I am going to be listing a trailer I have for sale. I am asking 20K. If I can get anywhere near my asking price, how does that work? I’ve never bought or sold anything for this amount before from private sellers, other than a horse.
Do I ask the person to come w/ a wad of cash? cashier’s check - how do I make sure not a fraud w/ any kind of check?
Have them do a wire transfer to your account. There are fake cashier’s checks, and just about anything else can be faked.
Yeah. Bank transfer is really the only safe way to do it these days. If you’ve never done one before, don’t worry. It’s very easy and your bank will tell you exactly what you need to do.
thank you!
if concerns put an Apple Air-Tag on the trailer so it could be found if needed
There are two ways to wire money, so check with your bank to find out services they have and what their fees are. Also, they can send you instructions for transferring funds into and out of your account.
Wire transfers go directly from Bank A to Bank B through the Federal Reserve system . They generally are large amounts with same-day settlement (within 24 hours). The funds must be in the sender’s account before a transaction is initiated. The advantage is that the funds are “collected” when they reach the recipient bank, so you can withdraw the money immediately. They usually are large amounts where time is critical. Your bank can tell you their schedule when the system is available to initiate or receive a transfer. They can be expensive because you are paying a premium for same-day service directly between two banks.
ACH wires (Automated Clearing House) use a network of financial institutions that includes savings banks and credit unions. They take a few days to settle because they move in batches.several times a day through several instituitons. They can act like electronic checks and can be used for things like recurring monthly payments and direct deposits. If you are setting up direct deposit of paychecks with a new employer, for example, they may ask for information to do a test transaction. Same If you move your accounts to a new bank.
I put the barn on Bill Pay to automatically send a check for the board payment. They did a test transfer when they received the wire instructions. I’m paying lesson and day camp fees for a young rider at a different barn. I can put a check request in Bill Pay and it’s in the mail the next day. I had to put my horse down in July, so I am investing his board funds in a very talented young rider. He misses my horse as much as I do. Maybe more. This is an easy way to stay involved in horses.
By submitting your email, you agree to our Terms of Service and Privacy Policy. You may also receive promotional emails from The Chronicle of the Horse. You can opt out at any time.
For Customers
Company
Terms of Use
