[OP]
Contributor
I am wondering about the money part of selling my cnc. 4 years ago I sold my stinger 2 and guy showed up with bank bag full of 100 dollar bills. worked but this time be closer to 20 grand and not sure if the bank bag is all that practical. if I was buying used cnc not sure would want to pull into strangers house with all that money in cash but am not taking a check... the bounce effect.
Member
Just like selling a car, local bank check in exact amount. No money orders.
I also sneak a picture of their car tag.
Contributor
Wire transfer. They can be faked, but it's way harder than almost anything else, at least between major US, Asian, and European banks. It's how most all big (eg multi-million $) legal cash transactions are done. With offshore banks from small island nations all bets are off.
Sadly, bank checks are faked way too often these days; they are little better than a personal check.
Moderator
Bank Transfer/ACH is about the most secure. You could also get a check for the largest chunk in advance with time to fully clear and balance in cash on pickup. But don't rule out cash...there are many folks who will be happy to provide that.
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The most expensive tool is the one you buy "cheaply" and often...
Contributor
Why in the world would you care about a bag of cash? It presents a few issues with your bank if you want to simply deposit the entire amount in one lump but if you can break it into smaller deposits or live off some of it for a period its completely fine. A cheap counterfeit pen may be wise but I would have ZERO issue with cash. We did a large job a long time ago and on the final meeting with the homeowners and contract signing they excused themselves from the table at time of deposit and came back with bricks of cash. Like 60K in cash. I was a bit taken back but on explanation from them (knowing I would be taken back) I left perfectly fine, called my bank in the morning, and proceeded accordingly. We deposited the funds in blocks as needed and paid for materials as needed with cash, all reported appropriately to the parties required, and went about our job. We opted not to deposit the full amount only to not trigger any reporting but everything was legit, on the up and up, and subsequent progress payments were made in the same manner.
Its odd that we've gone from a world of complaining about the ability of "whomever" to monitor our every step with regards to financial transactions to now being concerned about the contrary. Would I meet someone under a bridge underpass for a cash purchase of a large sum in the middle of the night or any time of day? No. But when your talking about a 20K machine purchase you are going to have their name, their address, the email, phone, license plate, on and on... you'll likely not be sending your wife alone to hand off the CNC in a paper bag, there will be people there to help, and so on.
Be careful of your worry. It can whip around and bite you in the butt worse than the initial worry.
Contributor
A couple of options; I believe a bank can verify a cashiers check, with the issuing bank over the phone. So the pair of you go to your bank and have that process done.
Likewise, when I sold a motorcycle, I was concerned about first taking a large bundle of $100's and second about becoming a victim of fake dollar bills.
So again, once we had decided to do the deal, we went down to my bank where they deposited the cash.
Anyone who's trying to rip you off with a fake cashiers check or forged dollar bills, isn't going to take a trip down to the bank with you.
Contributor
according to quite a few posts over on a farm equipment board cashier checks are very easy way to cheat someone. local long time equipment auction dealer got hit for well over 60k 2 years ago that was "paid" with cashiers check. consensus over there is cash up to 20-30k and then money wired from one bank to your bank.
Ron
Contributor
What Chris said. Have your bank call the issuing bank. It's done all the time. The farm equipment seller didn't do as he should and got ripped off. Believe me if a bank issues a cashiers check in your name they have a record of it. Have your bank involved. They verify funds everyday. It's their business.
Cash? Any amount exceeding 10,000 has to be reported by the bank it's withdrawn from or deposited in. Even if you don't deposit all of it on your end a report will have been filed.
While I've sent large sums electronically for investments I would be very nervous sending it to a bank account of an individual. Once the money hits it can be withdrawn and it's gone. If I couldn't work out a method of purchase that we were both comfortable with I would pass. Same thing if I were selling.
Contributor
I bought a car last summer from California (I am in Wisconsin) remotely and used escrow.com. Worked good as both buyer and seller are protected and both have to agree to terms of sale beforehand. Mine was a $9K deal and it cost a couple hundred dollars.
Contributor
Very easy to do, scan original check print a duplicate copy that is presented to seller. seller calls bank verifies check is good AT THAT TIME, original check is presented back to originating bank as unused for refund while duplicate check is working it's way thru the channels and then denied and charged back to seller. whole process was reported by numerous people as taking 8-20+ days. Multiple people believed like you and got ripped offOriginally Posted by Ronald Blue
Ron
Contributor
This for sure!
If the guy is coming FTF, yeah, cash.... Love cash. My daughter and I bought her last car from private seller, he was in small town in TX, we drove down with $12k In cash, His asking price, car looked great, and we sat at his kitchen table counting out 120 Benjamins. He was ex used car salesman and was quite happy to take cash for his mom's car.... Last one at dealer, again a couple of hundred miles away was with bank cashier's check. They had no issue with it, but I sent photo of it to them the day prior. So they checked it out.....
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Contributor
One other consideration - If you're selling to a woodworker with a verifiable business and physical shop, I'd be much less worried than with an anonymous online presence. In my experience woodworkers are a good bunch of humans, they are not in it for the money (there isn't any!) or they'd be doing something entirely different. Usually by the time the deal is made I have a good sense of who the other person is.
Contributor
Then I say sucker. Banks are very good at identifying fraud. A copy of the bank money order? You must not be familiar with water marks. The money order is made out to the individual. How do you cash a money order made out to someone else? There are facts not present here. I wouldn't accept a money order any other way. Obviously you think I don't know about banking.
Member
I'd be worried about carrying that much cash because police can just take it with no reason. Some places say "having lots of cash is suspicious, we think you might have been selling drugs". It could take a long time to get it back, if you get it back at all.
https://en.wikipedia.org/wiki/Civil_...#Traffic_stops
If you do get a bunch of cash, get some pictures, have the buyer sign a receipt, etc. showing why you're carrying around a sack of $100 bills. I know it's a long shot, but I'd still be worried about it.
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