Cashiers Checks? - Land Rover Forums

s10lowrider1994 · #1 10-19-2011, 02:18 AM

So whats the general consensus on accepting cashiers checks? I'm selling my motorcycle and the buyer wishes to pay by cashiers check. It's not being mailed to me or anything stupid like that, I'll be meeting face to face with the buyer. I personally just dont get the point, people say they are as good as cash but I cant really wrap my head around it. Is it not just as easy to withdraw cash and pay in cash or is there some risk associated with paying in cash that I'm unaware of?

I guess what I'm wondering is why someone who lives 20 minutes away would prefer to use a cashiers check over cash. If it were about making a 6 hour trip with a wad of cash I would understand but it's literally down the road.

Also if I go to the bank where the check was issued with the buyer they can give me cash on the spot right? That seems to be the only logical way to go about it so I can have cash in hand before the bike leaves my driveway.

Sad to assume everyone looking to buy is a scammer but that's the world we live in.

Savannah Buzz · #2 10-19-2011, 04:12 AM

Meet at the bank and get cash. Or it is a scam. If you can, take scooter on a trailer, and don't take it off until cash in hand. Keep in mind that bills could be fake, so in the bank they will run the test pen across them, etc. Be sure to tell him you will meet at bank, bank will test the cash, and you will pay bank to notarize the bill of sale and title (if any).

antichrist · #3 10-19-2011, 05:51 AM

Some people don't like walking around with a lot of cash.
Meet at his bank and go to the teller window with him to get the cashiers check. That way you know it is in fact good and you don't have to carry a lot of cash to your bank.

G Reeves · #4 10-19-2011, 10:33 AM

we have just sold our Toyota Highlander for $19,000 to a guy in Florida, He sent us a chashier cheque and we were dubious as well. Took the check to the bank and they said right there and then it was good but we had to wait until the next day to move the money. They can also see if a hold has been put on the check and if its real. If a hold has been put on it then you will not be albe to cash it until its released. Normal hold times are 5 or 7 days

Chris-bob · #5 10-19-2011, 10:38 AM

You can call the bank on the check to verify it's validity. Also, do the transaction in the bank as previously stated. Then you know the check is legit.

yloDiscoII · #6 10-19-2011, 11:19 AM

X100...do the transaction at the bank.

Spike555 · #7 10-19-2011, 05:55 PM

Take the check, keep the title, when the check clears you send him the title.
With a cashiers check you get a receipt saying that you not only bought the check but also a carbon copy of it.
Thats how I pay my rent instead of my checking account, so I have proof.

s10lowrider1994 · #8 10-19-2011, 08:28 PM

I suppose it could very well be legit, I just think it's more of a pain than its worth. If the guy has the money to get a cashiers check, he can just as easily pay me in cash and avoid the headache with the bank.

I'm assuming his bank has a branch in my town so if its as easy as riding up there and getting the thing cashed I can deal. I'm not going to hold onto a piece of paper though and let my bike leave, if I cant have cash in hand the bike goes nowhere.

I've never paid for anything via cashiers check so I guess I dont understand the reasoning behind it, seems like a lot of trouble over nothing.

Spike555 · #9 10-19-2011, 09:42 PM

But its not, it is guaranteed by the issuer to be good.
If you dont have a checking account you cannot cash your check at a bank, if you dont have a checking account you can write a check.
He can take his paycheck to the bank and say "I need a cashiers check for $X" and they will transfer his paycheck into a cashiers check (or a money order).
Yes they can be faked.
Why would anyone use Traveler's Checks?
Why would anyone drink Coke instead of Pepsi?
Why would anyone own a Land Rover?
What is a hassle to you may be what is easiest to him.

s10lowrider1994 · #10 10-20-2011, 01:02 AM

I guess it cant be to big of a worry, no cash in my hand, no bike. The guy offered to go to the bank together and take care of the transaction so we'll see how it plays out. My biggest thing is being able to have the cash that day, a piece of paper means absolutely nothing to me.