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      09-17-2012, 08:36 PM   #1
6spdg37s
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Question how do you know a certified or bank check is real?

I am selling my z06 and the buyer will most likely be paying with a certified bank check. If I sell it to this one person I already know a decent amount of info about him , where he works etc; and even know one or two of the same people so I doubt they would pass a fraudulent check but just in general how do you verify this? especially if it is a sunday and the bank is closed?
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      09-17-2012, 08:44 PM   #2
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Originally Posted by 6spdg37s View Post
I am selling my z06 and the buyer will most likely be paying with a certified bank check. If I sell it to this one person I already know a decent amount of info about him , where he works etc; and even know one or two of the same people so I doubt they would pass a fraudulent check but just in general how do you verify this? especially if it is a sunday and the bank is closed?

Look for watermarks and micro print, those security features are difficult to forge, some checks also have black light security features...
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      09-17-2012, 08:45 PM   #3
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Watermarks.


If you are that worried, I would wait until the bank is open.
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      09-17-2012, 08:47 PM   #4
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meet at the bank...
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      09-17-2012, 08:47 PM   #5
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^ beat me by a minute lol
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      09-17-2012, 08:48 PM   #6
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Quote:
Originally Posted by kingofthedemo View Post
Look for watermarks and micro print, those security features are difficult to forge, some checks also have black light security features...
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Originally Posted by N55 View Post
Watermarks.


If you are that worried, I would wait until the bank is open.
excellent !

Funny thing is I used to work in a bank lol but didn't deal with stuff like that

I suppose I can also ask him to show me a receipt ? like when you get a bank check they give u a bank receipt with the amount and last 4 of the account similar to when you take ATM withdrawal
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      09-17-2012, 09:05 PM   #7
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Originally Posted by 6spdg37s View Post
excellent !

Funny thing is I used to work in a bank lol but didn't deal with stuff like that

I suppose I can also ask him to show me a receipt ? like when you get a bank check they give u a bank receipt with the amount and last 4 of the account similar to when you take ATM withdrawal
If he can forge a check, he can forge a receipt. Meet at the bank.
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      09-17-2012, 09:10 PM   #8
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If he can forge a check, he can forge a receipt. Meet at the bank.
hmm valid point. Would you meet at their bank or your bank ? Like will your bank know instantly if it isnt valid ?
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      09-17-2012, 09:37 PM   #9
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I typically just call the issuing bank, they can shed some light if the check is real.
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      09-17-2012, 10:16 PM   #10
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Wait till the check goes through and funds are in your account.
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      09-17-2012, 10:20 PM   #11
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I don't know which bank he is getting it from but Wells Fargo cashiers checks have a phone number on the check that you can call and check if it's valid or not.
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      09-17-2012, 10:29 PM   #12
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Wait till the check goes through and funds are in your account.
yeah but at the same time if i hold the title until it clears it culd be shady on my part so why would he let me do that? like the same if i give him the title when he gives me the check
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      09-17-2012, 10:54 PM   #13
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I agree with those above who state meet at the bank. I would take it one step further.

When I sold my 325Ci, I went with the buyer to his bank, where he took out cash and handed it to me in exchange for the title. This was per my suggestion when he said he'd give me a cashiers check. This way, no cashiers check was needed.

If buyer has the cash, ask him to call bank ahead of time (if it's a large sum, over $10k or so) to let them know he will be withdrawing $x amount on the agreed upon day (some banks may not have or be willing to dispense $40k without advance notice as a policy), and get him to withdraw the cash and hand it to you right there for the title. No need to deal with a cashiers check, and you know the money is real

If you meet at your bank, and they deposit the cashiers check, it can still come back as fake, and you would be liable for that sum to your bank. Also if you meet at his bank and watch him get the cashiers check, it's possible he can do a stop payment on the cashiers check after the fact.

