Cash, Cheque or Postal Order

Deletedmemberjdcxxx

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Hi All,

Looking to purchase a GSA in the next few months and 99% certain it will be a private sale from this site. Not wishing to insult any prospective sellers but I'm thinking about the very sensible "funds have to clear / cash needs to be checked by the bank" caveats from a buyers point of view.

In the same way that sellers need reassurance that my cheque isn't made of rubber, I don't want to return a week after paying to find that the bike and my funds have disappeared. I can't think of a more reliable source than the GSER website but is there a routine that everyone uses to keep the buyer and seller happy?

Cheers,

John.
 
With the Fast payment system you can do an almost instant transfer of funds for free to the seller's bank account.

Assuming the seller has internet access and can use online or telephone banking I would take my netbook with me, log into my bank and transfer the funds to the seller's account. The seller should be able to see the money in their account within a few minutes (or ring their bank to confirm the transaction). You could also use telephone banking if you are nervous about the security of someone else's internet account.

If this is not an option as you or the seller don't do online/phone banking then the old school methods are:

a) take cash

b) if you are nervous about taking cash then arrange to complete the sale in a branch of your bank. Withdraw the cash (you may have to pre-arrange this if it is a large amount due to anti-laundering rules). The seller then has the option of paying the money into an account (paying a fee if you have different banks) or walking out with the cash. Depending on the bank, they may set up an electronic transfer of funds for you in the branch but I wouldn't bank on this being available.

If you choose b) above make sure you see the bike at the home address as printed on the V5 before you commit to buy.
 
I recently bought a boat :) Took lap top and did bank transfer to sellers account. He checked that funds had been received .... deal done :)
 
images


earwig said:
I recently bought a boat :)
Click to expand...

:rolleyes:
 
Building Society cheque has worked for me many times, they (the Building Society) can't make out the cheque unless you have the cleared funds in your account which are then deducted from your account when they make out the cheque. Almost as good as cash and easier to count.:thumb
 
Interesting replies but not foolproof.

Here are two true stories that still say cash is king.

Some years ago a guy was buying bikes.
Because of the distance he was travelling he would ask to meet half way.
He would pay by Bankers Draft so all would be ok.
Well bankers draft was forged so seller was not paid.


This one actually happened to me.

Guy was buying a car from me
He was happy with the car and wanted to arrange collection that day so could he pay by instant bank transfer.
I said yes and car could be collected once I saw funds in my account.
Within an hour the transfer had taken place and the money was there.
So I released the car and it was collected.
So an easy deal.
Next day when looking at my account the money was no longer in my account
But more disturbing was the fact that the whole transaction was no longer visible in my account
I.e. The deposit and subsequent withdrawal were both not recorded.

Luckily he was an honest person and complained to his bank and all was sorted, but even bank transfers to your account are not secure.

I have sold / bought many items on this site and every transaction has always been trouble free.

So cash is still king

My advice is

If the person is well known on this site then that person will have many ' references' to support their standing in the community and can therefore be trusted.

If the person has just joined then although they may well be reputable, a certain track record must be established to gain total confidence.
 
karlp said:
Interesting replies but not foolproof.

Here are two true stories that still say cash is king.

Some years ago a guy was buying bikes.
Because of the distance he was travelling he would ask to meet half way.
He would pay by Bankers Draft so all would be ok.
Well bankers draft was forged so seller was not paid.


This one actually happened to me.

Guy was buying a car from me
He was happy with the car and wanted to arrange collection that day so could he pay by instant bank transfer.
I said yes and car could be collected once I saw funds in my account.
Within an hour the transfer had taken place and the money was there.
So I released the car and it was collected.
So an easy deal.
Next day when looking at my account the money was no longer in my account
But more disturbing was the fact that the whole transaction was no longer visible in my account
I.e. The deposit and subsequent withdrawal were both not recorded.

Luckily he was an honest person and complained to his bank and all was sorted, but even bank transfers to your account are not secure.

I have sold / bought many items on this site and every transaction has always been trouble free.

So cash is still king

My advice is

If the person is well known on this site then that person will have many ' references' to support their standing in the community and can therefore be trusted.

If the person has just joined then although they may well be reputable, a certain track record must be established to gain total confidence.
Click to expand...

I've heard similar stories. In the past, I've just gone to the bank with the seller, withdrawn the cash, walked to their bank with them and paid it straight into their account. Its a bit of buggering about, but worth it for the peace of mind.:thumb
 
The Nutty GSER said:
I've heard similar stories. In the past, I've just gone to the bank with the seller, withdrawn the cash, walked to their bank with them and paid it straight into their account. Its a bit of buggering about, but worth it for the peace of mind.:thumb
Click to expand...

Yep, I bought my bike off this site and this was the method used. You might want to make sure that the bike is still where its supposed to be after the transaction.
 
Cash at time of purchase for me, either buying or selling

Easiest way & when buying gives you plenty of wiggle room
 
Nippy Normans supply Touratech, Wunderlich, Desert Fox and many other makes of accessories.
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