Bank cheque security?

[callmejoe]

OK, I spoke to NAB who he banks with.
He & I go into the bank. The teller confirms to me he has said amount in his account. He withdraws a bank cheque while I watch.
He takes the car, but I keep the rego papers and a copy of his license until the funds clear in my account. About $15.00

You can also have a telegraphic transfer that clears within a couple of hours. This costs $35.00

Why go to a bank with them get a cheque made.?
If yr there do a tranfere payment straight to your bank account. Done and dusted.  Pointless checking with him to see if he can get the bank check. If he doesnt have it in his account wont get the cheque in the 1st place.

[Swannie]

Why can't the purchaser just transfer funds into your account? I just sold something and the purchaser put it in my account at 12 today and it was cleared by 4pm different banks to

Swannie

[pinarelloman]

Yes, I think a bank transfer is probably the best.

[Jeepers Creepers]

In God We Trust.....Everybody Else Pays Cash.

[gronk]

I think some people get paranoid about things..



I sold my 4wd to a couple who travelled from Victoria to the central coast of NSW by plane and train.....and they paid with a bank cheque !!

I rang the bank and they said it was as good as cash, but really, if they had cancelled the cheque and done a runner, I'm sure the police wouldn't take long to track them down ??

BUT, if they had brought cash, and it was counterfeit ...where would I stand then ??

OR, if I insisted on a bank transfer, how do they travel all the way from Vic, inspect the 4wd, transfer money then wait until it clears, then get back to Vic before work on Mon morning ??

[Nay-DMAX]

I think some people get paranoid about things..



I sold my 4wd to a couple who travelled from Victoria to the central coast of NSW by plane and train.....and they paid with a bank cheque !!

I rang the bank and they said it was as good as cash, but really, if they had cancelled the cheque and done a runner, I'm sure the police wouldn't take long to track them down ??

BUT, if they had brought cash, and it was counterfeit ...where would I stand then ??

OR, if I insisted on a bank transfer, how do they travel all the way from Vic, inspect the 4wd, transfer money then wait until it clears, then get back to Vic before work on Mon morning ??

I agree but I think a lot of untrustworthy people and so many thefts of people's things makes us paranoid.  It is a hard situation

[achjimmy]

I think some people get paranoid about things..



I sold my 4wd to a couple who travelled from Victoria to the central coast of NSW by plane and train.....and they paid with a bank cheque !!

I rang the bank and they said it was as good as cash, but really, if they had cancelled the cheque and done a runner, I'm sure the police wouldn't take long to track them down ??

BUT, if they had brought cash, and it was counterfeit ...where would I stand then ??

OR, if I insisted on a bank transfer, how do they travel all the way from Vic, inspect the 4wd, transfer money then wait until it clears, then get back to Vic before work on Mon morning ??

Counterfeit cash would get the most action, involves the Feds as well. They go bananas over counterfiet.

[gronk]

Counterfeit cash would get the most action, involves the Feds as well. They go bananas over counterfiet.

Going by their normal reaction to petty crime, I'd say you'd be better off saying you were held at gun point and forced to hand over your 4wd !!

[Mongoose]

At last, a thread where I'm qualified to speak (unlike diff oil, the Lecky Section and Cape York - all of which I find much more interesting).

Bank cheques are NOT guaranteed clear funds. They can be stopped, for example when they are lost. The purchaser would be required to sign a Stat Dec to that effect. A "responsible" Bank would not allow a Bank Cheque to be stopped on the grounds of faulty goods...it is not the Bank's place to get involved in such a dispute.

Bank Cheques can also be stolen. I recall a case ~20 years ago where a disgruntled ANZ employee lifted a book of 200 from a soon-to-be closed Branch. The whole book ended up in the hands of an organised crime gang who had a passion for motorbikes. There were many unhappy vendors of Harleys and Ducatis on the East Coast of the Country over the next few years. One guy in Devonport advertised his 916 in The Age on a Friday, took a call from an interested buyer that day. Buyer flew from Melbourne on the Saturday, handed over a Bank cheque for ~$25K and took possession of the Duke. He was on the Spirit back to Melbourne That night, and the Bank cheque didn't get presented until the Monday. Red faces all around on Tuesday when the local Detectives came calling...

Putting yourself in the branch of the Bank that issues the cheque with the purchaser should eliminate the chance of fraud.

It won't be long before the general population have access to RTGS (Real Time Gross Settlements) which enable instant transfer of clear funds between Banks. For a fee, of course...after all, we Bankers need to eat

Cheers,

Rohan.

[macca]

Yeah but it doesn't have to be lobster every nite.

How are you Rohan?

[Nay-DMAX]

Yeah but it doesn't have to be lobster every nite.

How are you Rohan?

Haha those on the counter aren't eating lobster every night. I cannot speak for Rohan I don't know what he does.

[macca]

He doesn't work on the counter that's for sure

[pinarelloman]

All good info here. Thanks for all the replies.

[theins]

Cash is King .... for a reason.

Bank cheques can be cancelled.

Another alternative is to meet at his bank branch and ask him to make a cash deposit into your account. Avoids the actual counting of cash and can be done in real time. Once the money has been paid into your account you can get a copy of the receipt which will have the stamp from the bank on it. At that point the money can't be called back.

Cheers.

[UIZ733]

Some information here:
http://forums.whirlpool.net.au/archive/1957666

[Mongoose]

Yeah but it doesn't have to be lobster every nite.

How are you Rohan?

Good thanks Mate. Thriving on tinned dog food.

[pinarelloman]

Here is what we worked out.
We both went into his bank NAB.
Told them the amount to be transferred, paid $35 & they did an electronic transfer from his bank to my ANZ account. The bank took a copy of his drivers license & he completed a form.
All done, money will be in my account today sometime.

[pinarelloman]

The money is in our account now. The deal was done at about 1pm, it is now 245pm.

[D4D]

Excellent, glad it worked out. Now what did you sell?

[Mongoose]

Excellent, glad it worked out. Now what did you sell?

A stolen WRX!

[Snapman007]

it is now 245pm.

Bloody hell that's late, I'm usually in bed by 10!

[pinarelloman]

Sold my 2003 HDJ100 Landcruiser $35000.

[Jasman]

Cash is king but if you choose any other option then your smart phone is your friend, take a nice clear mug shot of the buyer and take a photo of their car that includes the number plate. Make it nice and clear upfront that it's a condition of sale and if they screw you then the photo will be delivered direct to police, media etc. It's no guarantee of not getting ripped off but I reckon it's a good way scare off the bulk of fraudsters and at least give some piece of mind that the scumbag will be caught if they fleece you.

[GeoffA]

Cash is king but if you choose any other option then your smart phone is your friend, take a nice clear mug shot of the buyer and take a photo of their car that includes the number plate.....

....and get a pic of their license too....