BAD IDEA!!! We take a lot of cash from my business and I have been screwed with the pen. There are several ways to change a real bill like a $1 to a $100 so the marker still shows a real money but does not check to see if its altered. I have been trained much better now.
Another issue is many small business owners pocket cash and never deposit it in their banks so to not show a paper trail and not pay taxes on it. Because I am pretty sure this cash buyer is hiding cash from the IRS he will probably be opposed to doing it at the bank as this will put him at risk of being discovered.
Too much creative fraud these days it makes it so difficult to just do a simple transaction.

 

I just sold my car recently and was going through the same dilemma. My bank (Citi) said that it would take up to 2 business days for the cashiers check to clear. The buyer can put a stop payment on the cashiers check while you already signed off on the title.

Additionally, I had a friend who sold his bike. He transferred the title to the buyer and took the cashiers check to the bank later that day. The check turned out to be fake and my friend had to report the bike stolen. Your bank will help you confirm if the check is legit by contacting the bank the check was written from.

A cash sale with the bank verifying the money would be ideal for both parties.

 

Have him go to the post office (only) and buy money orders with it. They have anti-counterfeit measures built into them just like money bills do. It's the only paper currency we take and consider it as good as cash.

 

I agree with the comment that the buyer is probably finding an easy way to keep the cash from the IRS and the tax implication. Just remember, any cash deposit to your account in excess of $10k brings some the same issue. It is all taxable and will be reported.

 

I'm not worried about the 10k limit - I pay my income taxes

 

This has nothing to do with paying your taxes, I am sure you are a model citizen. It has to do with the bank reporting the cash transaction to the IRS which has to then be addressed. Just tried to help, won't happen again.

 

+1 on the bank

I started as a teller, make sure the money is counted by hand and the machine, or by hand twice.

Once the teller takes the cash they cannot come back at you saying you gave a fake bill. Only at the time of transaction.

Hope that helps.

 

Holy crap, have the guy meet you at your bank with cash. All this secret agent stuff isn't really not necessary. If the money is conterfeit, which I seriously doubt, the bank wil spot it.

 

Meet at your bank. As long as they can verify the bills are real i don't see the problem where the money came from. When i sell a car i don't question it as long as i have cash or can verify the check.

I use the CU when i buy a car. I know their process and have been able to educate the sellers how it works. The only issue i have had was with BOA and a CU check that they wouldn't accept from me. The issue was resolved and i will never use BOA.

 

The one at my bank does. I have no idea how it does it, but at least once a month a get a fake $20 and it finds it.

 

with cash you can write down the sales price too so don't be surprised if he tries to pull that and have you write down the receipt. i remember i sold my first car (1995 honda prelude) to someone when i was done and they tried to buy it for $1,000 and give me a $6,000 "gift".

 

I agree. If you are dealing with cash, have the bank verify and deposit into your account then and there. Totally eliminates multiple security issues from having that much cash in your possession and having to verify its authenticity. BTW, you can meet at any bank, his, yours, whatever. They can transfer the money to your account. Don't take a cashiers check. Been burned by that and its not easy to rectify.

 

If he is against the bank, doing a money order together at the post office may just be your ticket? Once the money order is issued to you, it's as good as done. You can then head over to your bank and deposit that sucker.

 

One way to verify cash or cashiers check is to go with him to the bank when he gets it out obviously can't be fake if you watch the bank hand it to him and him hand it over to you.

 

Also, you could take a copy of his ID for good measure