Safest Cash Transaction ??

MR.K · #1 06-22-2019, 07:59 PM

Just wondering ever bodies thought on what is the safest way to conduct a large cash sale (40K)
I've read that cashiers cheques are not that safe

RandyBoBandy · #2 06-22-2019, 08:02 PM

Quote:

Originally Posted by MR.K

Just wondering ever bodies thought on what is the safest way to conduct a large cash sale (40K)
I've read that cashiers cheques are not that safe

Very simple...put the 40K in your brief case and have Ken07vette(or whatever it is) ride with you to the transaction point

MR.K · #3 06-22-2019, 08:05 PM

Im on the receiving end

Pixel Shooter · #4 06-22-2019, 08:08 PM

Go to the bank with buyer and get a bank draft. Then walk over to your bank and deposit it.

kevinhits · #5 06-22-2019, 08:38 PM

Quote:

Originally Posted by Pixel Shooter

Go to the bank with buyer and get a bank draft. Then walk over to your bank and deposit it.

x2...Bought a trailer from Stoney plain near Edmonton and he came with me to the bank...This protected both of us during the transaction of $22,000.00...

fishtank · #6 06-22-2019, 10:46 PM

Meet at bank. And if you both have the same bank, either way just do a transfer into the account , If the guy bringing cash. The bank can counted with the machine then deposit into your account

FishOutOfWater · #7 06-23-2019, 06:23 AM

Quote:

Originally Posted by MR.K

Just wondering everybody's thought on what is the safest way to conduct a large cash sale (40K)
I've read that cashiers cheques are not that safe

Quote:

Originally Posted by MR.K

Im on the receiving end

Ummmm... You could count it.

That's what they did in the old days.

buckbrush · #8 06-23-2019, 08:19 AM

Never had any issue with cashiers cheque. Last thing I bought with one was 28k and seller never batted an eye.

I did buy a truck with cash in a bag once from a kind of shady car dealership. When I went to pay, owner had some friends sitting on a couch in his office. Was pretty sure I was going to get mugged. Don’t think I’ll do that again.

220 Swift · #9 06-23-2019, 09:05 AM

Quote:

Originally Posted by buckbrush

Never had any issue with cashiers cheque. Last thing I bought with one was 28k and seller never batted an eye.

I did buy a truck with cash in a bag once from a kind of shady car dealership. When I went to pay, owner had some friends sitting on a couch in his office. Was pretty sure I was going to get mugged. Don’t think I’ll do that again.

They probably enjoyed the cash.

buckbrush · #10 06-23-2019, 09:39 AM

Quote:

Originally Posted by 220 Swift

They probably enjoyed the cash.

Price was right and I got a great truck. When I returned with the cash the owner was really excited and grinding his jaw non stop. Probably just really stoked to make a sale in front of his 'friends'...

Even though this was 14 years ago it still gives me the creeps thinking back to it.

FCLightning · #11 06-23-2019, 10:02 AM

Bank drafts can be counterfeit.

sdb8440 · #12 06-23-2019, 10:25 AM

Quote:

Originally Posted by FCLightning

Bank drafts can be counterfeit.

Scotiabank will not verify any bank draft at all, plus most will put a hold on the funds. No banks issue cashiers checks in Canada, I would go to the seller's bank and have their check certified, the funds are then secure in a a special account and your bank won't hold the funds.

Dean2 · #13 06-23-2019, 10:54 AM

Quote:

Originally Posted by Pixel Shooter

Go to the bank with buyer and get a bank draft. Then walk over to your bank and deposit it.

Best advice on this thread as far as conducting large purchases face to face.. Also, make sure there are no liens on whatever you are buying and that it is not stolen. The bank will not protect you from either of those issues.

Savage Bacon · #14 06-23-2019, 11:33 AM

It's hard with all the counterfeit bill's and drafts these days. And new designs. I think I have 3 different $10 bills in my pocket right now. I don't think I'd know the difference if someone just made one up and said it's the new $100 bill.

That big of a purchase I'd suggest meeting at their bank to receive a draft or cash directly from the teller.

Just don't accidentally write "dope" on the receipt.

Dean2 · #15 06-23-2019, 11:40 AM

Quote:

Originally Posted by Savage Bacon

It's hard with all the counterfeit bill's and drafts these days. And new designs. I think I have 3 different $10 bills in my pocket right now. I don't think I'd know the difference if someone just made one up and said it's the new $100 bill.

That big of a purchase I'd suggest meeting at their bank to receive a draft or cash directly from the teller.

Just don't accidentally write "dope" on the receipt.

You are going to get some grief trying to get 40K in cash then trying to deposit it at your bank. He will need to order the cash at least a week ahead of time and you will need to fill out anti-money laundering declarations. Way more paper work than going with him to get a draft.

Ken07AOVette · #16 06-23-2019, 11:45 AM

Quote:

Originally Posted by Dean2

You are going to get some grief trying to get 40K in cash then trying to deposit it at your bank. He will need to order the cash at least a week ahead of time and you will need to fill out anti-money laundering declarations. Way more paper work than going with him to get a draft.

