Accepting money on a used car deal, private party

[Rob Russell]

He still could have cancelled that check.
In that case the best thing to do is pay the 5or 8 bucks and get the buyer to get a Bank Draft made out to you.
It takes about 5 minutes.

They couldn't cancel the check once it had been processed by the bank. Remember - this is all within the same bank. Furthermore, I cashed the check and then deposited the "cash", although I told the bank I didn't need to actually take possession of the cash. My account number isn't even on the back of their check.

[Ben Rafael]

They couldn't cancel the check once it had been processed by the bank. Remember - this is all within the same bank. Furthermore, I cashed the check and then deposited the "cash", although I told the bank I didn't need to actually take possession of the cash. My account number isn't even on the back of their check.

Not exactly.
Some banks do not post checks til end of day. Some post checks immediately upon deposit. Even then you can still get stuck.
The safest way is to cash the check. If you have an account at that bank request that the check not be cashed against your account.

[Brad Wood]

banks have to fill out a SAR when receiving deposits over 10k, as already noted.
spreading out the deposits over a day or two doesn't really work anymore, if you want to go that route, you will need to spread the cash out over a longer period.
Our systems will pick up and report the transaction anyway, if you split it over a couple days.

Its not a big deal as long as you are making a ligitimate transaction. If you are doing "stuff" on the side, like selling drugs, running scams, printing money, etc, you might want to spread the deposits out over a month

edit: oops, ... SAR = Suspicous Activity Report

[Ben Rafael]

The system at the bank I worked at would randomly choose large cash deposits below $10,000 to report. The $10,000 is mandatory to report, other amounts are judgement calls on the bank employees.

[Shawn Walker]

Not exactly.
If you have an account at that bank request that the check not be cashed against your account.

That's the key.

[Kev Williams]

There's nothing wrong with a Cashier's check from a local bank or credit union, you can walk in to said bank or CU alone without the buyer and they can verify it's authenticity. Once verified, you're good to go.

6 years ago I sold a boat to a guy for $9,000, he just wrote me a personal check, from a local bank. I just went to that bank, they verified the check was good, then they called MY bank to let them know they were issuing me a cashier's check. When I got to my bank (about 2 blocks away) they were waiting for me, took the cashier's check, credited my account and that was that.

The buyer checked the boat out at the boat harbor, called and made the offer, then left the check with a friend at the harbor. I never even met him till he picked up the boat and my house. Easiest private sale I ever did

[Matt Day]

Kev - did you check the date of this thread?