Accepting direct deposit payment for boat ?
Submitted by chris raff on Wed, 2016-06-22 19:32
Hey blokes selling my tub have a punter keen for a sea trial tomorrow arvo and then if all good he wants to do the business / transfer via mobile in the car park and take the boat .
Just wondering the best way to go about covering myself it’s a significant amount .. Considering holding all paperwork until funds clear typically two working days then forwarding
does that sound fair enough or would a carefully worded invoice/receipt suffice , how would you go about it ? .. cheers in advance for any advice
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“Intelligence is like a four-wheel drive. It only allows you to get stuck in more remote places.”
dodgy
Posts: 4578
Date Joined: 01/02/10
Nope. I've done a similar
Nope. I've done a similar sale through a broker and he was under no illusions that the asset stayed in my possession until payment cleared. Happy to supply a copy of rego papers at point of transfer so purchaser can organise insurance etc.
Does anyone know where the love of god goes, when the waves turn the minutes to hours?
Deleted
Posts: 6265
Date Joined: 26/04/14
no way, deposit and come
no way, deposit and come back once money is cleared.
stolen phone bank details etc all to easy these days but thats just me
eziliving
Posts: 875
Date Joined: 30/12/09
Make sure they send you a
Make sure they send you a copy of the remittance before handing over the boat. That way you will know that the transfer has been completed.
Get busy living, or get busy dying!
Mulie
Posts: 546
Date Joined: 20/02/11
Wait in the car park and tell
Wait in the car park and tell them to get a bank cheque. You can fill in the paperwork while they're at the bank.
Mulie
Moking
Posts: 1252
Date Joined: 30/05/12
Even that is a risk with
Even that is a risk with stolen Bank Cheque's over the years.
Reputable Car Dealerships have been done over with so called Bank Cheque's.
My Dad taught me how to Fish-Thanks Dad.(RIP)
stevebw23
Posts: 155
Date Joined: 12/11/11
I'd be checking the moneys
I'd be checking the moneys in your bank before letting it go. If they aren't total arse wipes surely they will understand. Cant trust anyone these days with all the scams that go on.
Symes Plumbing & Gas. No job too small, servicing all northern suburbs
sea-kem
Posts: 15002
Date Joined: 30/11/09
Yeah can't see why the big
Yeah can't see why the big rush, money clears, take the boat. Basically he hasn't paid you untill the money clears imo.
Love the West!
randall df223
Posts: 6454
Date Joined: 08/08/11
Depending on his / her bank
Depending on his / her bank there are now facilities to do funds transfer mobile to mobile instantaneously via mobile phone banking. I think NAB is one.
Fish! HARD!
Paully
Posts: 3246
Date Joined: 15/08/09
Would not go anywhere near that deal Chris
Hold until money credited to you account. Could be wrong but I believe a bank can reverse a external payment into an accont transaction for a period of 24hrs or thereabouts after transaction, in which case he can drive off with the tub and then contact bank etc.
meglodon
Posts: 5981
Date Joined: 17/06/10
Cancel transaction even after money appeared to be in bank
Bowling club member had it done to him, lost the boat couldn't be traced. Money appeared to be cleared and in his bank then all of a sudden the transaction was cancelled.
it was no small amount either.
To me it's cash on the barrel head I don't care how big the amount is, and I count it.
Skull
Posts: 630
Date Joined: 03/01/12
Money
Give me the money, I give you the boat, simple really
Skull
chris raff
Posts: 3257
Date Joined: 09/02/10
Could ask him to wait until
Could ask him to wait until the money clears but then he might be worried about me ripping him off .. Thinking might be best , if I suggest that in the best interest of both parties we hook up at his bank the following day and witness a bank cheque made out .. didn’t realise a transfer was reversible ..
“Intelligence is like a four-wheel drive. It only allows you to get stuck in more remote places.”
sea-kem
Posts: 15002
Date Joined: 30/11/09
Yeah mate come accross it
Yeah mate come accross it with my business banking from time to time with incorrect payments etc. Or clients that say they've paid me and paid someone else, the bank will follow it up and reverse it as long as the funds are in the nominated account.
Love the West!
holth
Posts: 812
Date Joined: 09/10/06
Yeah l did it once. Sold
Yeah l did it once. Sold boat and bank transfer was done. Boat was taken by new owner. It was the longest 36 hours of my life until money cleared.
Jackfrost80
Posts: 8147
Date Joined: 07/05/12
Yeah nah. Money in my hand or
Yeah nah. Money in my hand or account = you taking my property.
Surely it won't be hard to verify a bank cheque over the phone which is as good as cash once verified.
Officially off the Pies bandwagon
catchalittle
Posts: 1875
Date Joined: 04/09/08
Cash is king have been paid
Cash is king have been paid in cash for the last 3 boats sold just make sure you dont get any dodgy $50 or $100 bills
Nathan
NORUN NOFUN
Posts: 1035
Date Joined: 15/08/11
No money , no boat Very
No money , no boat
Very simple to work this one out
meglodon
Posts: 5981
Date Joined: 17/06/10
Banks need to order in a decent amount of cash
Most banks I have dealt with need at least 3 working day to order in a decent amount of cash (55K in hundreds I wanted) you can order what denominations you want it in.
