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[chesterc]

Is a certified check from a bank guaranted funds???, I have a buyer for my bike and he is going to bring a certified check from his bank, didn't know the time it took to clear or be validated for the amount, this way he can come down and check the bike over and then pay me and take delivery of the bike, but I still have to get the title from the bank for him, all this workin 5 days a week, 9 to 5 and not at a bank,,

[deaf1]

Cert checks are not 100% safe!  They can be stopped just like any normal check... All a certified check does is guarantee that funds were avail when the check was issued.... I got burned by that once...

Only Cash or a wire transfer is 100%

[casper]

I sold my last bike to a man from tennesee, I got a certified check from him and a leter of guarentee from his credit union to mine3 days before he came to get bike, all clear and gave him title when he left. NO PROBLEMS

[49445CVO]

I hear you on the thought of protection of a certified check vs. a regular check or some other payment other than cash.  Remember that there are ways to conterfit certified checks the same was they have with regular/personal checks.  Not trying to bash the honest person but I am always thinking of how I could get screwed and try to protect myself.  Some people do some stupid stuff in desperate times like today. I think I would ask to do a wire transfer or for the name of the bank to call myself with the check number and see if it is valid.  

If you are asking for the best way to protect yourself I guess that a wire transfer would be the safest, IMO. Maybe you could get the check in hand prior like CASPER did and get it cleared before pickup.

Topper

[grc]

Here's another vote for cash in hand.  Certified checks, bank drafts, whatever you call them, can be faked and they often can be stopped.  And not all banks follow the practice of putting a hold on the amount of the check in the account it's drawn on.  Some only guarantee that enough existed in the account to cover the check on the day it was written.

In today's financial climate, I would be especially careful about handing over the bike and especially handing over the title until I had cash in hand.  And don't think that just because you deposit his check in your bank account that you are home free.  If that check turns out to be bogus later on, your bank will not indemnify you, they will leave you stuck with the loss.

Jerry

[sportygordy]

In today's world.. no way would i accept a check unless i knew the person or they were an aquaintance of a friend.    Now if they were members of this board,, then i roll out the red carpet 

[TN]

no check is a guarantee you get yer money. from the day you deposit it, the system allows up to 10 business days to return. after that your usually home free. verifying the authenticity or funds is no guarantee. good luck on the transfer. i've seen some goofy stuff in this field, only cause i deal with it on a day to day basis.




TN

[Texas 103]

Is a certified check from a bank guaranted funds???, I have a buyer for my bike and he is going to bring a certified check from his bank, didn't know the time it took to clear or be validated for the amount, this way he can come down and check the bike over and then pay me and take delivery of the bike, but I still have to get the title from the bank for him, all this workin 5 days a week, 9 to 5 and not at a bank,,

Not No But.... HELL NO...They can be stopped, they can also be digitially scanned and forged very easy. Typically the seller should hold the title till the check clears the bank. Dealers do it this way, they are Bonded and have to deliver a title to you. Make damn sure you do some dilligence on your buyer, does he own any real property? What's he do? Does he own his own company? You get the point ..Learn who are doing business with. Have a GOOD bill of sale, before the bike leaves you possession. PM me and I will send you the one I use for every transaction....99% of the people out there that are buying our  bikes are straight up guys....Just CYA.....Greg      

[spydglide]

Good advice.... ...will cause you to suffer less agony & dispair over the long run.  har!  spyder

[vrog]

As other have stated, Wire transfer or cash.

I was scammed out of $25K with a certified check once on a custom chopper. It took a few years but I got my money back. It was a HUGE scam that the guy had going, real checks, real bank #'s, but he had people on the inside that made everything happen. Its one thing when you get beat buy someone but when when they have friends at the bank in on it its tough to do anything. I would not wish it on anyone. The police have better things to do, like give speeding and parking tickets, complain about loud pipes etc etcf and before you know it you are running your own detective agency trying to get your money.

