atvaholic Posted June 1, 2011 Report Share Posted June 1, 2011 Hi, wondering if anyone has been through this. I am selling an ATV and the person is coming to pick up on Sat. He is bringing a certified Cheque Made out in my name from his bank. I called my bank, and they said they would call the branch on the cheque, but some times the other bank will not verify the funds. In that case, I would be responsible if the cheque bounced. So then, what exactly makes this thing "certified"? If there is no way to verify it? How do you deal when selling stuff? This person is coming a long way, and I have his home and cell number. Im pretty sure it's legit but.... Link to comment Share on other sites More sharing options...
Gerritt Posted June 1, 2011 Report Share Posted June 1, 2011 if he can get a certified cheque he can also get cash. simple. Link to comment Share on other sites More sharing options...
Nipfisher Posted June 1, 2011 Report Share Posted June 1, 2011 From wikipedia......A certified check or certified cheque is a form of check for which the bank verifies that sufficient funds exist in the account to cover the check, and so certifies, at the time the check is written. Those funds are then set aside in the bank's internal account until the check is cashed or returned by the payee. Thus, a certified check cannot "bounce", and, in this manner, its liquidity is similar to cash, absent failure of the bank. Link to comment Share on other sites More sharing options...
atvaholic Posted June 1, 2011 Author Report Share Posted June 1, 2011 if he can get a certified cheque he can also get cash. simple. Problem is he is coming from a distance and staying overnight to get here. Does not want to bring cash with him. I guess if the cheque is in my name, could I not just go to a branch at his bank and cash it? Link to comment Share on other sites More sharing options...
gaspumper Posted June 2, 2011 Report Share Posted June 2, 2011 A certified cheque is as good as cash in hand,the bank guarantees the funds are there for it. Link to comment Share on other sites More sharing options...
bigugli Posted June 2, 2011 Report Share Posted June 2, 2011 The problem, today, is that there are now a lot of counterfeit certified cheques floating around. No different than counterfeit money. The only security a bank has is to wait for direct confirmation from the issuing branch. Until that verification the risk is all yours. Same if someone pays you in counterfeit currency. YOu bear the loss. Link to comment Share on other sites More sharing options...
Ron Posted June 2, 2011 Report Share Posted June 2, 2011 The problem, today, is that there are now a lot of counterfeit certified cheques floating around. No different than counterfeit money. The only security a bank has is to wait for direct confirmation from the issuing branch. Until that verification the risk is all yours. Same if someone pays you in counterfeit currency. YOu bear the loss. Yup, certified cheques are everywhere. I got dinged on a boat once from a fraudulent certified cheque. Lost everything, I even had this guys drivers license number and the Police couldn't do anything as the Dl was counterfeit as well. Better off to get him to send you the cheque, cash it and ensure you sit on the funds until the cheque clears with the bank. Usually up to 5 working days. Once the cheque clears, he can then come up to pick up the machine. Look at it this way, the guy is from out of town, a long drive if he is staying overnight just to buy a 4 wheeler. Is he really saving that much money on the 4 wheeler or is this 4 wheeler that rare of a model? Cheers, Ron... Link to comment Share on other sites More sharing options...
danbouck Posted June 2, 2011 Report Share Posted June 2, 2011 It's a gamble, it could be fake but there are still a lot of honest people around Link to comment Share on other sites More sharing options...
vinnimon Posted June 2, 2011 Report Share Posted June 2, 2011 It's a gamble, it could be fake but there are still a lot of honest people around True enough, when he shows up, show him the 4 wheeler(Perhaps at a friends place with a dog) then you both goto the bank and cash the cheque. If hes unwilling, then say good bye. Thats what a friend of mine does, after he was robbed once of an item just after showing him, at his place. Link to comment Share on other sites More sharing options...