You are dealing with the wrong bank. I have never been asked about big dollar withdrawls or deposits, never had to fill anything out. I have gone into the Edmonton location and taken out 50g cash, took 15 minutes.
Zero grief.

Savage Bacon · #17 06-23-2019, 11:50 AM

That is true. I tried to take $10,000 cash out of my account years ago and they said they didn't have it. I had to make an appointment. Back when they had the nice purple $1000 bills. They gave me 10 of them and asked if I wanted security to escort me to my car.

They say the drafts are as good as cash. Just make sure he's informed his bank that he's coming for a withdrawal of that size so there are no questions or wait time issues when you get there.

mindoutside · #18 06-23-2019, 11:57 AM

You mean you do not want to do it some where in the middle of the dessert and have a random vehicle drive up to you in the middle of the night flashing their head lights signalling the deal is on and then have a stare down asking if the've got the money and then they ask you if you've got the product and then watch his buddy pull out a black duffle bag from the car and throw it on the ground while still staring at each other and then your friend shows them the product while still staring at them and then they take the stuff and go?

Pixel Shooter · #19 06-23-2019, 11:58 AM

Ummm no. You will never know it but the bank reports ALL large dollar transactions. It’s strongly regulated no ifs ands or buts

If a bank has excess funds they will give cash. Not the norm. As dean2 said, you have to order in advance as most banks manage there cash day to day. Costs banks to have excess let alone risk. Pull out your acct agreement. States right in there 😉

Quote:

Originally Posted by Ken07AOVette

You are dealing with the wrong bank. I have never been asked about big dollar withdrawls or deposits, never had to fill anything out. I have gone into the Edmonton location and taken out 50g cash, took 15 minutes.
Zero grief.

buckbrush · #20 06-23-2019, 12:00 PM

Quote:

Originally Posted by Ken07AOVette

You are dealing with the wrong bank. I have never been asked about big dollar withdrawls or deposits, never had to fill anything out. I have gone into the Edmonton location and taken out 50g cash, took 15 minutes.
Zero grief.

I think it is more of a problem for small town banks, that is where I have issues getting large amounts of cash in the past. Even got told I 'cleaned them out' once when I went in on a friday afternoon and asked for 6k. I also had to wait until the next day for 17k once at a small town bank.

Jayhad · #21 06-23-2019, 01:05 PM

Quote:

Originally Posted by buckbrush

I think it is more of a problem for small town banks, that is where I have issues getting large amounts of cash in the past. Even got told I 'cleaned them out' once when I went in on a friday afternoon and asked for 6k. I also had to wait until the next day for 17k once at a small town bank.

Twice I've walked into the bank and asked for $10,000 of my money and the bank hasn't been able to and I've had to make an appointment for MY MONEY.

I deal with RBC in Calgary

Pathfinder76 · #22 06-23-2019, 01:08 PM

Quote:

Originally Posted by Ken07AOVette

You are dealing with the wrong bank. I have never been asked about big dollar withdrawls or deposits, never had to fill anything out. I have gone into the Edmonton location and taken out 50g cash, took 15 minutes.
Zero grief.

You got lucky.

Dean2 · #23 06-23-2019, 03:06 PM

Quote:

Originally Posted by Jayhad

Twice I've walked into the bank and asked for $10,000 of my money and the bank hasn't been able to and I've had to make an appointment for MY MONEY.

I deal with RBC in Calgary

The average Liquor store has more cash in it than a Bank branch on any given day. Cuts way down on robberies, few people take large cash withdrawals, most cash is taken out at ATMs now so the branch doesn't need much cash and there is a big cost to having a whole bunch of cash sitting in branches. Think about even 50,000 x 2000 branches, that would be a $100 million making you no money. They can give you a Bank Draft for any size withdrawal you want, pretty much on the spot but if you want cash, call ahead so they can order it in. They will give you your money happily but they can't give you what they don't have.

Your Failure to plan does not constitute an emergency for someone else.

sdb8440 · #24 06-23-2019, 03:18 PM

Quote:

Originally Posted by Pixel Shooter

Ummm no. You will never know it but the bank reports ALL large dollar transactions. It’s strongly regulated no ifs ands or buts

If a bank has excess funds they will give cash. Not the norm. As dean2 said, you have to order in advance as most banks manage there cash day to day. Costs banks to have excess let alone risk. Pull out your acct agreement. States right in there 😉

All banks report any transaction over $9999 for wires/electronic transfers, any cash/draft/certified check over $5k gets reported to FINTRAC. And, as far as strongly regulated, having worked in that industry for a long time, regulations don't mean enforcement. Evidence #1 Vancouver house prices. Evidence #2 T.O. house prices. Evidence#3 is that Manulife self released the payment that they had to make, which was about 15 days of net profits. Sorry to derail OP question! Such a jerk i am!