Sellers security

[Reno775]

I like the recent thread on buyer security and am interested in seller security. At some point I’m going to have to sell my car In order to get the coupe I really want. I had interest from someone out of the area and it involved a wire transfer which I know nothing about other than it’s posted all over CL to never accept a wire transfer so I pulled my listing. So basically, how do you verify a buyer and or funds?

[mrbogangles]

A cashier's check from a known bank.

[Alan A]

That you go to the bank with them and see them draw.

[Unobtanium-inc]

Do not take a cashier's check, many are fake and you can put a stop payment on a bank check.
Bank Wire is the safest way, it's a one way street and can't be pulled back. If done domestically it happens same day, so you know when the money has arrived and there is no "hold" like a cashier's check. An out of state cashier's check can trigger an two week hold.
I think the warnings you see on CL are about money transfers like Western Union and the like, but bank to bank is very safe. I got two wire's this week.

---Adam

[Matt Monson]

Originally Posted by Unobtanium-inc

Do not take a cashier's check, many are fake and you can put a stop payment on a bank check.
Bank Wire is the safest way, it's a one way street and can't be pulled back. If done domestically it happens same day, so you know when the money has arrived and there is no "hold" like a cashier's check. An out of state cashier's check can trigger an two week hold.
I think the warnings you see on CL are about money transfers like Western Union and the like, but bank to bank is very safe. I got two wire's this week.

---Adam

This. Or use an escrow service.

[Mike80911]

Why would you worry about a wire transfer? If you really want to be safe set up a new account to receive the transfer and then close it out once the transfer comer through.

[Reno775]

Originally Posted by Matt Monson

This. Or use an escrow service.

Got it. Wire transfer for the transaction. Quick follow up question. May I ask how I know the person I provide banking info to doesn’t instead print themselves a check or whatever scams normal people could never even conceive of? I have a few accounts with very little $ I could use so I’m not worried that someone will use it to directly take $ directly from my account. Thanks for entertaining my very Elementry seller questions.

[Reno775]

Originally Posted by Mike80911

Why would you worry about a wire transfer? If you really want to be safe set up a new account to receive the transfer and then close it out once the transfer comer through.

Lack of experience. I have never sold a car or received a wire transfer. I’m in residential construction. All payments I receive are by check from someone who I know where they live. A lot of firsts for me in this transaction.

[Unobtanium-inc]

Originally Posted by Reno775

Got it. Wire transfer for the transaction. Quick follow up question. May I ask how I know the person I provide banking info to doesn’t instead print themselves a check or whatever scams normal people could never even conceive of? I have a few accounts with very little $ I could use so I’m not worried that someone will use it to directly take $ directly from my account. Thanks for entertaining my very Elementry seller questions.

I guess you would have to think back to a time when you wrote checks for everything, the grocery store, delivery people, and when did anyone ever get your info and do anything with it. Also, even if they did, checking accounts, like credit cards, are protected. If someone did manage to use your account and routing number to steal anything it would be easy to prove it wasn't you.

---Adam

[Reno775]

Originally Posted by Unobtanium-inc

I guess you would have to think back to a time when you wrote checks for everything, the grocery store, delivery people, and when did anyone ever get your info and do anything with it. Also, even if they did, checking accounts, like credit cards, are protected. If someone did manage to use your account and routing number to steal anything it would be easy to prove it wasn't you.

---Adam

That makes perfect sense in terms I am very comfortable with, thank you.