Hey I am selling my used car for $15,500 and the would-be buyer wants to send me a cashiers check?

Question

With scams and many dishonest people I was wondering if I should deposit the check and wait until the transaction is fully complete and the check clears until I release the car?

Answer 1

Definitely.   The bank might hold it for several days though, so if possible, go with him to his bank instead and have him get the check with you there.

Answer 2

Yes - of course.

Otherwise you should insist on going to the bank and SEE him purchase the bank check - so you know he didn't just print it up on a color printer.

Good Luck...

Answer 3

Ask your bank they should be able to do an electronic transfer between the 2 banks for a piddling fee so you can complete your business the next day otherwise it is going to be held as a draft an take several business days. A cashiers check is and easy thing to check up on during business hours if there is a scam it will be on weekends or after hours.

Answer 4

You got a Ton of sense. Go ahead and wait till that check clears with your bank. Call me paranoid. but I know banks have reversed the transactions even after they have cleared. So you want to check with your bank. Better yet call and ask the bank on which it is drawn.

Answer 5

A Cashier's check can be canceled.  Insist that the car does not leave your possession until you received CLEARED funds.    This means 7 days after the bank has given you cash.  If possible, bring the check to the issuing bank.  Get cash in hand from the bank, that will signify cleared funds.