getting a fake draft. Real drafts are safest, and the only way to ensure it's real is to go with them and have them print it up right there.