I know you say in your situation this is not a complete stranger, so it might be overkill in this scenario, but as a general rule, I would deal with cash, meet at buyer's bank, get cash, hand title over, done deal.
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      09-18-2012, 12:46 AM   #14
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Quote:
Originally Posted by 6spdg37s
Quote:
Originally Posted by DSB335d View Post
Wait till the check goes through and funds are in your account.
yeah but at the same time if i hold the title until it clears it culd be shady on my part so why would he let me do that? like the same if i give him the title when he gives me the check
I don't think that would be shady on your part. I think it would be shady if the buyer made a big deal about you waiting for the check to clear.
You would be the one on the losing end if the buyers check bounces and he already has the title.
If he gets the title and the money doesn't clear he could easily transfer the names on the title and report the car stolen.. Or whatever BS a criminal could think up! You'd be out of the car and the money! GL with the sale.
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      09-18-2012, 06:48 AM   #15
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I found out what bank he uses and its only in his area as its a federal credit union and he is driving 2 hrs out to me . I am going to call them today and see if there is a way to verify it is real ahead of time so that I can look for distinguishing markings and such
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      09-18-2012, 08:35 AM   #16
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If you're that worried just do a wire transfer? Tell him you'll cover the fee which was $35 the last time I did one and the money will post in your account the same day, if he's picking up the car on a Saturday secure the funds Friday.
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      09-18-2012, 08:42 AM   #17
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okay problem solved I called the bank he uses. The bank said to call them between 7am-7pm to verify the funds on the check and that the check was issued. So once he gets the check I will have him send me a copy of it. CALl them to verify and then we are all good
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      09-18-2012, 08:58 AM   #18
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Good to know you have a solution, however, for those who suggested going to his bank and just getting the cash, good idea, except when the amount is over $10K if you walk in to your bank and try and deposit $10K in cash it will send up flags. The bank will need to verify where those funds came from. They will need to know the money was not obtained illegally. Not sure how you prove one way or another but it can be a hassle these days.

Hell if you have the money in the car during a traffic stop and the police see it they can confiscate it and then you have to prove you are in legal possession of the money.
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      09-18-2012, 09:40 AM   #19
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Good to know you have a solution, however, for those who suggested going to his bank and just getting the cash, good idea, except when the amount is over $10K if you walk in to your bank and try and deposit $10K in cash it will send up flags. The bank will need to verify where those funds came from. They will need to know the money was not obtained illegally. Not sure how you prove one way or another but it can be a hassle these days.

Hell if you have the money in the car during a traffic stop and the police see it they can confiscate it and then you have to prove you are in legal possession of the money.
yes bad news all around in straight cash... especially with the profession I am in where they investigate me often...
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      09-18-2012, 10:01 AM   #20
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Good to know you have a solution, however, for those who suggested going to his bank and just getting the cash, good idea, except when the amount is over $10K if you walk in to your bank and try and deposit $10K in cash it will send up flags. The bank will need to verify where those funds came from. They will need to know the money was not obtained illegally. Not sure how you prove one way or another but it can be a hassle these days.

Hell if you have the money in the car during a traffic stop and the police see it they can confiscate it and then you have to prove you are in legal possession of the money.
All you would need is a bill of sale for the car and the source of the funds would be verified.

And the bolded part is BS. Where is their probable cause to search your car?
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      09-18-2012, 10:43 AM   #21
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You can verify all you want he can just call the bank right after he hands it to you and put a stop payment on it, I'd go with a wire transfer if you are that worried.
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      09-18-2012, 11:12 AM   #22
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Quote:
Originally Posted by Maestro View Post
Good to know you have a solution, however, for those who suggested going to his bank and just getting the cash, good idea, except when the amount is over $10K if you walk in to your bank and try and deposit $10K in cash it will send up flags. The bank will need to verify where those funds came from. They will need to know the money was not obtained illegally. Not sure how you prove one way or another but it can be a hassle these days.

Hell if you have the money in the car during a traffic stop and the police see it they can confiscate it and then you have to prove you are in legal possession of the money.
As another poster said, bill of sale is enough, I think. If you have a good relationship with your bank you can walk in there, say I just sold my car, here's bill of sale plus your stub from the title which you will subsequently submit to DMV, and deposit said cash.

As for proving legal possession of the money? I can see if you get pulled over and the K-9 unit is sniffing at the hidden compartment in your steering column, having lots of cash on hand would be suspicious.

With a bill of sale, title stub, etc., it's pretty clear why you have the cash. I can't imagine they can just confiscate cash - since when is it illegal to have cash, even if it's $50k, around with you in your car? Maybe not smart (unless no other choice, such as just after a transaction) but definitely not illegal.

Quote:
Originally Posted by 6spdg37s View Post
yes bad news all around in straight cash... especially with the profession I am in where they investigate me often...
Cocaine trafficking???

Quote:
Originally Posted by GetSomeE92 View Post
All you would need is a bill of sale for the car and the source of the funds would be verified.

And the bolded part is BS. Where is their probable cause to search your car?
This.

Quote:
Originally Posted by AW335TT View Post
You can verify all you want he can just call the bank right after he hands it to you and put a stop payment on it, I'd go with a wire transfer if you are that worried.
This x2.
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