smally21 Posted June 2, 2011 Report Share Posted June 2, 2011 get him or the bank to send/fax you a draft/copy of the certified cheque and some contact info on the bank branch and a name. call the bank to verify the account/cheque number is authentic. or just go to the bank together when you deposit the cheque. gonna be a little embarrassing if he is standing at the counter when they say its counterfeit. if he wont spend 5 minutes at the bank with you, tell him to take a hike. if that doesn't satisfy you, then insist on cash. dont beat the guy up too much, there are alot of sellers but not alot of buyers!!! Link to comment Share on other sites More sharing options...
atvaholic Posted June 2, 2011 Author Report Share Posted June 2, 2011 get him or the bank to send/fax you a draft/copy of the certified cheque and some contact info on the bank branch and a name. call the bank to verify the account/cheque number is authentic. or just go to the bank together when you deposit the cheque. gonna be a little embarrassing if he is standing at the counter when they say its counterfeit. if he wont spend 5 minutes at the bank with you, tell him to take a hike. if that doesn't satisfy you, then insist on cash. dont beat the guy up too much, there are alot of sellers but not alot of buyers!!! Thanks All. I politely urged him to bring cash. He fnally agreed says he will take some out when he gets here. He was a little offended though... Link to comment Share on other sites More sharing options...
BillM Posted June 2, 2011 Report Share Posted June 2, 2011 Do you both use the same bank chain? If so they could verify the funds in about 2 mins. Link to comment Share on other sites More sharing options...
irishfield Posted June 2, 2011 Report Share Posted June 2, 2011 Bag of cash and that's not even a guarantee it's good but as close as it gets.. and the general method I use. Leah's always said if I ever go down after an airplane deal they'll think they've found a crashed drug dealer!! As for people that think bank drawn certified cheques are always good... I can show you 82,000 reasons why they're not by finding the cheque that Bendix Corporation of the USA wrote us in the 90's to get their moulds out of our plant, when Bendix Collingwood's seat belt factory shut down. Billm has the smartest idea.. but requires doing business on a week day. Link to comment Share on other sites More sharing options...
BillM Posted June 2, 2011 Report Share Posted June 2, 2011 Billm has the smartest idea.. but requires doing business on a week day. Depends on the branch, most banks have Saturday hours, hell some even Sunday! Link to comment Share on other sites More sharing options...
scugpg Posted June 2, 2011 Report Share Posted June 2, 2011 (edited) You could also go to their bank with them and watch them withdraw the cash. Certified cheque or cash for sure. Unless they are comfortable waiting until the cheque clears to exchange goods. What about paypal or email money transfer? With paypal at least its tracked on both sides but that can end in dispute as well. Not a bad idea to get license plate and/or drivers license etc to be sure. Sad that you have to cover so many bases not to get burnt. Edited June 2, 2011 by scugog Link to comment Share on other sites More sharing options...
BITEME Posted June 2, 2011 Report Share Posted June 2, 2011 CASH is KING Link to comment Share on other sites More sharing options...
dannyboy Posted June 2, 2011 Report Share Posted June 2, 2011 Cash only, ever - certified cheques can bounce. An honest person would not be offended. Dan Link to comment Share on other sites More sharing options...
cjgraham Posted June 2, 2011 Report Share Posted June 2, 2011 Ask to see his drivers license and get his address off that. That way you can at least track him down, but certified checks do not bounce. The bank garuntees it. Link to comment Share on other sites More sharing options...
Terry Posted June 2, 2011 Report Share Posted June 2, 2011 when he gets there ask to see 3 pieces of id take pictures of them make sure they all match and check the truck license too if they all match, you stand a better chance of not getting ripped off have his phone number and call him back..make sure it's a home number....do a reverse lookup gives you one more thing to confirm everything is on the up and up but in the end, anyone could be a con.... Link to comment Share on other sites More sharing options...
cityfisher Posted June 2, 2011 Report Share Posted June 2, 2011 Ask to see his drivers license and get his address off that. That way you can at least track him down, but certified checks do not bounce. The bank garuntees it. bring it to the bank with him, i did on my last car sale and glad i did as they spelt my first name wrong and would not of cashed the cheque. Link to comment Share on other sites More sharing options...
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