banking question: is there a limit to how much cash a bank will give...

[beattyfamily]

Just get a cahier's check from his bank. It's as good as cash, but much safer.

I know but the only thing that bugs me about that (I've done it before) is when I bring a cashier's check to BOA, they still hold it even though it is a bank check. I should be able to get at it right away but not according to BOA.

I wonder how hard it would be to do a wire transfer.

 

[ducklite]

I know but the only thing that bugs me about that (I've done it before) is when I bring a cashier's check to BOA, they still hold it even though it is a bank check. I should be able to get at it right away but not according to BOA.

I wonder how hard it would be to do a wire transfer.

Wire transfers are easy, but might still be subject to a hold--usually a lesser amount of time though.

Anne

 

[taylor1293]

I know but the only thing that bugs me about that (I've done it before) is when I bring a cashier's check to BOA, they still hold it even though it is a bank check. I should be able to get at it right away but not according to BOA.

I wonder how hard it would be to do a wire transfer.

How odd that they hold a cashier's check! Can you speak to the branch manager? What about this suggestion, take a few thousand in cash and have them issue a cahiers's check for the rest? Then at least you'll have some money available to you immediately.

Otherwise, wire transfer is an option, but it can be costly.

 

[ericamanda01]

The main problem overall is an issue with ID theft and counterfeits. More and more banks have to watch out for it and protect not only themselves but their customers. I am currently working at a local bank and you wouldn't believe how good some of the fake cashiers checks, money and ID's are that we have seen over the past few years. It's amazing. A couple of years ago we were on a first name basis with our local secret service because of the amount of counterfeit money we were getting.

 

[beattyfamily]

How odd that they hold a cashier's check! Can you speak to the branch manager? What about this suggestion, take a few thousand in cash and have them issue a cahiers's check for the rest? Then at least you'll have some money available to you immediately.

Otherwise, wire transfer is an option, but it can be costly.

I think I might do that; get some as cash and have him get a cashiers check for the rest.

Thanks again, everyone!

 

[Cheshire Figment]

We are selling our van and I don't want to get screwed thus I wanted to cash his check or maybe have the teller turn his personal check into a cashiers check so I can bring it to another bank.

He's coming with me to the bank (Citizens Bank) to releive my fears that it might not 'clear'.

A couple of years ago I sold a car on eBay for a few thousand dollars.

The procedure we used was to first let the purchaser inspect the car to see that it was as described. He had brought a bank money order with him to make the payment.

We then went to my bank and went to one of the desk people. The woman there looked up his bank on her computer and called the branch which had issued the MO. They verified that the MO had been issued by them and the amount of the MO and that it was valid.

We then deposited to MO in the bank and went to lunch, where we gave him the title and all the maintenance records. After lunch we went back to the house and got the car on the trailer he had brought and he drove off.

Your bank should be willing to look up the buyer's bank and make the call. Just make sure that the transaction is done on a weekday and that the banks will be open. Also, for protection, ask the person at your bank to look up the phone number on the internet and not rely on any phone number printed on the check or given by the purchaser.

 

[beattyfamily]

A couple of years ago I sold a car on eBay for a few thousand dollars.

The procedure we used was to first let the purchaser inspect the car to see that it was as described. He had brought a bank money order with him to make the payment.

We then went to my bank and went to one of the desk people. The woman there looked up his bank on her computer and called the branch which had issued the MO. They verified that the MO had been issued by them and the amount of the MO and that it was valid.

We then deposited to MO in the bank and went to lunch, where we gave him the title and all the maintenance records. After lunch we went back to the house and got the car on the trailer he had brought and he drove off.

Your bank should be willing to look up the buyer's bank and make the call. Just make sure that the transaction is done on a weekday and that the banks will be open. Also, for protection, ask the person at your bank to look up the phone number on the internet and not rely on any phone number printed on the check or given by the purchaser.

Acutally, this is happening today. He's going to bring the van to my mechanic down the street just to be reassured its not a rip off and then we're going to HIS bank and he will withdraw $3500 for me and then request a casher's check for the difference. He'll be doing all of this in front of me at his bank. So I think we'll be alright.

Thanks again everyone!