Better payment method than actual cash

[Shanester]

I'm about ready to put up for sale a JD 1025R and then go buy a much larger Kubota. In looking at both the seller's and a buyer's side (assuming I don't buy from a dealer) is there a safer method of paying cash than actual cash. I am okay with a buyer bringing me cash so this is more about being a buyer. Some of these tractors are several or more hours drive from me and I don't want to bring $30K in cash to a strange place and person. If I like the tractor then I want to pay for it right then and take it home. There is a 90% chance it would be on a weekend so I can't do a wire transfer. Maybe bring a certified check for a lower amount and then some cash? I have thought about Paypal but wondered if there was another that the seller did not need any sort of account.

 

[Elliott in GA]

Just some general information to help you through the process. 1) Any/each withdrawal or deposit in excess of 10K will cause the financial institution to execute a CTR (Cash Transaction Report that is filed with the Treasury Dept.) - the bank will hate you. 2) You could bring a Bank/Teller/Cashier's check, but they can be fakes about as easily as a regular check - no bank is going to issue a certified check except in very rare commercial transactions and 3) as you noted large amounts of cash are inherently dangerous and cumbersome.

 

[dirtydeed]

if I were the seller, you wouldn't be leaving with the tractor with a cashiers check. I've used certified checks before, I'm not sure if that is now difficult to obtain...it wasn't in the past for me.\

Alternatively, you could bring cash and one of these:

 

[fried1765]

I'm about ready to put up for sale a JD 1025R and then go buy a much larger Kubota. In looking at both the seller's and a buyer's side (assuming I don't buy from a dealer) is there a safer method of paying cash than actual cash. I am okay with a buyer bringing me cash so this is more about being a buyer. Some of these tractors are several or more hours drive from me and I don't want to bring $30K in cash to a strange place and person. If I like the tractor then I want to pay for it right then and take it home. There is a 90% chance it would be on a weekend so I can't do a wire transfer. Maybe bring a certified check for a lower amount and then some cash? I have thought about Paypal but wondered if there was another that the seller did not need any sort of account.

For your peace of mind you need to find a way to get yourself to the tractor during normal business hours.
Then just do the wire transfer.
Zero potential issues with a wire transfer.

In my case I asked the seller in advance ($32K) if he would accept a certified check.
He said yes.
So......no problem!

 

[JimmyJazz]

I will tell a story I found amazing. I work for a bank and had a woman come to see me who had inherited some money. This was 3 years ago. She live on a farm where the toilet was still an outhouse. She earned her living playing and singing Christian music on her guitar. Mostly original compositions. Maybe 60 years old and very nice. Didn't know a stock from a sock. I suggested that when she was ready she could mail a check to establish her new investment account. To my surprise she pulled out an Apple iPhone and in probably 2 minutes transferred electronically $300,000. I was stunned. Electronic funds transfers are commonplace today. Ask your bank to help you establish the capability. Where I work they stopped taking cash maybe 25 years ago. Last year due to covid they mandated that an exception would have to be granted to receive and process a check. No cash, no checks. You take a picture of your check and email it. It is what it is. Adapt or die as they say, and keep the outhouse!

 

[PaulL]

I will tell a story I found amazing. I work for a bank and had a woman come to see me who had inherited some money. This was 3 years ago. She live on a farm where the toilet was still an outhouse. She earned her living playing and singing Christian music on her guitar. Mostly original compositions. Maybe 60 years old and very nice. Didn't know a stock from a sock. I suggested that when she was ready she could mail a check to establish her new investment account. To my surprise she pulled out an Apple iPhone and in probably 2 minutes transferred electronically $300,000. I was stunned. Electronic funds transfers are commonplace today. Ask your bank to help you establish the capability. Where I work they stopped taking cash maybe 25 years ago. Last year due to covid they mandated that an exception would have to be granted to receive and process a check. No cash, no checks. You take a picture of your check and email it. It is what it is. Adapt or die as they say, and keep the outhouse!

In the rest of the world we just don't do checks or cash any more. I can do online transfer from my bank to their bank, on the spot. With most banks that's immediate clearance, a few banks are still overnight but you can show them the transfer underway. Having said that, in NZ there are really only about 15 banks. A bit different in the USA.

 

[lynnmor]

I have an extended family member that bought a used car for more than $10,000 cash even though some told him not to. The IRS got wind of it and they did everything but an autopsy on his small business.

 

[MOOTS]

Pocket full of cash and a pistol ain’t never did anyone wrong.

 

[Jchonline]

I would put the money in my truck toolbox disguised as something. I seriously doubt anyone would dig that much…especially if I am shooting at them.

