Selling boat
- Thread starter bullyjack
- Start date
MadJigga
Well-Known Member
Bank draft
Chasin' Dreams
Well-Known Member
Go into the bank with the buyer and get a draft done there on the spot from his account so you see it done. The counterfeit drafts these days are so good that even bank tellers pass them as good until the money doesn't clear days later then you're F'd. I've bought and sold items this way and it is a nice piece of mind knowing you're not taking any chances. There are now even PayPal scammers too where it looks like you get the funds into your account but afterwards you get a notice saying the money sender has retracted the funds or that PayPal itself cancels it due to fraud. The criminals are so good now it's scary.
MadJigga
Well-Known Member
What he said. That’s how I’m doing it from now on
Sea Chaser
Crew Member
What are you selling?
Prawn Star
Active Member
Bank draft is the way to go. My Scotia bank put a 5 day hold on when I sold my boat because of so many fraudulent ones.
littlechucky
Crew Member
Have them send a wire directly into your account.
I did that when I bought mine.
I did that when I bought mine.
Doug
Well-Known Member
I found the best way to receive funds is to provide a voided cheque from your bank account and make sure that void is written in big letter on it. This will provide the buyer your exact account # and his bank also cannot screw up with a account #. The buyer then goes to his bank and gets a direct deposit into your account from his account. Your bank will then hold the transfer for 5 working days before releasing the funds to you. But you will be able to see the funds in your account and no chance of a certified cheque fraud.
Now if the funds are coming from out side of Canada, say the USA. All funds (certified, bank draft…) coming from out side the country will most likely be held for 15 working days (3 wks). I have had three transaction in selling items (one a boat) to US customers and all the transactions were with certified cheques and both of my banks held the funds for 15 working day. Also the guy who surveyed my boat was also paid with a certified US cheque and he told me his cheque is also being held for 15 working days.
I guess with all the scams going on and money laundering the banks are being cautious
Now if the funds are coming from out side of Canada, say the USA. All funds (certified, bank draft…) coming from out side the country will most likely be held for 15 working days (3 wks). I have had three transaction in selling items (one a boat) to US customers and all the transactions were with certified cheques and both of my banks held the funds for 15 working day. Also the guy who surveyed my boat was also paid with a certified US cheque and he told me his cheque is also being held for 15 working days.
I guess with all the scams going on and money laundering the banks are being cautious
sir-vivor
Well-Known Member
I was a banker for 25 plus years and in the auditing dept for 5 , hmmm # 1 Certified Cheque ( just call the bank it is drawn on and confirm it authentity ) as they CAN NOT be canceled or rescinded , just make sure u dont loose it .
#2 IRREVOCABLE Letter Of Credit , same as above. Everything else can just about be cancelled or rescinded or you are taxed or subject to market and or industry trends . Good Luck ! 17 thousand is not a big deal .... 17 million ...yes that's big lol
#2 IRREVOCABLE Letter Of Credit , same as above. Everything else can just about be cancelled or rescinded or you are taxed or subject to market and or industry trends . Good Luck ! 17 thousand is not a big deal .... 17 million ...yes that's big lol
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ReelSlim
Crew Member
Good old cash works
I always thought that a Certified Cheque was as good as cash but I guess there are ways around anything now. On my new boat the builder and I decided on a cash portion to be paid to save a few bucks on taxes and helped on his end as well. It feels a little strange walking out of the bank with 2 big stacks! It was fun having it in my hands right up until when I had to hand it over....lol But if at all possible I think cash is still king....
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sir-vivor
Well-Known Member
Risk of being counterfeit lol, unless u know how to check it and trust me there are some really good counterfeiters who love to laundry money on unskilled bystanders
Aces
Well-Known Member
Just like a pot grower
ReelSlim
Crew Member
I wish! That way I could of brought cash for the whole build...lol. Unfortunately I got it out of my bank account the old fashioned way.
baddogg
Crew Member
Ya, that is just ignorant. How hard is it to call and say I changed my mind?
sir-vivor
Well-Known Member
Yup , I agree with ya ... or they do show and tell ya they only have 75% of what you agreed on ........ Don't give up there will be that GUY who just has to have your boat and he'll give ya the cash before you even say ..........Hello ! lol , Good Luck !