Get the purchaser to order in the cash (you can cancel the cash order on the day no dramas) tow the boat to his bank and get the cash paid to you inside (repeat) the bank.
Go with a friend, unhook the boat go straight to your banks nearest branch.
Deal done.
No ifs no buts tell no one trust no one.
dodgy
Posts: 4578
Date Joined: 01/02/10
Can confirm a bank cheque by
Can confirm a bank cheque by phone as well.
Does anyone know where the love of god goes, when the waves turn the minutes to hours?
cray burglar
Posts: 34
Date Joined: 27/04/11
Bought a boat from Exmouth
Had this issue arise two years ago when i bought a 6 figure boat from a fella in Exmouth, he was away and his missus had to seal the deal.
We agreed once i was happy with the condition of the boat i got a bank check gave it to his misses - she went to the bank verified the check then we took the boat.
Waiting 36hrs after driving to Perth was not an option as that time was spent testing out the new rig in local waters before we towed it back to Perth.
crasny1
Posts: 7003
Date Joined: 16/10/08
Most Internet banking facilities have limited
transfers. You have to organise larger ones with the bank in person. So why not just go there directly - ie do it "old fashioned style".
Since I don't think I am shonky, and yes I would like to get my hands on the bought toy, but I am always happy to wait.
However in the past have got copies of the Rego, 100 points ID (DLicence, Passport) copies so that if he/she runs off with the $$ and the boat at least I have proof of ID.
"I would like to die on Mars. Just not on impact!!" _ Elon Musk
Pezdog
Posts: 204
Date Joined: 09/11/10
Bank Cheque
I work in a bank and definately go with the Bank Cheque option or what is called a "real time gross settlement". Problem is fees involved in both. Bank cheque would be about $10 depending on the bank and the RTGS is about $35. RTGS is a same day transfer between banks.
https://en.wikipedia.org/wiki/Real-time_gross_settlement
Internet banking has limits (depending on bank approx 20K - 30K) but can be recalled if the funds have not cleared. Once cleared by the opposing bank the account holder needs to give permission for it to be reveresed.
Good luck and if you bank with the same banks it would be much easier as you can both go into the branch and witness the RTGS.
Pezdog
craytail99
Posts: 76
Date Joined: 29/04/14
Buyer may be above board he
Buyer may be above board he may not. In this day and age it is impossible to tell. Waiting for a transfered amount to clear without the boat in your posession is a bridge to far in my opinion. There is a fairly large downside if things turn pearshaped.
Bruce
Posts: 527
Date Joined: 11/04/12
I paid for my last boat with
I paid for my last boat with a direct transfer online from my account to his. They were an elderly couple so I took my computer and connected to their internet, we all sat around the table and did the transfer. I took the boat there and then. They were happy to do it that way so it wasn't a problem.
Just another perspective
craytail99
Posts: 76
Date Joined: 29/04/14
(No subject)
johnno67
Posts: 408
Date Joined: 12/03/10
Simple
Both go to the bank get the bank to do the transfer to your account there and then job done
marrisy
Posts: 202
Date Joined: 08/09/11
\bank checque.
Not sure today, ten years ago when I was in buisness, a bank cheque could be cancelled up to a fortnight after it was paid. Painfull lesson. What does your bank recomend? I am with ANZ and found them most healpfull for advice, just ask. Marrisy.
Chinbald
Posts: 317
Date Joined: 21/02/09
Bank Cheque
All my boat buying and selling (3 of) has been done via Bank Cheque. On all occasions I felt trust with the other party prior to doing the handover. Don't think I would deal with someone that I didn't like or trust.
Cruise Control
Posts: 973
Date Joined: 03/11/10
Cash Deposit to hold the boat
Cash Deposit to hold the boat and bank cheque within 24 hours. If they want it they will make it happen. If they start umming and ahhing well then I would be exercising care in the transaction.
chris raff
Posts: 3257
Date Joined: 09/02/10
Okay done deal .. Purchaser
Okay done deal .. Purchaser was very compliant and understanding that I wasn’t overly keen on direct transfer via mobile phone in carpark . So I requested a bank cheque and he actually then suggested to give me x amount in cash and remainder via bank cheque . I asked if he could forward me details of the issuing bank and cheque # once issued prior to sea trial . I then rang his bank ( NAB ) and asked if they could verify the cheque and they wouldn’t have a bar of it . Nope , you’ll need to present it your bank to be sure .
“Intelligence is like a four-wheel drive. It only allows you to get stuck in more remote places.”
dodgy
Posts: 4578
Date Joined: 01/02/10
That's a little odd. I've
That's a little odd. I've had rac finance confirm a bank cheque over the phone. No personal details but serial number and amount they were quite happy to confirm.
Does anyone know where the love of god goes, when the waves turn the minutes to hours?