ALWAYS something going wrong
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Joined: Nov 2006
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From: Texas
ALWAYS something going wrong
I give up....
I sent overnite FEDEX cashier payment for my 1990 Porsche 928S4.... figuring it was a cashiers check - so no problems right?????
WRONG.... the Bank of America would not accept the check and only put it in deposit with a 11 day hold because it was out of state cashier check.
Now, I thought no problem, I would go to my bank, cancel the check and bank draft the money.. but OH-NO... bank could not cancel check with just reciept. So I had to call seller and him send me the cashier's check back overnite which actually means Friday, so that I can go to my bank give them the cashier's check and refund my XX,XXXX.XX dollars into my account, so that the bank can then bank transfer the money into my sellers account and he will release the Porsche for pickup by the carrier.
What a nightmare..... maybe I should just buy a used Ford Pinto.... it sort looks like a Porsche 928 kinda in a way, especially through BEER GOGLES......HAHAHAHA
Just joke fellas and ladies so no flames.I am almost in tears over this catastrophe.
Happy Thanksgiving,
I need a Drink
Paul G.
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Joined: Jun 2005
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From: Park Ridge, IL (near Chicago)
Paul,
The recipent's bank controls whether or not it places a hold on any check deposited. The recipient may or may not be able to influence this, based on his history with the bank. That's water under the bridge now but I've had similar experience with my bank and when I protested they removed the hold. Good luck with the deal; you did everything right and I hope it will work out fine.
The recipent's bank controls whether or not it places a hold on any check deposited. The recipient may or may not be able to influence this, based on his history with the bank. That's water under the bridge now but I've had similar experience with my bank and when I protested they removed the hold. Good luck with the deal; you did everything right and I hope it will work out fine.
Nordschleife Master
Joined: Oct 2006
Posts: 8,575
Likes: 5
From: Orange, Cal
So whats the preferred way of doing this kind of remote transaction?
Bank wire transfer is what all the scammers ask for, would make me nervous. Didn't some law go through a year or so ago allowing all the banks to electronically clear checks, nothing should take more than 24 hours these days.
Last time I needed a big check I used a visa debit card at the persons same bank chain for a bank check from them. Hard for them to ask for a hold on their own check.
Bank wire transfer is what all the scammers ask for, would make me nervous. Didn't some law go through a year or so ago allowing all the banks to electronically clear checks, nothing should take more than 24 hours these days.
Last time I needed a big check I used a visa debit card at the persons same bank chain for a bank check from them. Hard for them to ask for a hold on their own check.
Archive Gatekeeper
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From: Irvine, CA
I walked into the B of A across the street from where I had a PPI done, with the PO in tow so he could watch me get a cashier's check from the teller. We then walked down the street half a block to his bank, where he deposited it in his bank. Kind of labor intensive, but at least both parties knew it was legit. For a 5-figure transaction, I'd insist on doing it in person.
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Burning Brakes
Joined: Sep 2006
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From: Myrtle Beach, South Carolina
Originally Posted by danglerb
...Last time I needed a big check I used a visa debit card at the persons same bank chain for a bank check from them. Hard for them to ask for a hold on their own check.
I deposited the money to be transfered into an account in my bank and signed a form to allow my bank to transfer by wire, upon my request by phone, then flew to the sellers location, checked the car and made the call, within one hour his bank said they had the funds and an hour after that I was on the road in my new 928.
I couldn't buy a car without looking at it first myself.
Hang in the Paul, your wait will be over before too long. I know it's a bitch.
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Addict
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From: Aztlan, aka SoCal
I wouldn't purchase a car in the five figure bracket without first looking at it in person. When I purchased my '91 S-4, I flew to Phoenix with the cashiers check in my pocket and drove all the way home with the biggest damn smile on my face 
Race Car
Joined: Jun 2002
Posts: 4,269
Likes: 25
From: Alabama
Best way to handle a cashier check is to email a copy of it and the receipt to the seller. There's a special 800 number the seller can call (through his institution) to verify if the CC is real, e.g. check number, check amount and date of issuance. Once he gets the real cashier check he can deposit it in his bank. Depending on the relationship with his bank (balance, nsf etc) he can have the check quicker. Reg CC is just guidelines for FI and the branch managers can override the Hold on the check (again, RELATIONSHIP comes to play).
