anyone know a thing or two about BANKING?

kimdizzle · #1 (**permalink**) 07-16-2009, 09:17 PM

So I was set to purchase my Fit from a private owner tomorrow. I am a member of a credit union in CA, but now live in KS. I can usually go to credit unions out here and have no trouble doing my banking... Only thing is this time I'm wanting to withdraw $11500. I guess there is a limit I can withdraw when I do "shared" branch banking.
Anyone know of any way I can get $11500 out of my account tommorow? What is the most common way to pay for a car from a private party??
I've asked the owner if she will take a Bank Cashier's Check, but have not heard back.
I'm thinking maybe I could go to the Post Office and buy a money order, but have no idea what the limit on that would be...

Some day I will be an expert on the car buying...

Hopefully tomorrow I can begin contributing more Fit related posts on this Forum...
Thanks in advance.

Sid 6.7 · #2 (**permalink**) 07-16-2009, 09:24 PM

I have been a branch manager of both banks and credit unions for a number of years.

There are limits to what you can withdraw from an ATM machine in a 24 hour period. But there should not be a limit to what you can remove from your account by going to a teller. You are only limited by how much physical cash a branch may have on-site. Some small in-store branches may not have as much cash in the vault as some bigger branches.

Now, what you may be thinking of is the old $10,000 cash limit to report to the IRS. You just need to have a driver's license and another ID, which you would have to have to withdrawal the cash anyway, and then it will take a few extra minutes for them to fill out the IRS paperwork.

They will ask you what you intend to do with the cash and may ask you how you got it in the first place. It's mainly to curb drug dealers and such who try to launder huge bags of cash.

Most money orders have a max amount of $500, so that would be a LOT of money orders.

I would just get a cashier's check. They are a good as cash anywhere. And a lot safer as well.

Hope this helps.

Sid 6.7 · #3 (**permalink**) 07-16-2009, 09:26 PM

Funny, I used to live in LA, and went to a hospital a couple times in Yorba Linda. What a small world.

kimdizzle · #4 (**permalink**) 07-16-2009, 09:38 PM

Thanks Sid... I contacted my credit union and was told the limit depended on the credit unions out here. The branches I've contacted out here have mostly told me I could withdraw any where from $500-$1500.

I was thinking a cashier check would be the best way to go, but my concern is with getting the title. The owner has a loan that needs to be paid before I will get the title from Honda Financial. Does getting the Bill of Sale from the owner legally entitle me to the title.

Also, a cashier's check would take some time to clear at her bank right?

She says she works at a bank, but specifically told me to bring cash.

Sid 6.7 · #5 (**permalink**) 07-16-2009, 10:15 PM

That seems odd she insists on cash when she has to then mail in a check to payoff the loan.

Cashiers checks are treated like cash when deposited. So it's not like they would place a hold on it or anything.

stevet47 · #6 (**permalink**) 07-16-2009, 10:33 PM

They wont have to wait for a bank/cashiers check to clear, it is automatic. I say if she isn't cool with that (especially given that fact that she works at a bank) something fishy is going on.

kimdizzle · #7 (**permalink**) 07-16-2009, 10:36 PM

Well, with all the Nigerian cashier check scams, I can see why she would be weary accepting one from me.

Tork · #8 (**permalink**) 07-16-2009, 11:06 PM

I wouldnt want to pay cash or cashiers check without getting the title.
Where is the title being held? Possible to meet there, pay off the loan and get the title on the spot. And yeah, cashiers check is really same as cash, and if she has any doubt she can call the issuer.

kimdizzle · #9 (**permalink**) 07-16-2009, 11:06 PM

According to CarBuyingTips.com Guide To Cashiers Check Fraud, Escrow Fraud, Auto Fraud, Internet Fraud, Nigerian Scams , cashier's checks aren't treated as cash.

kimdizzle · #10 (**permalink**) 07-16-2009, 11:29 PM

Honda Financial has the title. She says it's an e-title (something the state of Kansas started recently supposedly) so I shouldn't have to wait too long to get the title. If she signs a Bill of Sale, does it mean anything legally (as far as the title)?

Tork · #11 (**permalink**) 07-17-2009, 12:10 AM

Quote:

Originally Posted by kimdizzle

Honda Financial has the title. She says it's an e-title (something the state of Kansas started recently supposedly) so I shouldn't have to wait too long to get the title. If she signs a Bill of Sale, does it mean anything legally (as far as the title)?

I think in most states title>bill of sale. How about you both talk to honda financial, and see what needs to be done so the title can be sent to you directly. If the title can be transferred and sent to you directly then you could even wire transfer the funds to H.F which would be even faster and paying H.F directly would be safer for you.

kimdizzle · #12 (**permalink**) 07-19-2009, 05:36 AM

I finally found a credit union that would let me withdraw the cash. Got the Fit on Friday. I'm so happy to finally have it! I've been emailing the owner since I saw the ad on craigslist in May. It's an 07 SSM Fit Sport. Now on to figuring out what I wanna do with it...