Validating cash transaction during night hours

Yikes - that is a ton of cash. Is there a reason these guys can't pay with a cashier's check or do a wire, or do they not have a bank account?

Also, you probably already know this, but be sure you are doing this transaction in a secure/well-lit area.

Because the next thread would be something like:

"I am buying a car from a seller three hours away. I can't make it until after the bank closes so he wants me to wire the money. How can I be sure I'll actually get the vehicle and he won't just take my $$ and run."

If it's only three hours away, I'm surprised you can't just move it to an alternate date when the bank would be open.

That said, I'd just use the money validating pen and be done with it. Remember, it doesn't have to actually be legit, just legit enough for the next guy to accept it

I sold a car a couple years ago and they paid cash for it, 17k. Honestly it didn't even cross my mind to check the bills. I've bought a couple cars cash (all 15k+) and never had anyone validate bills. Just realizing now I probably should have.

LifeAsISeeIt said:   Yikes - that is a ton of cash. Is there a reason these guys can't pay with a cashier's check or do a wire, or do they not have a bank account?

Also, you probably already know this, but be sure you are doing this transaction in a secure/well-lit area.

I did not want to take cashier check as I will be depositing only next day . Wire is a option as they do have account with BOA where I do have a account but does this happen instantly? Can they do the transfer online and can I verify my account before I pass on the title any experience

Thanks everyone for responding so quickly I think the best option is to insist them to come during banking hours . I was thinking WalMart money center will be open late night where I can take them and draw a money order which I can cash later.

megaFat said:   Thanks everyone for responding so quickly I think the best option is to insist them to come during banking hours . I was thinking WalMart money center will be open late night where I can take them and draw a money order which I can cash later.

The max money order they will make out is much much less than 15k.

Hold each bill up to the light and make sure the micro strip says "USA 100", make sure the serial numbers are not the same. Use a counterfit checker pen. After that deposit the bills into the bofa atm.

Those pens are worthless, well maybe not worthless but don't bank on it's effectiveness. If you are worried about counterfeit money, ask for $5 or $10 bills. Nobody counterfeits those. $20's are the most counterfeited in the US, and the $100 outside the US. I would suggest a magnifying glass and randomly sample the bills' microprinting security features.

I have a couple counterfeit bills that I was allowed to keep. I use them to train cashiers. They pass the pen test (which I don't allow them to use) because they weren't printed on wood based paper. So I use it to show my cashiers other methods for detecting counterfeit bills.

EDIT: I don't know how much effort you want to put into this, but US currency is printed with magnetic ink. You can get a rare earth magnet, like a neodymium magnet, and use it to check the bills. You can pick up a bill with the magnet.

If I was doing a transaction with someone I didn't trust, and i needed a bearer instrument, I'd be requiring unmodified postal money orders.

SigX said:   Those pens are worthless, well maybe not worthless but don't bank on it's effectiveness. If you are worried about counterfeit money, ask for $5 or $10 bills. Nobody counterfeits those. $20's are the most counterfeited in the US, and the $100 outside the US. I would suggest a magnifying glass and randomly sample the bills' microprinting security features.

I have a couple counterfeit bills that I was allowed to keep. I use them to train cashiers. They pass the pen test (which I don't allow them to use) because they weren't printed on wood based paper. So I use it to show my cashiers other methods for detecting counterfeit bills.

EDIT: I don't know how much effort you want to put into this, but US currency is printed with magnetic ink. You can get a rare earth magnet, like a neodymium magnet, and use it to check the bills. You can pick up a bill with the magnet.As someone who has worked retail, the pens are a great start and are reliable. I know because I have seen and have received $5 and $10 counterfeits - they do exist, most people just don't care because it is so easy to pass off.

I'd use the pen, look for security strip, and then compare some of the bills to 100s that you may bring with you.

You/them are doing 15k transaction. Either of you can take a half a day or a day off to do the deal.

What kind of car is this? Have you met the two fellows? Have they test driven and inspected the car?

If they are buying the car sight unseen, I would be VERY suspicious about he whole deal, especially since it's $15K.

casinos are open 24/7

Use a currency pen from an office supply store?

You should take reasonable precautions but don't worry about this too much. You need a simple sales contract and identification of the buyers/sellers. If in the unlikely event they paid you with 15k of counterfeit money, you repossess the car and turn them into the Secret Service. They are going to be equally worried about you.