 

[Shanester]

I talked to my credit union (the largest in Ohio) and they suggested wire transfer or cashier's check. I asked about the difference between a cashier's check and a certified check and she said they are the same to them. That does not make sense to me but she said they are guaranteed funds. The check would have to be made out to the seller at time the check is printed. I thought about making it a lesser amount and then shoring up the last few grand with cash after negotiating in person but would still need to make sure the name of the seller is correct. Wire transfer is not realistic because it can only be done during the week, requires signed paperwork and takes hours. I have done it a handful of times through them for business so I know it is not instant. They do have this thing called POP Money but it is not instant either but can be done after hours. Surely there is a way to transfer from my account to the seller's on the spot that does not cost too much. Does Paypal have limits? I have used it many times both ways for sub $1K amounts and it is fast. If you say you are a friend or family it is free for both parties. This makes me want to just drive the car to look at them and make a second trip to pick up if interested. The problem is that there is hardly anything I'm interested in for sale in western Ohio right now. There are a two dealers that are about an hour or a little more that each have an L4701 HST for sale. (that is the model I'm considering now) One is new and the other is barely used. The only advantages I see with buying from a private seller right now is saving sales tax and the possibility of getting a pre-emissions tractor.

 

[jimh406]

From what I understand, you can “fake” a cashier’s check. I’d just wait for them to bring you cash. It’s not worth worrying about it. You’d likely have a hold on the check, so just as well to wait for the cash.

 

[Shanester]

I forgot to say that I always carry my cordless hole puncher with me but I really want to avoid doing any work with it.

 

[JimmyJazz]

If you have your electronic funds transfer set up you can go to the sellers bank if needed and let your thumbs do the rest. Their bank should see the credit instantly. Win-win as is sometimes said. Thats what I would do. You have also established a money trail. Should the seller later say that you stole it or cheated him (or her) your bank has a record of the funds having been moved. That is the answer to your dilemma.

 

[fried1765]

I would put the money in my truck toolbox disguised as something. I seriously doubt anyone would dig that much…especially if I am shooting at them.

"shooting at them" is a very poor idea in this day and age.
Loosing $10K is a LOT better than spending 10 years in jail.
I like guns, but actually using them can be very dangerous!

 

[Jchonline]

"shooting at them" is a very poor idea in this day and age.
Loosing $10K is a LOT better than spending 10 years in jail.
I like guns, but actually using them can be very dangerous!

Not in Texas.

 

[fried1765]

I talked to my credit union (the largest in Ohio) and they suggested wire transfer or cashier's check. I asked about the difference between a cashier's check and a certified check and she said they are the same to them. That does not make sense to me but she said they are guaranteed funds. The check would have to be made out to the seller at time the check is printed. I thought about making it a lesser amount and then shoring up the last few grand with cash after negotiating in person but would still need to make sure the name of the seller is correct. Wire transfer is not realistic because it can only be done during the week, requires signed paperwork and takes hours. I have done it a handful of times through them for business so I know it is not instant. They do have this thing called POP Money but it is not instant either but can be done after hours. Surely there is a way to transfer from my account to the seller's on the spot that does not cost too much. Does Paypal have limits? I have used it many times both ways for sub $1K amounts and it is fast. If you say you are a friend or family it is free for both parties. This makes me want to just drive the car to look at them and make a second trip to pick up if interested. The problem is that there is hardly anything I'm interested in for sale in western Ohio right now. There are a two dealers that are about an hour or a little more that each have an L4701 HST for sale. (that is the model I'm considering now) One is new and the other is barely used. The only advantages I see with buying from a private seller right now is saving sales tax and the possibility of getting a pre-emissions tractor.

Those can be two very significant advantages!

 

[GreensvilleJay]

I won't accept any cashiers or certified checks. Friend accepted one when he sold his '63 vette on a firday night. Guy drove off,found out next tuesday the 'certified' check was BAD. NY cops found the vette,well, parts of it, 3 weeks later....
ETF is the way to xfer money these days, make 6 x $5000 NOT 1x30K though..fly under the radar,maybe, there might be a 'flag' for several 5k xfrs though..

if your bank won't do ETF, close account, go cross the street to another bank.

 

[TomRC]

I'm old school and am about to sell my B2601. I've thought about this but from opposite direction. I am going to require any buyer to meet me at my bank where they will sign a Bill of Sale and then hand me cash or a cashiers check made payable to me in the lobby of my bank which I will then deposit that my bank can verify on the spot. This may eliminate some buyers and I'm ok with that but scams run in just about every direction and the older I become the less trustworthy I am in situations such as this. The thought of carrying a lot of cash on my person for a transaction is equally concerning.

I would do everything possible to arrange for the transaction during regular business hours during the week even if you have to take time off work. Even if you met at their bank I'm guessing their bank could arrange for the transfer of funds from your account to their account on the spot. Some things over a certain $ amount are just not worth taking a chance on IMO.

Hope it works out for you and you get your tractor!

 

[TomGT350]

I have an extended family member that bought a used car for more than $10,000 cash even though some told him not to. The IRS got wind of it and they did everything but an autopsy on his small business.

I do several personal +10K cash transactions per month and have done so for 25 plus years. Not once have I heard from any agency. I'm also a business owner and do zero cash transactions.

 

[MattN03]

I'm old school and am about to sell my B2601. I've thought about this but from opposite direction. I am going to require any buyer to meet me at my bank where they will sign a Bill of Sale and then hand me cash or a cashiers check made payable to me in the lobby of my bank which I will then deposit that my bank can verify on the spot. This may eliminate some buyers and I'm ok with that but scams run in just about every direction and the older I become the less trustworthy I am in situations such as this. The thought of carrying a lot of cash on my person for a transaction is equally concerning.

This is how I sell something of higher value as well.