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 Replies: 28 / Views: 4,380 |
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Pillar of the Community
United States
7375 Posts |
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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Pillar of the Community
United States
4085 Posts |
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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Pillar of the Community
United States
3323 Posts |
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.
"Nummi rari mira sunt, si sumptus ferre potes." - Christophorus filius Scotiae
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Pillar of the Community
 United States
7375 Posts |
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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Pillar of the Community
United States
3479 Posts |
You can always ask for cash. It doesn't hurt to ask.
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Rest in Peace
10197 Posts |
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.
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Pillar of the Community
United States
3479 Posts |
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. |
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Pillar of the Community
United States
7375 Posts |
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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Pillar of the Community
United States
1261 Posts |
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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Pillar of the Community
United States
7375 Posts |
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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Pillar of the Community
United States
3843 Posts |
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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Bedrock of the Community
13014 Posts |
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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Pillar of the Community
United States
7375 Posts |
Good idea on the wire transfer.  |
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Pillar of the Community
United States
5205 Posts |
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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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.
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Pillar of the Community
United States
3540 Posts |
Electronic deposit is possible with a smart phone now.
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Replies: 28 / Views: 4,380 |
Posted 01/17/2018 7:58 pm