From gatzdon:

The Marker is useless. I still don't understand why corporations don't understand it's uselessness.

For me, I believe the most logical system I have seen is

UV Box with Colored Lines indicating the expected color and location of the Security Thread by Denomination.
Then have the cashier stamp the bill with their personal stamp indicating who checked/accepted the bill.
Many merchants already require cashiers to stamp the bills so they know who accepted the counterfeit.
The stamp is usually simple and less than ½" in diameter.

For individuals like me who need to check cash "in the field" the UV Pen Light is a savior.
I always specify $50 bills because I can check up to $10,000 in less than a minute. I
don't reject $100 bills, but it just takes a little longer to check those.

One of the two counterfeit notes I had received, I had the luxury of catching before walking
away from the teller (and thus didn't get stuck with it). It was a $100 work of art. You had
to look very closely to see that the color shifting ink wasn't right. I caught it because the
"Security Thread" had no color under UV. What was interesting though was that the Water Mark
and the Thread were PRINTED between the layers of paper. I showed the teller that it wasn't
right by making a small ¼" tear through where the security thread should have been. The tear went
right through it. On a normal bill, I demonstrated that the thread is like plastic and wouldn't tear with
the paper.

For the typical FWer regularly doing cash transactions in the field, the UV Pen Light is priceless and
adds a negligible amount of time to the transaction. All it takes is one counterfeit bill to
pay for the light.

For the FWer doing the occasional transaction, make sure you only accept $50 bills and you can
check them with the dollar store UV light. The security thread in the $50 shines a very bright
yellow that you can't miss. The $20 are supposed to be green, but may show up orange with
dollar store UV Light. Even if the thread in the $20 bill glows the wrong color, the odds
of it glowing and still being fake are so low that it's a negligible risk.

Hope this helps someone.

The one I have, I bought from here.
http://www.maxmax.com/aUVLedLights.htm

I haven't replaced it because it still works, but I bought mine when there weren't many options available.

Now there are much cheaper options available.

You could Google "365nm UV Flashlight" and pick one that uses normal batteries.

www.newmoney.gov%2Fnewmoney%2Ffiles%2F100_Materials%2F100_Multin...
http://www.secretservice.gov/know_your_money.shtml
http://www.newmoney.gov/materials/download.htm

SigX said:   Those pens are worthless, well maybe not worthless but don't bank on it's effectiveness. If you are worried about counterfeit money, ask for $5 or $10 bills. Nobody counterfeits those. $20's are the most counterfeited in the US, and the $100 outside the US. I would suggest a magnifying glass and randomly sample the bills' microprinting security features.

I have a couple counterfeit bills that I was allowed to keep. I use them to train cashiers. They pass the pen test (which I don't allow them to use) because they weren't printed on wood based paper. So I use it to show my cashiers other methods for detecting counterfeit bills.

EDIT: I don't know how much effort you want to put into this, but US currency is printed with magnetic ink. You can get a rare earth magnet, like a neodymium magnet, and use it to check the bills. You can pick up a bill with the magnet.

I've seen a few counterfeit bills printed on wood-based paper pass the pen test because they person passing them figured out how to coat the money with something to keep the pens from actually reaching the paper. I proved the bill was fake to the manager of a restaurant I frequent by ripping slightly and then using the pen.

In any case, there is only one method I trust for validation currency -- it's feel. The Bureau of Engraving and Printing's presses use about 20 tons of pressure to print bills. You can feel the raise parts of the paper from the printing process as the bills pass between them -- something is probably only replicated by the North Korea super notes.

elektronic said:   LifeAsISeeIt said:   Yikes - that is a ton of cash.

It's probably less than a pound.

Each bill weights 1 gram and there are 454 grams in a pound.

One pound of currency is:

  $1 Bill = $454
  $2 Bill = $908
  $5 Bill = $2,270
 $10 Bill = $4,540
 $20 Bill = $9,080
 $50 Bill = $22,700
$100 Bill = $45,400

Finally we used bank of america safepass . It is online transfer between accounts and I could verify funds immediatly. Thanks everyone for responding

I use a bill counter, it automatically checks the currency for validity and of course counts the money so I don;t have to. In the past, I made over 6k/day cash, from some unscrupulous people. This got their money counted fast and out of my life quickly.

http://www.amazon.com/GSI-Professional-Electronic-Counter-Displa...