the money transfer of selling cnc

[Mark Bolton]

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 Any amount exceeding 10,000 has to be reported by the bank it's withdrawn from or deposited in.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.

This was the point of breaking up deposits. If the buyer pulls a massive sum of cash out on their end (would never happen in a cash transaction) thats on them. There is no record, other than their word, of where that cash went. If the receiver doesnt initiate a bank transaction that triggers reporting, there is no issue.

In the instance I posted the customer had a family member (parent) that had been giving them cash over a long period of time (for all assumed reasons) and there was no bank involved. They simpy kept the cash on-hand.

The fruity thing about it is that we now find it suspicious that someone would pay with large sum's of cash (because we've been programmed to be the narc's of the IRS). As mentioned from many in this thread, the conversation and interaction that would precede such a transaction in the OP's situation would be very telling. Someone shows up with cash your major concern would be that they are not trying to pay you with counterfeit money, or they have not been passed along counterfeit money.

A cash transaction for most would be heaven unless your in business and trying to get out from under the capital expenditure of the machine being moved off the premises.

[richard newman]

Just a thought for those of us getting up in years - if you have cash hidden somewhere, record the location where you or your heirs will find it. We're all gonna die, some will lose their wits, don't want your stash going with the old clothes, etc to the Goodwill store...

[Bill George]

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.

Never seen a water mark on a Cashiers check, ever. Cash up to $9,000 otherwise wire transfer. Forged cashiers checks are very common.

[Ronald Blue]

You have to look for it or try to copy it then it is obvious. Just because you haven't saw it doesn't mean they aren't there Bill. Although a thing of the past for the most payroll checks had them too. Cashier's check are safe. But you have to verify it before you accept it. Or have your bank do it. Don't call the number on the check. If it's a bid check the number will be too most likely. Their check will be made out to you. If it's legit the bank can confirm when contacted. The best method is too have your bank verify. Sure people can create counterfeit checks. But if you verify before acceptance you are good.

[Bill George]

Cashiers checks are just like any other check, until they are cashed even if you called in the hour before, they can have a stopped or refused payment. All you need to do is claim the check was stolen or lost. Printed watermarks can be duplicated with ease.

[Mark Bolton]

Who in their right mind is going to orchestrate a CNC purchase, perhaps interact with the buyer a half dozen times. Perhaps come see the machine under power, have more customer interaction, return home, interact a few more times, negotiate a price, speak with you about acceptable payment, arrange for said payment, show up at your house with friends, hired equipment, who knows, whatever, and then hand you said payment, all completly with fraudulent intent.. Its utterly nuts.

Sure, a craigslist quick sale, ebay, be safe. Non face to face transaction.. Or you sell someone something miss represented..

You all are nuts. No one is going to go through the entire process of inspecting and removing a machine from your premises with the sole intent of a scam. Its too much work. There is little margin in the scam. It has to be the nigeria dude who wants to buy your cnc and ship it to xxx and you will receive 2x your asking price blah blah.

You guys have let your heads get away from you.... Nuts.

[Bill George]

Sure those are safe purchases, but I was talking about the time I sold a Casita 17 Ft camper to a guy from Denver, 800 miles away. He wanted to bring his check book and then a Cashiers check. Nope, $9500 in cash is what I wanted, and it was take or leave it. He came with the cash and the deal was done. He pulled it back to Denver... without trailer brakes as he was not smart enough to figure out how to wire them up and would not listen to me.

[Ronald Blue]

Cashiers checks are just like any other check, until they are cashed even if you called in the hour before, they can have a stopped or refused payment. All you need to do is claim the check was stolen or lost. Printed watermarks can be duplicated with ease.

You are terribly misinformed Bill. A cashiers check isn't the same. The money is already transferred out of the persons account at the time of issuance. A cashiers check is written on the bank and not the individual. It's a specific check written to a specific business or individual. It's as good as the bank that issued it. If your bank calls the issuing bank and they verify it's a legitimate cashiers check then it's good. I can provide you with a link if you're interested in learning how it works. Cashiers checks are the most secure way of making a purchase outside of cash or an electronic fund transfer. Actually if you check into it the first thing they tell you is if you lose the check that's to bad because they don't stop payment on them. Here is a link that explains why a cashiers check is a good way to make or receive payment. Whether you're interested or not someone else might be interested in educating themselves. The very first line says "they are issued and guaranteed" by the issuing bank.

thebalance.com/cashier-s-checks-overview-315286

Are there fraudulent cashiers checks? Of course but people get taken by not doing proper verification. That's on the payee for not doing the leg work to verify if it's good. As I said before the best way is to have your bank verify it. They will look the issuing bank up in the bank directory and call it for verification. If the check is bogus then they probably are using a bogus phone number to self verify. Like I said banks are generally very good at spotting fakes.

