Paying cash vs wire transfer

[Vega$69]

A stop payment can be issued on a cashiers check by the purchaser of the check.

Last deal I made I went to my bank's branch with the seller in his state. Had the bank issue him a cashiers check with him as the purchaser.

Therefor he owned it and nobody else could stop it as he was the purchaser.

Dealing with over $10K cash at a bank will get reported to the Feds. Whether you are taking it out or putting it in.

Multiple large cash transactions under $10k over a short period of time will also be reported to the Feds.

[YAMATHUMP]

A wire transfer is just as good as cash, once it shows up in his account, it is his money...no taking it back. No such thing as a stop payment once the transaction has taken place. If you tell your bank your intentions beforehand, the process is pretty quick and shows up within minutes to his account .

[Zoomin]

A friend of mine did a repair on my MIL's car for $400. She paid with 4 Franklins, which he happily accepted. The next day he deposited the money in the bank and they said one of them was counterfeit - and kept the bill! No receipt of any kind.

He calls me and explained the problem. If he hadn't been a close friend I would've told him to pound sand. My MIL went to her bank where she got the bills and they agreed to replace it, and she had to sign an affidavit.

I've never been persuaded that cash was all that great, and prefer a wire for lots of reasons. My guess is the seller wants to make sure the IRS never gets wind of it.

[Zoomin]

Originally Posted by YAMATHUMP

A wire transfer is just as good as cash, once it shows up in his account, it is his money...no taking it back. No such thing as a stop payment once the transaction has taken place. If you tell your bank your intentions beforehand, the process is pretty quick and shows up within minutes to his account .

Not true, I found that out the hard way. Ask your banker, I couldn't believe it could happen and it most definitely did.

[JKnight]

Originally Posted by Zoomin

My guess is the seller wants to make sure the IRS never gets wind of it.

This is likely what's going on in this situation. Not sure there's any great way for both parties to be completely assured when this is non-negotiable.

[rushca01]

Originally Posted by JKnight

This is likely what's going on in this situation. Not sure there's any great way for both parties to be completely assured when this is non-negotiable.

This is the main issue.

[Zoomin]

$40,000 in cash just doesn't sound like something I'd be comfortable paying with either.

Maybe get a cashier check from your bank in advance, then meet him at the bank and let him get the cash direct from them. You definitely need a receipt for the transaction and acknowledgement he got his money.

[BMR Sales]

Originally Posted by Zoomin

My guess is the seller wants to make sure the IRS never gets wind of it.

That is probably the case but that is on him. If he can't do it legally, I would walk away.

[HotRod68Camaro]

Originally Posted by BMR Sales

That is probably the case but that is on him. If he can't do it legally, I would walk away.

Agreed, i'd be long gone.

[214Chevy]

Originally Posted by BMR Sales

That is probably the case but that is on him. If he can't do it legally, I would walk away.

Originally Posted by HotRod68Camaro

Agreed, i'd be long gone.

Agreed!! Bank wire's cannot be rescinded. Although, I just bought my Whipple supercharger from a company who gave me a steal of a deal if I paid thru bank wire. I guess they didn't won't to pay merchant fees, who knows. I was scared to death. So, I checked with my credit union and they said once ithe money is sent...it's sent. There's no way of getting a refund. So, I asked, "Well how I'm I protected then if I don't get my supercharger?" They told me, if fraud is committed and I don't get my product, then it's covered and I'd get my money back. But otherwise, if I just say I didn't want it and changed my mind mid way thru the transaction, that isn't covered. Don't know if all banks work that way, but that's how mine did. So, after they told me it'll be covered if fraud is committed and they didn't send my supercharger I felt 100% better and went ahead with the the purchase. Needless to say though, even with my bank's assurance and confirmation, before I purchased it, I went online, did a search of reviews and also checked with the BBB on the business and everything was fine. They had a few customer service issues, but that's not uncommon for a business to have an issue here and there from a customer. But, there was nothing I could find about them being crooks. So, I bought it and there were no issues and I got my supercharger. Transaction went great. If anyone is looking for a supercharger I highly recommend PSE Superchargers out of Oklahoma. The owner's name is Ed Martinez, a very knowledgeable guy.