How To Handle Buyer's Cashier's Check For Large Amount

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PBramble

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I'm laughing at this thinking I know a guy who just bought a large tract of land in another state and paid the 4.6 million for it in cash. the dealings with the feds after this are hilarious. It really doesn't seem that there's any way to "easily" do large purchases anymore.
 

Decoligny

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I am preparing to sell an Rv and the guy is from OKC (I live in OKC) and I don't want to offend him but he is going to get a cashier's check from his bank for over $20,000 and I plan on having my bank verify that the check is good before I surrender the title on the RV. I went through this once before and the buyer took offense when I asked him if I could see the check and call to make sure it was valid. I'm not giving something valued at over 20K away but I want to treat the buyer with respect and dignity as I would want to be treated. These days you can't trust even your ex-wife... How would you handle the situation?
I sold a car and met the buyer at his bank, and was there when his bank issued him the cashier’s check.
 

Raido Free America

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I am preparing to sell an Rv and the guy is from OKC (I live in OKC) and I don't want to offend him but he is going to get a cashier's check from his bank for over $20,000 and I plan on having my bank verify that the check is good before I surrender the title on the RV. I went through this once before and the buyer took offense when I asked him if I could see the check and call to make sure it was valid. I'm not giving something valued at over 20K away but I want to treat the buyer with respect and dignity as I would want to be treated. These days you can't trust even your ex-wife... How would you handle the situation?
Take care of business, in a polite, respectful manor, and if that offends someone, they had another reason to get offended!!
 

John6185

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If the bank is involved at $20K it will be reported to the IRS. Anything over $9,999.99 is reported.
If it’s an actual cash deal outside of the bank dollars make sure they are not counterfeit.
I read where it was any amount $600 or more. I'm surprised that so many scams as being reported. I am beginning to think that this reporting of money is not so much for money laundering but to carefully watch and control and ultimate taxation.
 

Uncle TK

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I read where it was any amount $600 or more. I'm surprised that so many scams as being reported. I am beginning to think that this reporting of money is not so much for money laundering but to carefully watch and control and ultimate taxation.
Business issue a 1099 for payment over $600.00 for Labor or Labor & parts.
 

chevy4wd

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I am preparing to sell an Rv and the guy is from OKC (I live in OKC) and I don't want to offend him but he is going to get a cashier's check from his bank for over $20,000 and I plan on having my bank verify that the check is good before I surrender the title on the RV. I went through this once before and the buyer took offense when I asked him if I could see the check and call to make sure it was valid. I'm not giving something valued at over 20K away but I want to treat the buyer with respect and dignity as I would want to be treated. These days you can't trust even your ex-wife... How would you handle the situation?
If your both in the same town I would just meet him at his bank. Watch them print the check… and then cash it if you want while you are there. You may need to call and verify they have that much cash on hand.
 

swampratt

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I'm laughing at this thinking I know a guy who just bought a large tract of land in another state and paid the 4.6 million for it in cash. the dealings with the feds after this are hilarious. It really doesn't seem that there's any way to "easily" do large purchases anymore.

Now this 4.6 million in cash got me thinking.
Why on earth would you have that kind of money in a bank.
Bank goes belly up and FDIC only covers $250,000 per institution per person.
Multiple banks what a pain to keep your money insured.

And many banks do not have much cash on hand.
I got mad at FAA credit union and closed my accounts less than 50K and I wanted it in cash.
They did not have that much cash in the bank is what I was told by the teller and manager.

BS
 

PBramble

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Now this 4.6 million in cash got me thinking.
Why on earth would you have that kind of money in a bank.
Bank goes belly up and FDIC only covers $250,000 per institution per person.
Multiple banks what a pain to keep your money insured.

And many banks do not have much cash on hand.
I got mad at FAA credit union and closed my accounts less than 50K and I wanted it in cash.
They did not have that much cash in the bank is what I was told by the teller and manager.

BS
2 week notice. i promise this guy watched his money carefully. And no bank has that money on hand. You have to give them notice. It's in the paperwork you signed when you created the account.
 
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Uncle TK

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Now this 4.6 million in cash got me thinking.
Why on earth would you have that kind of money in a bank.

4.6 million is 46,000 100 dollar bills!!!!

People use the term CASH when they mean they paid with a check!!

Example:
Person states that they purchased a new truck for cash! (They paid by check not cash)

A new car dealership will not accept cash for a new car or truck.
They will tell you to go to your bank and send a wire transfer.
 

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