[Ronald Blue]

Who in their right mind is going to orchestrate a CNC purchase, perhaps interact with the buyer a half dozen times. Perhaps come see the machine under power, have more customer interaction, return home, interact a few more times, negotiate a price, speak with you about acceptable payment, arrange for said payment, show up at your house with friends, hired equipment, who knows, whatever, and then hand you said payment, all completly with fraudulent intent.. Its utterly nuts.

Sure, a craigslist quick sale, ebay, be safe. Non face to face transaction.. Or you sell someone something miss represented..

You all are nuts. No one is going to go through the entire process of inspecting and removing a machine from your premises with the sole intent of a scam. Its too much work. There is little margin in the scam. It has to be the nigeria dude who wants to buy your cnc and ship it to xxx and you will receive 2x your asking price blah blah.

You guys have let your heads get away from you.... Nuts.

No argument with you. I was just trying to clarify that a properly verified cashiers check is nearly like cash.

I was mistaken the cash amount is $10,000 that will trigger a suspicious activity report but there is no accumulative effect. It's in a business day and tomorrow you can deposit another $9,999 and be under the threshold.

[Bill George]

Sorry Ronald you need to get in the “Real World” Fraudulent Cashers checks story's all over the internet, Yes they can be stopped, just as any other. How do I know.... simple I asked my bank, not easy but can be done.

[Ronald Blue]

Sorry Ronald you need to get in the “Real World” Fraudulent Cashers checks story's all over the internet, Yes they can be stopped, just as any other. How do I know.... simple I asked my bank, not easy but can be done.

Since I'm married to a banker I am in the real world. I will tell my wife to check with you on best banking practices because they have obviously been doing it wrong all these years.
You should read the linked information I posted. Cashier's checks are the best option after an electronic (ACH) find transfer or cash. Cash isn't an option on large expenditures. Thanks for the entertainment though.

[bobby milam]

You have to look for it or try to copy it then it is obvious. Just because you haven't saw it doesn't mean they aren't there Bill. Although a thing of the past for the most payroll checks had them too. Cashier's check are safe. But you have to verify it before you accept it. Or have your bank do it. Don't call the number on the check. If it's a bid check the number will be too most likely. Their check will be made out to you. If it's legit the bank can confirm when contacted. The best method is too have your bank verify. Sure people can create counterfeit checks. But if you verify before acceptance you are good.

I received a Cashiers check that was written from the same bank that I used. They verified the funds when I presented it and about 2 weeks later they deducted it from our account and said it was no good. The fact that they verified it first, especially since it was written from the same bank, not just chain but same physical bank, did us no good.

[eugene thomas]

when i sell my cnc cash wil be king. i am not worried about the deposit of cash in big amount, just fill out the form. At the start of this was looking at buying a used cnc and for what want would of been 30 to 40 grand, was not going to hall that in bank bag...
I am going to talk to my bank and ask what they recomend for money transfer besides cash because can see some sellers not wanting to use cash.

[Bill George]

I received a Cashiers check that was written from the same bank that I used. They verified the funds when I presented it and about 2 weeks later they deducted it from our account and said it was no good. The fact that they verified it first, especially since it was written from the same bank, not just chain but same physical bank, did us no good.

Exactly, I am not married to a banker nor did I stay at a Holiday Inn Express last night. But when we sold our lake home in another state 3 years ago, the mortgage company would not release the mortgage lien and the escrow company held back $10,000 because payment on a Cashiers check was not good enough. A wire transfer was the Only accepted form of payment. Period end of story. I did so and it was released the very next day. I asked my banker, they said a Cashiers check is like any other check. It can be stopped or refused payment... that is why the wire transfer.

PS My wife is a CPA.

[Bob Falk]

I have sold machinery (boom lifts, Bobcat) via CL and the buyers showed up with $10K+ in cash.....used machinery is often a cash based transaction...