Here’s a banking analogy of sorts. Think of a bank like an electrical panel, say 200 amps, You stuff the panel with breakers that add up to a lot more than 200 amps.

If all the circuits start sucking electricity (cash) near their individual limits the main 200 amp breaker pops and the bank closes its doors. We all know that RARELY happens to an electrical panel. It takes a real special set of circumstances for enough breakers to all be sucking that much juice.

Like many millions of $1200 checks walking into the bank at once.

Standing in a bank?!?!?!? Where you been lately?

I bought a Jeep last summer for $17k, as is often the case the transaction was rushed due to other people responding to the seller that they would buy it full price sight unseen and they were on their way from 100 miles away.

I was worried BOA wouldn’t hand me over the $17,000 in cash, but they did, no questions asked.

That doesn’t mean getting cash from a bank will be easy when these checks hit the mailboxes though. There WILL be a huge bank run on cash.

US Bank. What a coincidence. Guess what outfit these folks banked with.

It could be that they didn't have the money. But they were an older couple, driving a nearly new car, had driven 2 hours and it was for the wife who clearly was disappointed. So, lack of funds is always a possibility, but I doubt it in this case.

More than one simple solution to that problem. The 2 parties could have met at the buyers bank and closed the transaction via bank draft or wire transfer.

Kevin

I had to schedule a cash withdrawal from my bank when I bought my Duster a year ago. I always call ahead to verify they will have cash on hand before I go in when making a large withdrawal.

There's a problem with THOSE getting counterfeited & has been for several years now. Guy in my golf league sold a car to a guy from Chicago. He sent two guys out with a CC for $19,000. They all met at his bank in MI. where the car loan was issued, bank looked at the CC, said it was good, & he signed the title over - bank released the lien, etc. Away they went with the car. Two days later, his bank calls him & tells him the CC was a fake, & he still owed the $$ to the bank. True story.

He got real lucky however, police found the car in WI with it's new owners who paid $9900.00 cash for a $20k car. Hmmm - $9900.00 cash. No IRS form required.

If he was there with the buyer and they got the cashiers check it wouldn't have come back bad.

I dealt with a cashier check one time many years ago and never will again. I went from the Pittsburgh area well into Michigan to look at my 1991 dodge Daytona chassis car that was listed for 17000.00. I got a cashiers check for around 12,500.00 and took the rest in cash. Well I liked the car, settled on a price, and went to the bank to seal the deal. Now I paid like 10.00 for the cashier check and the bank said it was good but wanted to put a five day hold on it. Well guess what? The seller as would I wanted money now, not five days from now. Well I had two choices with one being to drive home (300 plus miles) and come back, or pay 2.5-3 percent cash advance on a credit card. So I was screwed out of 300.00 to make the deal. Lesson learned.

Why not just do a wire transfer?

I've had wire transfers take 2 days.
PayPal works and only requires both to have an Email account. Yes the receiver must pay 2% but that can be figured in the selling price with the buyer.

Fellas, the bank lobbies are CLOSED for anything other than an appointment. Most everything must be done at the drive-thru or ATM. And I would only take anything other than cash if it has passed through our bank and we have cash in hand BEFORE the vehicle leaves. PERIOD!

Even with cash, we use the pen to verify that it is the real McCoy. The banks are NEVER gonna be on the hook for anything, even if it goes through them. They will hold the amount of the check until funds are transferred and deposited. And very few customers pay attention to these details and fewer still will pay for a vehicle and then wait 10 working days to take possession.

This virus scare has made things more difficult and people need to make the adjustment. Trust me, I would much rather miss this sale and sell it to someone later this spring or summer, rather than have a worthless piece of paper in lieu of the vehicle.

If you are gonna buy a vehicle from me, you are gonna pay with verified cash. And we sell every vehicle we buy, so most people can manage to come up with the cash one way or another. But, no matter what, that responsibility is on them.

OP said they were at the bank, for that kind of money I am only assuming they were inside the bank

Exactly, many ways to get this done. So he has to wait a few days for the money to show up, seems he is willing to wait months. Whatever, he obviously isn't strapped for cash or in need of the funds right away. Just seems like a dick move to me. But whatever.

They were NOT IN THE BANK. Only the drive thru is accessible without an appointment. They knew the score the day BEFORE they wanted to come over. Plenty of time for them to make their arrangements.

They chose to drive 2 hours without the money to buy the GC thinking they could go to their bank's branch and cash a check for $6,500. And normally that probably would have worked for them. This time it didn't. I made none of the decisions about this. They did. Nor did I close the door to any way that they would have wanted to put $6,500 in my hands. I am a bit lost how that makes me a dick, but that particular opinion from that particular poster is not really that much of a surprise.

But you are right that I don't need the money. I do however, want the money. And I will get it from someone. If not this week, then maybe next week or next month. No matter.

They were nice people and I was willing to work with them anyway they wanted. AS LONG AS THEY PUT CASH IN MY HANDS BEFORE THE VEHICLE LEFT. Which I make clear in the ads and in any conversations we have with any and all customers. We have always been cash only and that only rarely presents any difficulties.

Yeah, you are willing to work with them as long as you get cash in your hands LMAO. Yeah, that's working with them. Whatever, your actions don't surprise me either.

Just me but I'm starting to think this was a couple with cabin fever that thought of an idea of how to get out of the house, travel, cross a state line, meet someone new that could give them an alibi for being out and about during lockdown and get back home with only gas money spent............don't take it wrong, just me thinking twisted in these strange trying times .


(bet if you called them and told them if they got the money together from their bank next week you would deliver the GC free of charge they would say no or they bought another GC or vehicle locally.......just me again)

All the banks I have dealt with over the years, have a cash withdrawal limit at drive thru, and it's way under $6500.

The banks with drive up teller only hours on Sat, still respected that rule.

With today's lobby closings, it's at my bank, lobby by appointment only (ie big enough balance and they offer walk in appointments I suspect )

I would never think a cashiers check is counterfeit if its generated in front of me at the issuing bank.

However, if it is fraudulently obtained, the issuing bank has no time limit on canceling payment and demanding return of the funds. Forget that "clearing" myth, for over a decade, there is no such thing. A bank "hold" is different and just a profit making delay tactic to mainly allow calendar day interest to acquire while your access to funds are held for a stated number of "business" days. The issuing banks funds are deducted electronically the same night of deposit, not matter what the check is or where bank is located in US.

The likelihood of the last situation is much less then getting currently getting COVID-19, but only one kills you.

"As of February 27, 2010, there is only one check processing region for the entire United States. Therefore, all checks are now local."

"Regulation CC stipulates four types of holds that a bank may place on a check deposit at its discretion. Each has its own qualifications and it is legal for the bank to place any type where the requirements are met, although bank policy may instruct that the type of hold placed be the one that holds the most funds the longest that can be applied legally."
https://en.wikipedia.org/wiki/Expedited_Funds_Availability_Act

The cashier check thing is a bit different in Canada since there are fewer banks.
I've never sold anything worth much value but always end up getting a check from the bank when buying something expensive and usually people take them without any worry.
The two times it was different, one buyer called the bank to confirm the check was legit and when I bought my truck the old guy wanted us to go to his bank with him. No big deal. The check cleared while we waited.
If I was a seller I'd probably do one of those two things myself to make sure everything was legit.

It’s happened to me on numerous occasions trying to gather enough cash to purchase cars. I have to go to a couple different branches. If you call them a day in advance they can make sure they have the money available to you. I’ve come to expect it!
KID