My question involves a consumer law issue in the State of: IA (sorry we had trouble picking the correct forum/sub forum for this question)
We will be selling our car to a private party, it is a substantial amount. Our past experience has been very good, we totally trust banks like Wells, BofA (since they actually withdraw funds from your account upon issuing a cashier check, you can call and verify veracity of check, once check is issued they have controls on cancelling it etc), however the buyer will be bringing a cashier check from "First Federal Savings Bank of Angola, Angola, IN". We do have copy of check, it says check issued to <our name> and/or <their name>. First we have not seen this kind of check before (issued to both seller and buyer) and combined with that, the bank seems too small.
While we will be calling this Angola bank to help alleviate our concerns, but we are not sure, if that is enough due diligence and the correct path. We have a trouble finding the bank website, we did some searches it seems the bank's income is like 500k, or maybe we didn't search correctly :)
We will be selling our car to a private party, it is a substantial amount. Our past experience has been very good, we totally trust banks like Wells, BofA (since they actually withdraw funds from your account upon issuing a cashier check, you can call and verify veracity of check, once check is issued they have controls on cancelling it etc), however the buyer will be bringing a cashier check from "First Federal Savings Bank of Angola, Angola, IN". We do have copy of check, it says check issued to <our name> and/or <their name>. First we have not seen this kind of check before (issued to both seller and buyer) and combined with that, the bank seems too small.
While we will be calling this Angola bank to help alleviate our concerns, but we are not sure, if that is enough due diligence and the correct path. We have a trouble finding the bank website, we did some searches it seems the bank's income is like 500k, or maybe we didn't search correctly :)
Sales Agreements: Selling Vehicle to Private Party: is Accepting Cashier Check from a Small Bank Safe
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