selling bikes on ebay

[MUZ720]

Was wondering if any of you have sold bikes on the Bay and how long distance buyers paid you? I have guy who wants to gift me the total by Paypal after sending a down payment Via Paypal.. then send his driver to pick it up?? he sounds legit by email and have his phone and address... just not sure about the gifting parts for a large sum of money..
Thanks

[Kurlon]

I wouldn't let anyone pick up the bike until payment is made in full. He likely won't like that risk, so suggest using an escrow service.

[MUZ720]

I wont be letting the bike go without payment being accounted for. Is it that you don't trust paypal? and don't escrow accounts wait for the buyer to agree that the deal is a good one before funds are released? the only draw back to that is that the bike will be in AZ then what do I do?? he has the bike and I am shit out of luck? and no money

[Kurlon]

I don't trust Paypal at all as a seller. They are 100% in the buyer's back pocket and will yank payment money sometimes even without a complaint first.

[NPDCPA]

There was a story (I think I saw it on the Aprilia forum) where a buyer, paying as "gift" withdrew the payment 2 years later. I only use it to pay and in the rare case for sales but only small amounts.

[MUZ720]

well from what I've found out once you gift money with paypal you cant cancel that transaction.. or dispute the transaction cause its a gift.

[SVRACER01]

if he has that kind of money then how hard is it to just western union you the $$$?

[SwiftTone]

Why not just wire the money?

Money wired is very hard to pull back and banks only allow wiring out if the funds are verified. It'll cost $30-40 in fees but it's reliable and safe for the receiver.

[aldend123]

well from what I've found out once you gift money with paypal you cant cancel that transaction.. or dispute the transaction cause its a gift.

This is a common problem on forum for sale transactions. Everyone thinks they're being smart saving some $ on the fees by using gift. But when a dispute comes up, paypal tells you to fuck off. But that's usually the payer who tries to request help. If anything, I'd think that kind of ensures this guy can't try to take his money back.

If his friend is coming to pick up the bike, can he bring cash, or perhaps the buyer can put cash in the friend's bank account, then you get cash from the bank together. If it's a larger sum of money and he's going to bring cash, I might go to the bank with him and try to deposit it in case they notice it's all monopoly money. Seems kinda paranoid, but you'll probably want to put the money in the bank anyway right?

[scottieducati]

Only use PayPal to collect a deposit. Certified bank / tellers check, wire, cash, or GTFO of here.

[SwiftTone]

Only use PayPal to collect a deposit. Certified bank / tellers check, wire, cash, or GTFO of here.

This is a little late but bank checks are just as easy to fake as checks, and even though they are drawn on verified/cleared funds, a stop payment of can be placed on it. Most banks treat bank just like regular checks.

[scottieducati]

This is a little late but bank checks are just as easy to fake as checks, and even though they are drawn on verified/cleared funds, a stop payment of can be placed on it. Most banks treat bank just like regular checks.

Incorrect. A cashier' check is basically treated like cash, the bank is on the hook. The money is instantly taken out of your account when you have one issued. At least in MA, that's how it works. Cashier's check and certified checks are slightly different, certified only means your sig. is valid and you had funds available at the time it was issued (you could always draw down that account before the check is cashed). You can learn more about them here.

Anything can be faked, even cash, so that matters not. Both are more secure options (for a SELLER) than taking full payment through PayPal. If you want to make sure the check isn't fake, make the buyer wait for it to fully clear.

[SwiftTone]

Incorrect. A certified tellers' check is treated like cash. The money is instantly taken out of your account when you have one issued. At least in MA, that's how it works.

Anything can be faked, even cash, so that matters not. Both are more secure options (for a SELLER) than taking full payment through PayPal. If you want to make sure the check isn't fake, make the buyer wait for it to fully clear.

Partially true. When a person buys a bank check, the funds are withdrawn from their account immediately. When it gets deposited at another bank, 99% of time it's treated as a regular check.

Cash can be 99% verified for authenticity instantly through anti counterfeit methods. A lot of banks will not verify funds for a check. Even if it's verified and its deposited on monday, by the time it reaches the bank that it's drawn on there could be a stop payment to on it.

What you said about waiting for the check to clear (3-5 days) is good practice.