How are you guys handling delivery? Is the car local? Is it being shipped? In my case the driver of the transporting Co handled the cashier check to the seller (seller already verified validity of the CC by phone) and he handled him the car/keys/title. Simplest transaction EVER.
Lets put it this way. If the seller does not trust you, why should you trust HIM?
How are you guys handling delivery? Is the car local? Is it being shipped? In my case the driver of the transporting Co handled the cashier check to the seller (seller already verified validity of the CC by phone) and he handled him the car/keys/title. Simplest transaction EVER.
Lets put it this way. If the seller does not trust you, why should you trust HIM?
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Joined: Jun 2005
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From: Park Ridge, IL (near Chicago)
Larry,
If the seller takes your cashier's check to his bank and they tell him they need to put an 11 day hold on it, you're going to be looking for a motel or to fly home and come back when it clears. Seriously, a bank should be able to verifiy a cashier's check and release the funds to an account in much less than 11 days. Myself I've always naively accepted any cashier's check as real and so far I've been lucky.
If the seller takes your cashier's check to his bank and they tell him they need to put an 11 day hold on it, you're going to be looking for a motel or to fly home and come back when it clears. Seriously, a bank should be able to verifiy a cashier's check and release the funds to an account in much less than 11 days. Myself I've always naively accepted any cashier's check as real and so far I've been lucky.
Race Car
Joined: Jun 2002
Posts: 4,269
Likes: 25
From: Alabama
Hold, cashier check is an exception?
At the most, CCheck funds should be available on the 1st bus day if deposited via a teller and 2nd bday if via atm) because its considered certified funds. Do a search on Reg CC online!
At the most, CCheck funds should be available on the 1st bus day if deposited via a teller and 2nd bday if via atm) because its considered certified funds. Do a search on Reg CC online!
Burning Brakes
Joined: Sep 2006
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From: Myrtle Beach, South Carolina
If you recieve a forged certified check and deposit it, your bank can come back a week or two later and take the money out of your account meanwhile the buyer is long gone with your car....
With modern laser printers and people getting access to the proper number codes that are on the banks certified checks forgery is commonplace these days and the initial call from your bank to the supposed issuing bank won't always show the check as a fraudulent document but later they catch it and then you are left as the victim.
I checked on all this with two of my banks and they both said the only sure way to know you received the money and know they couldn't come back later and take it back from me was if I used a wire transfer.
With modern laser printers and people getting access to the proper number codes that are on the banks certified checks forgery is commonplace these days and the initial call from your bank to the supposed issuing bank won't always show the check as a fraudulent document but later they catch it and then you are left as the victim.
I checked on all this with two of my banks and they both said the only sure way to know you received the money and know they couldn't come back later and take it back from me was if I used a wire transfer.
Race Car
Joined: Jun 2002
Posts: 4,269
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From: Alabama
"your bank can come back a week or two later and take the money out of your account "
True, but they can also come back even after the CCheck "cleared" their system. The idea is to give something to receive something. Someone doing a bank wire has nothing in return other than hope that the seller finalizes the transaction and hoping the car is for real.
True, but they can also come back even after the CCheck "cleared" their system. The idea is to give something to receive something. Someone doing a bank wire has nothing in return other than hope that the seller finalizes the transaction and hoping the car is for real.
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Joined: Aug 2001
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From: Portland, Oregon
Somethings wrong alright. A bank check is the next best thing to electronic. Today's banks are automated and funds DO NOT take 11 days to clear off a BANK CHECK....Hell, a personal check takes less than 5 business days. The whole notion of "floating money" is virtually over. You have been given mis information. Granted, there is fraudulent activity with forged cashiers/Bank checks, but there are water marks, skews and electronic verification which was implemented into the WORLD banking system within the last year. I'm calling BULL****.
At the very least, why would you go through the trouble of reversing all you have done?!?! The guy has the funds...he can't wait??? I would run from the car then!
JMO
At the very least, why would you go through the trouble of reversing all you have done?!?! The guy has the funds...he can't wait??? I would run from the car then!
JMO