Paying for a car with a Credit Union cheque??

Chrissie

If a buyer pays you with a credit union cheque, but it has been made out in his name, can you accept it as payment if he signs the back of it?

Anyone ever experienced this, or had difficulties with it?
I've someone coming to buy my car this eve & I'm not sure how he's paying me, but if this is an issue I want to make him aware of it before he drives the long distance.

Thanks

Anan1

Chrissie wrote:

If a buyer pays you with a credit union cheque, but it has been made out in his name, can you accept it as payment if he signs the back of it?

Anyone ever experienced this, or had difficulties with it?
I've someone coming to buy my car this eve & I'm not sure how he's paying me, but if this is an issue I want to make him aware of it before he drives the long distance.

Thanks

I'd ask the buyer to buy a bank draft and give you that.

Seth Brundle

If the buyer insists on paying using this method (or any cheque in fact) then the seller should insist that the car will not be given to the buyer until the cheque has cleared.
Cash or in-bank credit transactions are the safest bets

unkel

Anan1 wrote:

I'd ask the buyer to buy a bank draft and give you that.

I'll second that. It costs only a few euro the last time I looked and for the seller, a bank draft is as good as cash

Saruman

unkel wrote:

I'll second that. It costs only a few euro the last time I looked and for the seller, a bank draft is as good as cash

Not exactly as good... they can be fake! I have heard a number of times.. even on boards, warnings of fake bank drafts floating around.

Still its safer than a personal cheque

MercMad

No way is a draft as good as cash !

Plenty of fakes and scams out there !

If the draft is fake, and the Bank accepts it, adds it to your account and then the fake is discovered YOU still loose out !

They can be verified though, if handed over during working hours, thats the only way I'd accept it !

I should imagine a Credit Union cheque is forged just as easily too!

Sleipnir

MercMad wrote:

No way is a draft as good as cash !

Plenty of fakes and scams out there !

If the draft is fake, and the Bank accepts it, adds it to your account and then the fake is discovered YOU still loose out !

They can be verified though, if handed over during working hours, thats the only way I'd accept it !

I should imagine a Credit Union cheque is forged just as easily too!

So a draft could be a forgery.
A cheque could be a forgery.
Cash? Well, that could be forged too.

How do you go about your daily business!

MercMad

So a draft could be a forgery.
A cheque could be a forgery.
Cash? Well, that could be forged too.

How do you go about your daily business!

...............I let the accounts department do all the worrying for me !!

unkel

Even the car could be a fake

Seth Brundle

@ unkel - don't laugh - I heard last night of a friend in the UK who bought a 2nd hand motorbike - turns out it is a clone! The seller made a copy of the V5 and copied the VIN onto the cloned bike somehow and managed to sell it (to an ex-copper!)