Wire transfer or cashiers check from bank?

[stephenson]

Hi All,

Going the opposite direction than "Blow that Dough" ...

Have a buyer for my boat - I have good track on who he is, where he and spouse work (Linked In and direct search) - he lives about two hours away, has inspected and we have water tested and agreed on price - under $100K.

We are discussing how to do the funds transfer - our common accounts are with Fidelity - and, he can wire transfer - or, get a cashiers check from his credit union. Fidelity has confirmed they can do this and is usually only a couple of hours. Wiring would be far more convenient.

It seems like all the risk is on his side if we conduct via a wire transfer, right?

Is there a risk to me if I provide the account and routing numbers?

 

[pjigar]

I would take nothing other than a proven irreversible form of payment. I don't know the mechanics of wire transfer but a cashier's check is a proven method guaranteed by the bank. I would not feel comfortable giving out account number to anyone other than a financial institution or a title company. Pay a small price of inconvenience than risking any financial mishap.

 

[Time2]

I'd research a little more! I think a wire transfer is more permanent than a cashiers check, There have been plenty of counterfeit cashiers checks.

 

[Car-Guy]

I've done both many time but always prefer Cashiers Check (or cash) regardless of the amounts. But that's me... Never had any trouble with either other than wire xfers can take a few days, "in some cases", regardless of what they say.

 

[Nick12]

Wire transfers is the way to go. A simple check to see if funds have been successfully transferred.

 

[doneat54]

Yes wire transfer. And with most Banks the account/routing number you would give to the buyer is "inbound only", it cannot be used to pull anything out of your account.

 

[calmloki]

Closed on a number of property transactions and the escrow company wants wired funds. Thinking back, I believe they would accept a cashiers check, but the transaction required 3 days or so extra to be sure the cashiers check wasn't bogus.

Ally bank is really fast with wires going out and is my go to - contact them first thing in the morning, not late Thursday.

 

[stephenson]

So, as usual, my Fidelity rep responded quickly to email request for assistance and has offered to facilitate the funds transfer for both sides - I like this better!

BTW - I checked with both my commercial bank, BBT, and Navy Federal Credit Union - both said, "we can't do anything except deposit the check and wait a few days for it to clear."

I could, in any case, call the credit union the check is from and confirm the number on the check ... but, wire transfer process is pretty slick if it works via the rep.

Thanks to all for comments!

 

[audreyh1]

I would have Fidelity do it.

 

[Happyras]

I would have Fidelity do it.

+1, I have done similar transactions many times with FIDO all with wire transfers and immediate, but if they can pull and push the funds directly without the wire, all the better.

 

[Aerides]

+ 1 do it all with Fido. Other banks will undoubtedly charge more. Chase charges to receive a wire transfer deposit...

 

[Dtail]

+ 1 do it all with Fido. Other banks will undoubtedly charge more. Chase charges to receive a wire transfer deposit...

+3

 

[street]

I've done both and have been on the receiving end of both methods also. Both worked great and have had no issues with large amount of transactions. Both ways can be and are insured for a safe delivery. I see nothing to worry about and further more you have meet them and I would see no issues. IMO

If there is a concern of giving out an account number, you can start a new account and when this transaction is complete cancel the new account out.

Good Luck.

 

[gauss]

Payment issues aside, will you execute a sale contract that is signed so you have a legal document in hand if it turns out it is needed?

-gauss

 

[38Chevy454]

Wire transfer cannot be reversed and the funds are immediately available to the recipient. Do wire transfer, especially since fidelity rep is facilitating the transaction.
Cashier check can be counterfeit and even if good, funds have several day hold. Wonder why? Takes time for the official funds transfer.

 

[stephenson]

gauss - yes, we have sale contract - I have deposit - waiting now for closure between Fidelity rep and the buyer.

 

[Bamaman]

Wire transfer into your checking account. Then you can send it where you need the $ to go without a hold on the money.

 

[OldShooter]

Either option probably works. Wires can take a day or two and can involve fees to both parties. Cashiers' checks are sometimes forged. I saw a real beauty that a friend of mine got from a scammer he was playing along.

Personally, I would meet the buyer at his bank, ask him to give me a cashier check drawn on that bank, and then sign over the title. I would then drive to my bank and deposit the check. No fees to me, no delays, very crisp and clean.

From the buyer's POV, a wire separates him from his money and then he must trust you to provide the title after you have verified good funds.

Either method gets slightly more complicated if you have a lien against the boat or he is borrowing to buy it. Probably then you close at his bank, and his banker deducts your lien satisfaction amount from your proceeds and pays your lender directly.

 

[stephenson]

Logistics make the visit to his bank difficult - two hours one way - towing a boat.

I going to try and sort the Fidelity wire process - I think it will work and be easier.

 

[Texas Proud]

From someone who used to wire money at work 1 to 30 times a day... wire is the only way to be sure...


You will need to get proof that the wire has hit the bank or other institution before you transfer ownership...


It can be done to reverse a wire but it is a hassle from what I was told.. I never had to do it and never had one attempted that was wired to me...


Fun fact... the largest wire I received was $3 billion... not sure if it has changed but the system could not handle $1 billion so they had to send in pieces...

 

[ERD50]

Logistics make the visit to his bank difficult - two hours one way - towing a boat.

I going to try and sort the Fidelity wire process - I think it will work and be easier.

Since this is Fidelity-to-Fidelity, I would classify this as a no-brainer (and I always hesitate to use that term).

I sometimes move money from our account to one of our kid's accounts at the same credit union. Basically instantaneous, and only one place to deal with if there is any problem (and there never has been).

-ERD50

 

[stephenson]

Fidelity rep coordinated with the buyer - aa set - he'll execute from the buyer to my account when the buyer gives him the go ahead - likely tomorrow around noon for an afternoon pickup.

 

[olyveoil]

I would take nothing other than a proven irreversible form of payment. I don't know the mechanics of wire transfer but a cashier's check is a proven method guaranteed by the bank. I would not feel comfortable giving out account number to anyone other than a financial institution or a title company. Pay a small price of inconvenience than risking any financial mishap.

Other way around. Easy and common to commit fraud with cashier's checks.

 

[olyveoil]

So, as usual, my Fidelity rep responded quickly to email request for assistance and has offered to facilitate the funds transfer for both sides - I like this better!

BTW - I checked with both my commercial bank, BBT, and Navy Federal Credit Union - both said, "we can't do anything except deposit the check and wait a few days for it to clear."

I could, in any case, call the credit union the check is from and confirm the number on the check ... but, wire transfer process is pretty slick if it works via the rep.

Thanks to all for comments!

Fidelity wire transfer is the route IMO

 

[Koolau]

Other way around. Easy and common to commit fraud with cashier's checks.

Yeah, my bank says they hold all cashier's checks because fraud is common. Hey, look at a cashier's check. It's just a check. If you have any questions about it, watch the movie "Catch Me If You Can." Nothing too special about a cashier's check compared to a regular check that protects you from a fraudulent one.

Don't know about the issues of telling someone your bank info. After all, you are doing the same thing to everyone you send one of your checks to. It's all right there at the bottom, if you can read those blasted numbers! YMMV