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What is best way to get paid from a dealer?....he offered a check.  
 

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 Posted 01/17/2018  7:58 pm Show Profile   Bookmark this topic Add edweather to your friends list Get a Link to this Message
Not sure if this is the correct forum for this question, so mod please move if needed. My family has an antique, and a dealer has made an offer on it, and has stated that they will give us a check. This dealer is well known and has a large established brick and mortar store. Is a check ok? We're a little leery of accepting a check, and letting our goods walk out the door. Is there a specific type of check that would be ok, or is there better form of payment? Thanks, Ed
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 Posted 01/17/2018  8:07 pm  Show Profile   Bookmark this reply Add KenKat to your friends list Get a Link to this Reply
I think a check is fine from a well established dealer. You could ask for a bank check instead of a personal check if we are talking really big money - 4 figures or more. I would also draft a bill of sale the describes the item sold, the price paid and that you and the dealer signs.
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 Posted 01/17/2018  8:07 pm  Show Profile   Bookmark this reply Add Bump111 to your friends list Get a Link to this Reply
Checks are still commonly used forms of payment even in today's electronic world. If it's a local bank and an established business, I would be comfortable being paid that way. Let's see what others have to say.
Gathering small piles of US copper and silver for more than 40 years.
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 Posted 01/17/2018  8:17 pm  Show Profile   Bookmark this reply Add edweather to your friends list Get a Link to this Reply

Quote:
if we are talking really big money - 4 figures or more


definitely 4 figures....close to 5. Thanks for the bank check suggestion.
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 Posted 01/17/2018  8:37 pm  Show Profile   Bookmark this reply Add MikeF to your friends list Get a Link to this Reply
You can always ask for cash. It doesn't hurt to ask.
Hi, my name is MikeF and I suffer from Seated dollar fever. Starting a twelve step program next week. In the meantime, you can watch my progress on this thread: http://goccf.com/t/287788
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 Posted 01/17/2018  8:53 pm  Show Profile   Check Crazyb0's eBay Listings Bookmark this reply Add Crazyb0 to your friends list Get a Link to this Reply
You may be able to call the bank customer service and ask if there is funds to cover this amount in the account listed on bottom number. They on't tell you how much is in the account, just if it's covered. Had to do this with dubious paychecks.
"Power tends to corrupt, and absolute power corrupts absolutely." Lord John Dalberg-Acton

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 Posted 01/17/2018  9:04 pm  Show Profile   Bookmark this reply Add MikeF to your friends list Get a Link to this Reply

Quote:
You may be able to call the bank customer service and ask if there is funds to cover this amount in the account listed on bottom number. They on't tell you how much is in the account, just if it's covered.


Ahhh the old verify funds game. I remember doing this back in the day to customers who would bounce checks. Banks don't do that over the phone anymore. I don't even think they do it in person.

Hi, my name is MikeF and I suffer from Seated dollar fever. Starting a twelve step program next week. In the meantime, you can watch my progress on this thread: http://goccf.com/t/287788
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 Posted 01/17/2018  9:09 pm  Show Profile   Bookmark this reply Add edweather to your friends list Get a Link to this Reply
I like the cash idea. The buyer might not like it. I also like the idea of verifying the funds, but what's to say the funds will be there when my check hits the account. A bank issued certified check might be the way to go as long as I could verify it.
Edited by edweather
01/17/2018 9:14 pm
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 Posted 01/17/2018  9:16 pm  Show Profile   Bookmark this reply Add chesterb to your friends list Get a Link to this Reply
Not sure how well established the store is but I definitely see your concern. If you have a bad feeling about it then it's probably because there is some merit to it.
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 Posted 01/17/2018  9:29 pm  Show Profile   Bookmark this reply Add edweather to your friends list Get a Link to this Reply
I don't have a bad feeling at all. Trust but verify. The antique is worth 10K. Just want to covers the bases as much as possible.
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 Posted 01/17/2018  10:23 pm  Show Profile   Bookmark this reply Add Joe2007 to your friends list Get a Link to this Reply
Most coin and antique dealers use checks to create a paper trail to document their payouts for tax purposes. I'm not sure if they would do all cash on a significant transaction.
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 Posted 01/17/2018  10:33 pm  Show Profile   Bookmark this reply Add basebal21 to your friends list Get a Link to this Reply
Just have them wire the funds to your account or something like that. There's plenty of ways for immediate payment in today's day an age and there's plenty of horror stories about places that write bad checks or cancel them and go dark
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 Posted 01/17/2018  10:45 pm  Show Profile   Bookmark this reply Add edweather to your friends list Get a Link to this Reply
Good idea on the wire transfer.
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 Posted 01/17/2018  10:57 pm  Show Profile   Bookmark this reply Add jack jeckel to your friends list Get a Link to this Reply
For 5 figures I would guard your grill regardless of who it was.

Meet them at their bank.

Have their bank cut a bank / certified check if they need the paper trail for their record (otherwise take cash).

Cash their banks check at their bank and walk out with your cash. For big money 5 figure deals some branches may not have enough cash on hand so make sure the dealer gives them advance notice to have it on hand. If you walk in and they make an excuse that they don't have the cash on hand walk. Could be an honest mistake or could be a scam. Err on the side of caution.

Fool me once shame one me, fool me twice shame on . . . .
Edited by jack jeckel
01/17/2018 11:00 pm
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 Posted 01/17/2018  11:01 pm  Show Profile   Bookmark this reply Add MikeF to your friends list Get a Link to this Reply
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.
Hi, my name is MikeF and I suffer from Seated dollar fever. Starting a twelve step program next week. In the meantime, you can watch my progress on this thread: http://goccf.com/t/287788
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 Posted 01/17/2018  11:03 pm  Show Profile   Bookmark this reply Add acloco to your friends list Get a Link to this Reply
Electronic deposit is possible with a smart phone now.

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