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Discussion Starter #1
Thanks for looking.

I’m considering selling my cwa built m3hb on here but I’m concerned with how to do secure payment for everyone involved.

I’ve bought and sold lots of items on Gunbroker etc. but they’ve been for a few thousand max and we always used postal money orders. I think usps money orders are $1000 max. Is it acceptable to buy 9 or more? Extra paperwork?

No experience with certified checks or bank transfers. Not opposed, just no experience.

pros/cons/real world experience with 9k or more internet transactions....

Thanks in advance for any info. I would like to offer it here first.
 

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There is no problem depositing USPS money orders in a bank account (even 10 of them). If you know the person (say a long time Forum member), certified bank checks work fine but otherwise you have to make sure they are not a forgery. You can always validate with the issuing bank. Wire transfer are fine also, just make sure funds are clear before you release the gun and be aware (either receiving and/or sending) banks sometimes will charge you processing fees on them.
 

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Certified cashiers bank check is the way to go. Deposit the check once received and wait a few days to verify the funds have transferred successfully. After the transfer of funds is completed and verified ship the gun, very simple process. If there is an issue with the certified bank check you have deposited you will know within a few days.
 

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Discussion Starter #4
Thanks guys for the prompt responses. That’s pretty much what I figured, it’s just a new (bigger) deal than I’m used to.
 

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I agree with OLDIRONSIGHT and personally have no problem with a personal check ( especially long term forum members ) in today's age of electronic transfers the bank will let you know if its cleared or not within 4-5 days if not sooner.
The big issue is the other way around sending your money to someone you don't know.
 

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Discussion Starter #6
thanks for the info.
I agree about the concern over sending someone that amount of money on the honor system. That’s why I’m trying to see what everyone thinks is kosher before I list it.

Aiming for safe for everyone involved.

I may beat a couple bushes local before I post it. Would be easier in some respects.
 

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About the only way to do that is use a local FFL as a broker, or you have a past on gun broker or e-bay with a proven track record and A+ ratings with no negative feedback,
Greg
 

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or just get a personal check and wait the few days for it to clear.

i had an 8500 cashiers check lost in the mail for 6 months!!!!!

at this point, i just do a check and wait for it to clear.
 

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One time I had a Cashiers check send via registered mail get lost by the Post office for almost a month, thank goodness the seller was pretty cool or I could have lost the item. He and I would cross paths as we called various Post offices to find it..
 

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A wire transfer is easy to organize with most banks, shows a record for the buyer and you will have good funds the same day. Much better than any form of check for that kind of amount. Sometimes there is a small fee ($20ish) at one end or the other.
 

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Personally I will not send USPS Money Orders for large purchases. I have had some sellers insist on USPS MO, but I am not going to take $14k in cash to the USPO and purchase 14 MOs. If a money order is lost in the mail, it is 6 months trying to get your money back from the post office. I normally tell the seller before I bid that I will be paying by certified bank check and I am OK with them holding it a week before they ship. If they wont take a cashier's check, I walk away. Hell a form 4 is going to take 11 months to process anyway what is another week.. My bank does not charge me for a cashier's check and it will clear in two days, so we both win.
 

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Thanks for looking.

I’m considering selling my cwa built m3hb on here but I’m concerned with how to do secure payment for everyone involved.

I’ve bought and sold lots of items on Gunbroker etc. but they’ve been for a few thousand max and we always used postal money orders. I think usps money orders are $1000 max. Is it acceptable to buy 9 or more? Extra paperwork?

No experience with certified checks or bank transfers. Not opposed, just no experience.

pros/cons/real world experience with 9k or more internet transactions....

Thanks in advance for any info. I would like to offer it here first.
Well rat_dogratty, depending on how well you know the other party, and what recourse you have in case it goes all kinds of wrong. For smaller amounts, USPS has been good, first, it is simple, and if there is a problem, MO stolen, cashed by the wrong person, or item paid for not delivered, there is stable and some what predictable recourse, they will trace back the cashed check, and it it is stolen or ? they will reimburse you for the full amount.

It is a prosses involving the US Post office, so it is odd and slow. But it is reasonably safe, and if all goes well, it is private to the parties involved in the transaction. If there is theft or other financial mishandling, since the MO is issued by the US Treasury, and if you sign a complaint, the USPS will prosecute the offender all on their own for you, after they recover you the missing $$. If you walk in to most post offices with more than $5000.00 in cash or even less, they will ask you to fill out a form (IRS). If you are not in a hurry, you can go to several post offices, and get MO for a smaller amount in each, as not to get them all concerned. No matter where you get the MO, they spend all the same.

As for the larger amounts and the Banks Cashers check/Certified Check, this process is some what different. If you just have a personal account, in most banks, they will give you the Bank check you need, made out to the person or entity, whom you designate, but the will tell you: Make sure you know this person, since once you give them this check there is no recourse from this bank.

If you happen to have a business or a corporate account at a bank, then it is different, they do have up to 60 days in some cases to recall/reverse the funds for fraud or mistake, depending on the transaction.
With the wire transfer, it is similar in the U.S. In case of a problem, there is some recourse, but it is difficult to get the bank to actually do that, since it costs them $$ and looks bad on their internal report, (so they avid doing this if possible) If you are a significant business client at that particular bank and they know you, and would like to keep you a happy customer, they can quickly reverse any electronic transaction, if you agree to pay the reverse fee to do so.

If the Cashiers check or Certified Bank check is drawn up on a known major bank: Citibank, BofA, Chase, even Wels Fargo, these checks can be verified by you, before depositing those into your account by you calling the branch of the issuing bank, and asking to verify funds in their account, by giving them the information found on the Bank check in your possession. A Manager or Teller at your bank branch can help you do so, if you have not done that before, or just want assurance that all is OK. If the issuing bank confirms that that really did issue that check for that amount and it is good to go, then you are safe to deposit that in your account in your bank, it will clear quickly.

If they can not find the transaction in their records, based of off the check number that you give them from this Bank Check, then you have an issue with your client who has given you this check. Do not deposit this check, make a copy, and contact the client tel him the check is no good, try a different check, possibly from a bank of your choice now: For example, if your deposit account is in Chase, then you can ask your client to go to a chase bank near him, and buy a Bank Check there.

The same brand checks are much easier for a bank to self verify through their own system, in addition to calling the issuing branch. Once the new check is verified as good, then you are safe to deposit this check into your account. If it a personal account, and this is a large amount, it may count as income to you, at the end of the year, unless it is considered a cost recovery.
Hope this helps you some. Jim.
 

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Personally I will not send USPS Money Orders for large purchases. I have had some sellers insist on USPS MO, but I am not going to take $14k in cash to the USPO and purchase 14 MOs. If a money order is lost in the mail, it is 6 months trying to get your money back from the post office. I normally tell the seller before I bid that I will be paying by certified bank check and I am OK with them holding it a week before they ship. If they wont take a cashier's check, I walk away. Hell a form 4 is going to take 11 months to process anyway what is another week.. My bank does not charge me for a cashier's check and it will clear in two days, so we both win.

NKLF,
Cashier's checks are as bad for the wait if lost. Mine was 8-8500 cant remember the exact number but it was lost for almost 6 months. I was in process of cancelling when the check magically appeared.

rory
 
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