Why Cash Is Best Payment Method When Buying A New or Used Boat
Unfortunately, cheques or banker's drafts are no longer totally secure methods of receiving payment. In this age of the internet we are all now familiar with bogus purchaser emails and scams that arrive into our inboxes.
With a banker's draft, you should ensure that your bank has honoured the draft before signing the boat over to the buyer, as payment is no longer guaranteed. This method helps protect you legally in the event of a cheque or draft not being honoured. To ensure that a cheque is going to be honoured, ask your bank for an express clearance. A charge will likely apply for this service.
Also, do not accept a cheque for an amount more than your asking price! Some sellers have actually accepted a cheque made payable to a third party for more than their asking price and then issued 'change' for the difference and been surprised that they lost both boat and money.
Even cash could be counterfeit. Unlikely, but possible... so when accepting cash as settlement, it will be for you to make a judgment as to the trustworthiness of your purchaser.
