I have been reading that bank cheque can be cancelled (if report stolen), so would like some advice on what will be more secured to get paid (other than cash)?
Most Secured Way to Get Paid When Selling
jimmywise on 12/05/2021 - 10:52
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It would still take time to clear right? Unless both buyer and seller uses the same bank..
CCTV in the bank as proof.
What does it matter if it doesnt clear immediately ? You see the money being deposited in front of your face.
Just want to be sure money land in my account before handing over the keys…
@Quantumcat: Can they not claim it was an error and request a cancellation/reversal of transfer later?
@Duckie2hh: No, you will have shown your ID to the teller and confirmed the bank account you wanted to transfer to. Can't change your mind later.
What if the bank teller is in on fraud?
OSKO between different banks normally takes under 1 minute.
Commbank puts a 24 hour hold on OSKO payments from a commbank account to non-commbank accounts where it's a 1st time transfer.
@waterbottled: Yeah CBA screws you with OSKO. Delays for first time transfer, delays for two transfers in the same day for same account, delays for large transfer etc jeez…
@thatonethere: I have experimented with this and the and here are my observations about when the combank 24h hold kicks in:
- first time payment to any other bank account, even combank accounts and the amount is over $200
- no limit on the number of transaction, I have had multiple first time payment which came through instantly but as soon as the amount was over $200, the hold kicked in.
Classic contract? Write up a contract. Have both parties sign with witnesses. Let them pay with whatever method. If money not delivered, sue with a magistrate.
bitcoin. Once the transfer shows up in your wallet; it cannot be reversed.
If you are this worried then just come to the realisation that the transaction will need to be cash. Check notes for counterfeits.
For how much? I sold my car for $5000, the buyer paid in cash.
When buying my car, I went to my bank with the seller, explain my situation and ask the customer service to increase my transfer amount, do the transfer there and then, seller check their account and confirmed that the fund has been received, do the paperwork, take a photo of each other's licence, he gave me the key and we both part ways happily.
Around $10k: cash.
Osko instant transfer has worked well for me as both a buyer and seller. Transfer is virtually instant. Buyer may need to contact their bank to ensure the amount is not over their daily limit. Contact your bank to see if they receive penny’s by this method, discuss with a buyer.
You both log on to your online banking, buyer transfers the amount. Seller checks the balance and hands over keys etc when done.
1st time I bought, the money was received by the other party before my screen refreshed. I made sure I contacted the bank first and upped the limit. 2nd time it took a few minutes and a couple of attempt by the seller, but I received my funds in a very short time.
If bank cheque is reported stolen and the person on the cheque presents it the payment will still be settled to the person on the cheque after investigation. You will need to provide proof of sale which you can from the rego papers
You only have to worry about the delay when investigating
A cancelled cheque for stolen doesn't mean the buyer get funds back
Meet in your banking institution, ask them to bring cash only, and immediately deposit it into your account. Two reasons:
- Cash deposit cannot be reversed by anyone.
- Any counterfeit notes will be picked up immediately by the automatic machines.
I would challenge anyone to find a safer way unless bikies.
I have done this a few times for large sales of amounts $10,000 or more. It leaves all the risk on the buyer to bring you the money. You’re in a relatively public area, with very good CCTV. There’s no chance of counterfeit notes which are getting very good these days, but no where near good enough to fool the banking machines.
Remember that payments made into your bank account can still in some cases be reversed. A cash deposit by you, into your bank institution isn’t going anywhere unless it’s proceeds of crime and the police seize it.
Amazing how this gets asked weekly.
And I’m surprised by the amount of times I see… “don’t use bank cheques, they can be cancelled/bounce”
Go to bank branch together and have buyer transfer money to your account at the teller