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I live way out in the boonies and I am car shopping, there is no bank within 35 miles, I was going to offer as payment going to the Post Office and buying the seller postal money orders and handing them over to the seller.
Well, if he is coming to you, I would feel fine with him bringing cash. In the past, I've always had an anti-forgery pen from Kinkos, but I wouldn't worry about taking six grand to my bank or having it on me when I was pulled over.
The Amazing Randi told me one time that those anti-counterfeit pens don't work, and that appears to be the case:
Cash or cashier's check from the bank. That's the only form of payment I accept. I will typically meet a prospective buyer at my local bank branch to look over the vehicle. If they like it, we go inside and take care of the paperwork.
Any time I've ever bought or sold a car in a private situation, there have been papers that needed to be notarized (is that true in all states?). So a bank seems to be a normal place to meet to get that done and you can exchange the cash right there. I don't know of a bank that doesn't have a notary, but in many you need to have an appointment.
The last time I sold a car, I met the guy at my local AAA office and we did the paperwork at the time he gave me cash. I wasn't worried about counterfeit money since he was my parents' neighbor, but it was just a convenient place for both of us to do the transaction, midway between where we both lived. And I didn't have to worry about having the right forms or not getting required signatures because AAA knew what was appropriate in my state.
Cash or cashier's check from the bank. That's the only form of payment I accept. I will typically meet a prospective buyer at my local bank branch to look over the vehicle. If they like it, we go inside and take care of the paperwork.
I am not sure that the bank accepting a "certified check" is a guarantee of payment. Proof of that is you cannot immediately withdraw against it. Only a $100 is made available. If they later find out that the check is fake, you are out of the money. Some checks are so good that nobody at the bank can tell right on the spot.
But knowing this why would you make a single deposit of $10k
Because I don't really care.
It's not like they do anything with it. It just gets filed away in some database in case they want to go after you later for money laundering or some other illegal activity which I don't participate in anyway. It's not like I commonly deposit that kind of money or anything, but it happens. I'm self-employed and rarely I'll have an account that builds up to that much before I'm paid. Also went over $10k when I switched banks and closed out my checking/savings account since I have more than that sitting in the emergency fund.
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I am not sure that the bank accepting a "certified check" is a guarantee of payment. Proof of that is you cannot immediately withdraw against it. Only a $100 is made available. If they later find out that the check is fake, you are out of the money. Some checks are so good that nobody at the bank can tell right on the spot.
Which is why you do a bank wire. You can always have the bank call and verify funds. I mean, it's still possible to fake that but it's a lot of effort, more than the casual deadbeat is going to go through. Wiring money is the best way. Costs like $20 typically, some banks waive that over $10k minimum. ACH transfers also work.
Most banks don't have certified checks anymore. Ask for a bank wire (although they are expensive and you many be asked to absorb the cost), cash, or Cashier's Check. A Cashier's Check is guaranteed funds. The only caveat is that if it isn't from a local bank, you still may need to wait for it to clear by your bank.
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