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robbennett

Selling a boat - How to take money

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robbennett

I may be selling my boat this weekend. I am a little bit scared of taking such a high payment and was wondering what everyone on here does to make sure the money is good.

What I am doing is meeting at the credit union for the transaction. I am wondering how to make sure that the boat is paid for and there is no way that the bank check is bad.

Maybe I'm overthinking this but this is quite a bit of money for someone like me and I want to make sure I am able to get another boat soon.

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DOOFUSisaCAT

wire the money from sellers acct to your acct......easiest, fastest and safest!! most banks will do it for no charge!! some even over the phone or on line.

Edited by DOOFUSisaCAT

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teamerickson

Search shawndoggy and ruskies. Good starting point.

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jfw432

Wire transfer or the way you're doing it are the two safest ways. Wire transfer means the money is immediately gone from his account. If you're both members of the same bank and meet at the bank you're set. If he's a member of another bank and wants to pay with a cashiers check, your bank can validate with his bank that's it's good but this is a little bit risky due to the amount of fraudulent cashier checks these days.

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JoeA

Get a copy of the check in advance and call the bank to verify funds. Wired transfer does sound like the best option.

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gordon20mxz

This is a great question. I once sold a jet boat for $28,000 and had the guy bring a certified bank check. It worked out, but still made me a bit nervous since he lived about 1,000 miles away from me.

I was thinking of selling my MXZ this year and was wondering how I would do the payment for that. And I had and idea. I was wondering if I actually did the sale on a weekday, when the banks were open, if I could arrange a bank to bank wire transfer on the day of the sale. I could be on the phone with my banker and as soon as there was confirmation that the money was wired into my account, from the purchaser's bank, I let the buyer drive away with the boat. A bank to bank wire transfer should be foolproof, it's just like depositing cash. Get's the potential for a bad check, of any type, out of the picture.

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asp13

Never been in this 'boat' with an actual boat, but I have bought and sold several cars and the best way I have found to do it is to make sure they pay with a Bank Draft. Its a cheque that only a bank can issue if the buyer has the full amount available. It is authorized and guaranteed by the bank.

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robbennett

So if the bank verifies it is there any chance that they would stop payment if they bought all or part of it with bad funds? About half of this is coming from a loan at the issuing bank. It is a different credit union but they are co-op shared branches, meaning if I'm out of the area these banks can service my account.

Again maybe overthinking it but I hear too much about bad checks these days. The buyer is driving down in person from about 850 miles away and I have reverse phone booked his number and verified as much as I possibly could and everything checks out so far.

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oldjeep

Wire tranfer. Even a verified cashiers check can be cancelled.

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teamerickson

A friend of mine sold his 2012 A few years ago. The guy showed up with cash! He used it to pay his mortgage for 2 years.

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teamerickson

Don't use PayPal.

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WeekdayBoater

wire transfer is the best, even bank/cashiers checks are being forged.

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robbennett

Wow that would be crazy to get that much cash! I would be ok with that but Its sketchy to make a drive like that with that much cash.

Thanks for the advice everyone! I'll push for the wire transfer.

If it is a check should I hold the boat until the check clears the bank?

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teamerickson

and with that much cash the banks think you might be money laundering.

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DOOFUSisaCAT

not if the govt catches you with that much cash....it'll be impounded (taken and or stolen from you) and used for that new expresso machine the cops have been wanting.

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gordon20mxz

Wow that would be crazy to get that much cash! I would be ok with that but Its sketchy to make a drive like that with that much cash.

Thanks for the advice everyone! I'll push for the wire transfer.

If it is a check should I hold the boat until the check clears the bank?

It could take 5 to 7 days for a check to clear. Is the buyer going to let you have his check and let you NOT give him his boat for a week? I would be interested to see if you can make the bank wire thing work out somehow. Keep us posted.

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RZRCO23

If he brings a check of any kind hold title to the boat until check clears. If the check is legit I don't see why anyone would have a issue with it.

I investigate fraud for a living..... people suck. Just food for thought.

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Pnwrider

Based on what you mentioned, the credit union should be able to transfer the funds right into your bank account via the coop network. Otherwise a wire (they are usually not free despite what was said earlier), or cashiers check if you can be there to witness the check being drawn or call the bank to verify the check. If you go the cashiers check route, make sure the bank issuing the check doesn't allow a stop payment to be made on the check.

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racer808

A certifiable check or cashiers check is easily verified by your credit union & the money is good. A wire transfer works as well but any bank or credit union can verify if the check is legit. I wouldn't take a personal check though.

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teamerickson

Call your credit union and see what they recommend.

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shawndoggy

Cash in the banks counting machine or wire transfer.

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DOOFUSisaCAT

cash is tooo risky...too many good counterfieters, color copiers, etc.. and once the cash in your hand....it is too late....banks won't do anything, except say they are sorry, cops won't do anything, except say they are sorry...so YOU are stuck with a bunch of funny money and no boat....and the cash counting machine, ONLY counts the money....does not look for counterfeit money.

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The Hulk

Careful with cash these days our banker has informed us that the once good ol $10k suspicious cash number is now in the $5k range for some banks of reporting or filling out forms for big brother. Many banks now taking out 5k or depositing more than 5k will randomly make you fill out forms... i was a bit shocked on this coming about this year.

if you get cash thats awesome! put in a safe and use for all sorts of things but dont use it for your mortgage that would be very suspicious to big brother.

wire transfer is best but cost seller around $30-50 fee, depending on your bank they may have a similar fee on the inbound but most dont

plus if you get some cash then buyer and you can list a lower sales price and he will pay less tax since its BS that anyone has to pay taxes on something AGAIN!!!!

but make sure you can verify cash is legit some ppl will try and throw a few fake ones here and there.

Edited by The Hulk

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jb 156

Wire tranfer. Even a verified cashiers check can be cancelled.

Cashiers checks can be canceled but if it is legitimate they cannot be canceled until 90 days from the issued date. I am a banker, best way is a wire, second best is cash, and third is cashiers check. If you are meeting at the buyers bank then you should know if the cashiers check is good because the bank employee will issue the check right there, good as cash at that point.

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oldjeep

Careful with cash these days our banker has informed us that the once good ol $10k suspicious cash number is now in the $5k range for some banks of reporting or filling out forms for big brother. Many banks now taking out 5k or depositing more than 5k will randomly make you fill out forms... i was a bit shocked on this coming about this year.

if you get cash thats awesome! put in a safe and use for all sorts of things but dont use it for your mortgage that would be very suspicious to big brother.

wire transfer is best but cost seller around $30-50 fee, depending on your bank they may have a similar fee on the inbound but most dont

plus if you get some cash then buyer and you can list a lower sales price and he will pay less tax since its BS that anyone has to pay taxes on something AGAIN!!!!

but make sure you can verify cash is legit some ppl will try and throw a few fake ones here and there.

Those are a couple different things. The 10k is a threshold for one report. A SAR (suspicious activity report) can get triggered by all sorts of things.

I don't deal in cash for anything much over 2k. Banks don't like forking over large amounts anyways.

Edited by oldjeep

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