| Author |
 Replies: 28 / Views: 4,394 |
Page 2 of 2
|
|
|
|
Pillar of the Community
United States
3479 Posts |
If he's local, I doubt he would agree to a wire transfer. Banks have made a killing on those transactions since 2006. I know b/c I've had to pay them. I remember in the early 2000's when they used to be $20. Today, you are looking at $40-$50 charged to the sender and your bank will debit your account $20-35 just to receive the funds. These numbers are based off of big banks: BAC, Wells, JPM, etc. Small community banks may offer better rates. If electronic is your preferred method, you might be better off asking for payment via Paypal Friends and Family which is touted as free. 10k transaction, though, maybe not.
|
|
Pillar of the Community
United States
3540 Posts |
Electronic deposit is possible with a smart phone now.
|
|
Pillar of the Community
United States
3843 Posts |
Quote:
Electronic deposit is possible with a smart phone now. But you & your bank may not know if it the check was good for several days until it has cleared. Some the auctioneers in my area use Equifax to verify checks. Don't know exactly what that entails. |
|
Bedrock of the Community
 United States
12477 Posts |
Reading the responses, I think jack jeckel's advice is best. It should be an in-person transaction at the dealer's bank. If all three parties are satisfied, then it's cool. PayPal is a no-go. Friends & Family payments don't remove the fee, it simply splits to half-and-half between the sender and recipient as opposed to the recipient paying the total fee for Goods & Services payments. With Electronic or Mobile deposit, you might as well just physically deposit a check. It's not any faster. Talking of a 10k transaction, I also agree with a document of sale signed by both parties and should include the payment method specifics (e.g. check/routing number). All that said, my first thought was what is common practice: item delivered upon cleared payment. Sure, I'll take a check, but you can't get your purchase until it clears in my account.  In Memory of Crazyb0 12-26-1951 to 7-27-2020
In Memory of Tootallious 3-31-1964 to 4-15-2020
In Memory of T-BOP 10-12-1949 to 1-19-2024
|
|
Pillar of the Community
United States
1475 Posts |
It might be difficult for the buyer to come up with thousands of dollars in cash.
Maybe you can ask for a bank cashier's check. Documenting the transaction is a must for that type of money.
Good luck!
|
|
Bedrock of the Community
United States
11951 Posts |
I think a check would be fine.
If the amount is over $10,000 the dealer will want to write
a check, instead of cash. When the amount is over 10K a
business will get into a situation where the transaction
will be reported to the IRS.
|
|
Bedrock of the Community
Australia
21788 Posts |
For amounts up to about $1,000: it's a no brainer - cash,
electronic funds transfer over $1,000.
|
|
Pillar of the Community
 United States
7375 Posts |
All excellent suggestions. There is no way the item will leave our posession with out the funds being in pocket. Am sure there is an option suitable to both parties.
|
|
Bedrock of the Community
United States
20753 Posts |
Bank Certified Check or Money Order. Either is where the cash has already been paid.
|
|
Rest in Peace
United States
17900 Posts |
You are not the only seller with such a concern, even for an established B&M. The dealer probably uses an alternative to checks already.
Just ask politely what THEY suggest.
|
|
Pillar of the Community
United States
4594 Posts |
At coin shows you see most of the dealers with their checkbooks for really large transactions.
You said this is a large, well established brick & mortar? Do you really think they are going to crater their 7 or 8 figure business to rook you out of even 10K?
-----Burton 50+ year / Life / Emeritus ANA member (joined 12/1/1973) Life member: Numismatics International, CONECA Member: TNA, FtWCC, NETCC, EveryCountry (online) coin club Owned by three cats and a wife of 40+ years (joined 1983) Author: 3rd Edition of the Sample Slabs book, https://www.sampleslabs.info/ |
|
Pillar of the Community
United States
4211 Posts |
I think for an established business a personal check would be
fine....but I would ask for a cashiers check on that amount.
|
|
Bedrock of the Community
United States
94367 Posts |
I take checks regularly from an established local dealer. If I want cash he usually has it on hand up to say $3-5K or so, but would have it all the next business day if I waited.
|
|
Pillar of the Community
United States
7375 Posts |
I think the Cashier's Check is leading the pack at the moment. Am learning the difference between various types of payments. Again, I'm not really worried the buyer will cheat us, just seems proper for both parties to exchange goods at the same time. A 10K transaction is at the edge of my comfort zone. Why should they be polishing the silver, while we're waiting around for who knows how long, for a check to clear? Thanks again for all the excellent suggestions.
|
|
CCF Advertiser
United States
1533 Posts |
I would never ask a dealer with a store to do a $10K transaction in cash. You should be able to take his business check.
|
|
Page 2 of 2
|
Replies: 28 / Views: 4,394 |
Page 2 of 2
|
First Page
Posted 01/17/2018 11:03 pm