[T MAC]

Get a Cashier's Check.  A cashiers check is drawn from the funds in a persons account - they must have the money in order to get the check.  Once the check is drafted from their account the bank IS responsible to cover the check.  A person Cannot stop payment on a cashier's check and if a bank does not honor a cashiers check then there has to be a good reason (forged, alteration etc.) and if there is not good reason then there a huge penalties against the bank.

Have him bring you a cashiers check - call the bank to verify that it has written the check.  If it is after bank hours when you are meeting then just call the bank before he comes when they are open - give them the check number and they can verify.  If there is any issue with you getting this information all the buyer has to do is call the bank and tell them it is ok for you to know this information.

It is 100% safe just make sure you call the bank to verify that they wrote the check because they are paying you.  This is common practice when people are doing business that don't know each other.

[1abastarsmda]

When I sold my car, the purchaser wanted to bring me a cashier's check or a certified check.  I called his bank and mine and they told me that although they wouldn't issue the check unless the funds were available, I was still not fully protected.  I can't remember all of the reasoning that they provided, however, I told the purchaser that since the funds were available in his account, I could not see any reason for him not to show up with cash in hand. I ended up with a garbage bag of unsorted bills, which we took to the bank to count and deposit.  I didn't want to have all that cash, have them drive away with the car, and have someone show up at my home to rob me 5 minutes later.  I found that the easiest way to complete even a cash transaction, was to do it at the bank, where they are also able to help you with the titlework at the same time.

[GC_Super]

I think the key here is to to involve the bank. Anything and everything can be faked. There are people out there doing nothing but working on scams 24/7. A friend just had a large estate sale, cash only. Prior to the sale he got one of those marker pens to check the cash. Turned out one guy bought a lot of stuff and paid cash which all looked good and checked out OK with the marker turned out to be fake. They used real bills and altered them so the marker showed to be good.

[vrog]

Get a Cashier's Check.  A cashiers check is drawn from the funds in a persons account - they must have the money in order to get the check.  Once the check is drafted from their account the bank IS responsible to cover the check.  A person Cannot stop payment on a cashier's check and if a bank does not honor a cashiers check then there has to be a good reason (forged, alteration etc.) and if there is not good reason then there a huge penalties against the bank.

Have him bring you a cashiers check - call the bank to verify that it has written the check.  If it is after bank hours when you are meeting then just call the bank before he comes when they are open - give them the check number and they can verify.  If there is any issue with you getting this information all the buyer has to do is call the bank and tell them it is ok for you to know this information.

It is 100% safe just make sure you call the bank to verify that they wrote the check because they are paying you.  This is common practice when people are doing business that don't know each other.

This is exactly how I got beat............. The guy had connections at the bank and although the account # was correct, the name on the account was not! So I call up and there is suffecient funds to cover the check, only problem was it was not his account.
Lets not forget that cash can also be be a scam! The safest way is wire transfer

[Zekester]

I am in a business where 5 and 6 figure sums change hands. If a cashiers check is used, ownership does not transfer until those funds have cleared. Here's why: For example, I can go get a $25k cashiers check at the bank. I have to have the 25 grand to get the check. Now, I go to purchase the whatever. The sale doesn't happen, so I go back to the bank and deposit the check right back into my account - normal, no problem, I've done it many times. Now lets say some scam artist gets a cashiers check, makes a nice color copy of it onto quality check paper, and then buys your motorcycle with the fake check. He rides off on your bike and even stops at his bank to redeposit the real check. You won't even know you've been scammed for a week or two until your bank and the scammers bank run it through their systems. The scammer... he already closed his account, had a fake identy.... Probably already opened a new account at another bank waiting for another opportunity. So...... Merchandise and title only after funds have cleared.

Yes, wire transfers are better.  They take about 24 hours. All wire transfers go thru the federal reserve on over nite funds. This is how the feds float our money and get an interest free loan from us - but thats another story. Wire transfer today, funds arrive sometime tomorrow M - F.

Zeke