Do lodgement ATMs check for counterfeit notes ?

DriveSkill

Hi,

In the process of selling a car and buyer wants to pay cash but wondering the best option to validate the notes are real. If I go to a bank with the seller and lodge the money via an ATM does that provide any checks ? Any other options (with cash) ?

Thanks!

Former Coach

Yes the modern ATM’s will detect fraudulent notes and reject them.

amdublin

I would not rely on an atm to be honest

Jim2007

If the person you are dealing with can't provide you with a bank draft or make a payment to your account prior to collecting the car think very carefully if this is one you need to do business with. An unusually payment via an ATM may be flagged up and frozen for MLA review and you will need to be able to provided document evidence of the source of the funds to unblock them.

walterking

is it €2,000 or €20,000.

If a small amount of 2k-5k you can probably check a few notes and that should give you comfort. Fakes are usually easy enough to spot if if are being careful. Most fakes are used in retail transactions where it is busy and it would be hard to identify who gave the note.

And the level of fake notes is very low. I'm in retail 38 years and have only ever had two and both would have been spotted if the staff member was vigilant enough.

As above, if its a large amount, its more questionable by a bank, but selling a car if=]s a valid reason for having a cash lodgement.

mickdw

https://www.boards.ie/discussion/comment/120496691#Comment_120496691

You need to think of the transaction from both sides.

I don't think I'd be comfortable lodging money to sellers account prior to picking up the car.

I'd be fine with getting a draft but then the seller may have questions over the draft and whether it's genuine.

Cash is king up to about 10k.

After that private sales of cars get pretty tricky.

Jim2007

https://www.boards.ie/discussion/comment/120497455#Comment_120497455

In my experience of having written the MLA rules for two banks there are many rules that will raise red flags beyond a simple 10k check. And having helped a couple of people getting their MLA frozen funds released, its not the kind of crap I’d be willing to do for some joker who can’t provide a bank draft.

DriveSkill

Thanks to everyone who commented - just wanted to come back and update.

I met the buyer and we went for a test drive, while out he confirmed he was happy with the car so I requested we stop off at the bank and he agreed. At this point I had a "good feeling" from him and I know that means very little but my concerns about scams or dodgy notes were a little reduced. We went into the bank together and lodged the money at the cashier desk (btw it was €9K) direct to my account.

It immediately showed up in my account balance but was "processing" until the following morning. All in all a pretty straight forward transaction and I was happy enough. I do think bank transfers are best option but I think they need to be instant transfers such as Revolut etc - if you have people in different banks and needing 1-2 days for the money to show up doesnt work for either party.

kirk.

https://www.boards.ie/discussion/comment/120497550#Comment_120497550

I thought drafts were risky ? Or would you go to the bank and lodge it before handing over keys ?

Victor

Note that brank drafts can also be forged.

kirk.

I assume you could be stung with a draft even if you go to bank with it ?

Bank could reverse credit if they discover it's a fake at a later stage

Jim2007

https://www.boards.ie/discussion/comment/120511814#Comment_120511814

A bank draft is the next best thing to cash because it is drawn on the bank itself. Yes both cash and a draft could be forged, but the best you can do is reduce risk not illuminate it.

The Continental Op

Far easier to spot forged cash than a forged draft. I've worked with note checking machines like they have in atms and I've never seen a fake that the note checkers spotted that I hadn't already flagged as dodgy.

Hotblack Desiato

Seeing a fair few dodgy 10c coins lately, not notes though! You'd wonder how it's worth anyone's while.