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ALWAYS ASK YOUR BUYER FOR THEIR PHONE NUMBER, SO THAT YOU CAN PHONE THEM. SCAMMERS DO NOT LIKE TO GIVE OUT THEIR NUMBER.
How to arrange payment for a boat and not get scammed
Cash
Nothing beats cash. There is no limit on how much cash a person can withdraw from a bank account, though ATMs do have limits. If someone withdraws $10,000 or more from a teller, he'll need to complete a currency transaction report, which is required by law.
Personal Check
You can accept payment by personal check, but don't complete the transaction until the check has cleared. The easiest way to be scammed is by a bad check, so take nothing for granted and confirm receipt of payment before releasing your boat.
Cashiers Check warning
Many people feel safest with cashier's checks as they are issued by banks. But people have been known to produce counterfeit cashier's checks. Even if you recognize the name of the bank on the check and everything looks legitimate, it's wise to go with the buyer to the bank and conduct the transaction in person.
Wire Transfer
The person who buys your boat can wire money directly into your account. Beware of two things with this kind of transaction: Make sure the pending transaction clears before you hand over the title, and beware of bank fees. Many banks charge anywhere from $8 to $20 for wire-transfer fees.
Title
Don't forget about the title. Even if you have signed over the title, you will be responsible for anything the buyer does until he has applied for the new title and it has been processed. So either accompany him to the local office, or inform them when you sell it.
PLEASE remember that 99% of buyers are totally honest. It is easy to get paranoid!
Be sure to read the other scam warning pages:
Page 1: Internet scams
Page 2: Sell your Sailboat to Africa!
Page 3: American based scams
Page 4: Boat for sale scam
Page 5: Room for Rent scam
Page 6: Motorhome for sale scam
Page 7: I've lost my wallet and need your loan!
Page 8: Give me your PIN number, I already have your credit card number.
Page 9: How to accept payment for your boat without getting scammed
Page 10 Counterfeit checks
Sailboat Humor
Starboard and Port
Sailing Definitions
Grandpa's Funny Pages
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