[scottieducati]

And because a BANK check only guarantees funds were available at the time it was drawn, yes... it's treated like a regular check since the customer AND the bank are both liable. All a bank check is, is for people with accounts that don't have a checkbook handy. They make out a check for you, like a regular check.

A *certified* check, guarantees the funds were already provided for the check itself. The BANK is liable for the funds. They clear instantly / same day and are NOT treated like regular checks. I am not sure why this is apparently controversial. They are entirely separate things.

[SwiftTone]

The bank I work for treats bank, certified, treasurer's checks, and money orders all the same way. In my experience, the terms are interchangeable and all treated the same. Maybe it was different years ago. Never seen a teller check.

When you say bank check, we call temporary checks. When I say bank check I mean certified, treasurer's check

[aldend123]

The few bank checks I've seen had anti-forgery techniques similar to what money uses. But it's still paper. Money is unique in that it's a cotton-blend. Makes it a lot more challenging to fake, or easier to spot the fake.

[SwiftTone]

The few bank checks I've seen had anti-forgery techniques similar to what money uses. But it's still paper. Money is unique in that it's a cotton-blend. Makes it a lot more challenging to fake, or easier to spot the fake.

There are some really good counterfeit currency. Last year I found one that the counterfeiter made a counterfeit $20 bill using an authentic $5 bill. Obviously it felt real, passed the pen test, but would count as a $5 bill in the machine and the security strip would be for a $5 bill

[scottieducati]

The bank I work for treats bank, certified, treasurer's checks, and money orders all the same way. In my experience, the terms are interchangeable and all treated the same. Maybe it was different years ago. Never seen a teller check.

When you say bank check, we call temporary checks. When I say bank check I mean certified, treasurer's check

From MGL, regulation of trade, Chapter 106, article 3 on uniform instruments.
Section 3-412. The issuer of a note or cashier's check or other draft drawn on the drawer is obliged to pay the instrument (i) according to its terms at the time it was issued or, if not issued, at the time it first came into possession of a holder.

I'm no lawyer, but that seems to read to me that the check represents full value the instant it is issued or taken into possession by the holder. Any hold or delay placed on it by a bank is illegal, as far as I understand.

Edit: Perhaps it is only an obligation if the check is cashed at the same bank as the issuer, or a partner bank? The MGL is a bear to sort through...

[Stromper]

US Post office mail order checks

[Garandman]

I've taken a $100 deposit via PayPal and insisted the rest be cash at pickup. One buyer in RI, the other in ME. Worked fine. If you have to unravel the deal, not so much at stake.

[jwm2k3]

I just bought a bike from Philly sight unseen. I used an escrow service for payment and a shipper for pickup. All very smooth.

[cdovego]

And because a BANK check only guarantees funds were available at the time it was drawn, yes... it's treated like a regular check since the customer AND the bank are both liable. All a bank check is, is for people with accounts that don't have a checkbook handy. They make out a check for you, like a regular check.

A *certified* check, guarantees the funds were already provided for the check itself. The BANK is liable for the funds. They clear instantly / same day and are NOT treated like regular checks. I am not sure why this is apparently controversial. They are entirely separate things.

You got it, certified is the way to go. I also work for a bank but that offers no value to this point.

[SwiftTone]

Still doesn't mean that a "certified check" is not counterfeit. And certified checks can have stop payments on them or be cancelled, and the funds just go back to the customer's account.

Wire transfers are way more secure. There is little that the originatingg bank can do once the wire has been sent and accepted by the beneficiary bank . Once the beneficiary bank receive the funds (which is couple hours ) and accepts itthe customer can withdraw it as cash money. There is no way a bank would make a certified check available as cash the same day if it's from a different bank without holding the customers accountable if it comes back as counterfeit.

[Garandman]

//There is no way a bank would make a certified check available as cash the same day if it's from a different bank without holding the customers accountable if it comes back as counterfeit.

We ran into that buying a used car. It was on the South Shore and I didn't want to drive back and forth, so had to withdraw $16,000 in cash to go to their bank. They had a lien that had to be paid off.

[nhbubba]

Can I take a check from bank x and cash it at a bank x branch, even if I'm not a bank x customer?