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Tractor Talk Discussion Forum

Cashiers Checks

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Coloken

05-06-2004 07:11:47




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This bit with bad chashiers checks etc makes me wonder. How to pay? The Gov did away with bills larger than 100, some thing to do with drugs. If a fellow was coming to pick up a 5000 dollar tractor is he supposed to bring 50 green one? Even then, you better have one of those special pens to check for counterfit. Sounds to me like a farmer's personal check is a lot better than a bank's.




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Bill Drew

05-07-2004 18:16:53




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 Re: Cashiers Checks in reply to Coloken, 05-06-2004 07:11:47  
"Even then, you better have one of those special pens to check for counterfit." Phoney test - it is an iodine solution that reacts with starch to turn black. Cheap paper uses starch to stiffen it, but you can tell that by just the feel of the paper. Add to that, the Amazing Randi and a few other jokers are hitting large bills with spray laundry starch so even real bills can turn the pen mark black.

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jake

05-06-2004 19:22:31




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 Re: Cashiers Checks in reply to Coloken, 05-06-2004 07:11:47  
Any person can get a $500 bill which they have to order from a federal reserve bank. The larger bills are for transfers between banks [fed]. As far as a teller asking where where the money comes from or going to it's none of their business and see what happens when you tell them to close your accounts, it's guaranteed to bring all the officers of the bank out. I speak from 8 yrs at the 1st Nat Bank of Chicago.

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Hayman

05-06-2004 18:50:17




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 Re: Cashiers Checks in reply to Coloken, 05-06-2004 07:11:47  
Tell them to bring gold.



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Wayne

05-06-2004 17:52:35




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 Re: Cashiers Checks in reply to Coloken, 05-06-2004 07:11:47  
If your given a cashiers check for an item you can go to the bank and have them verify it and guarantee it for a fee. I believe it's like $30 for them to do it, but it's better to take a $30 loss off the price than to find out too late you have a bad check. Personally I'll take any form of payment if I have something for sale, but nothing leaves until I know the money is in my account. If a man is coming to get a machine or whatever from you and wants to pay by check have him mail the check in advance and make sure it goes through before he even makes the trip. If he gets there and decides he doesn't want it you can refund his money....wite him a check.....If a man want's something bad enough he isn't gonna mind you covering your own a$$. Just my .02

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Mark

05-06-2004 15:38:36




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 Re: Cashiers Checks in reply to Coloken, 05-06-2004 07:11:47  
Anything $10,000 and under I pay or expect cash.Too many bad checks over the years for me to even consider taking one now.Try collecting on a bad check nowadays.Time you get a lawyer,or file the papers,wait to go to court,get a judgement,you're out even more money. Over $10,000 use a bank wire transfer. If the buyer won't pay cash,the item doesn't get sold. If they can't come up with $5-10,000 in cash, that tells me their check isn't any good either,regardless of what their excuse is.

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mike

05-06-2004 18:46:38




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 Re: Re: Cashiers Checks in reply to Mark, 05-06-2004 15:38:36  
Everone I talk to wants cash only,but my bank
doesn't want to give out cash,if I deposit
some they want to know where I got it.Just the
other day I sold an $18000 tractor and when I
deposited the check the teller asked where the money came from.I said what makes the difference,
she said it was new regulations since 9-11.



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thurlow

05-07-2004 06:40:05




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 Re: Re: Re: Cashiers Checks in reply to mike, 05-06-2004 18:46:38  
For any cash deposit over $10,000 (and any lesser amount approaching that, which looks "suspicious"), the bank is required by Federal law to report it. Banks are highly regulated..... ..



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paul

05-06-2004 16:58:16




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 Re: Re: Cashiers Checks in reply to Mark, 05-06-2004 15:38:36  
Never heard of such a thing, but then all the buying & selling is a lot more local around 'here'.

Anyone showing up with a pocket full of $5000 in bills would be the one drawing suspision 'here' tho. :) My bank would be reluctant to dole out $10,000 in cash even... By rights they have to, but would be reluctant. I think this was discussed here before, but 'cash' means a personal check to everyone who does buisiness around this area. Just the differences in local customs.

Do people write out a check for $5.56 at a Burger King where you are? About 30% do 'here'.

--->Paul

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Paul in Mich

05-06-2004 09:51:22




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 Re: Cashiers Checks in reply to Coloken, 05-06-2004 07:11:47  
Coloken, And easier to obtain restitution. The law hasnt caught up to the counterfeit cashiers check scheme the way it has a bad personal check.



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