Cash is still king. If you think it isn’t, then make sure the check clears the bank first.

Investigators in Northern Ohio are looking for a man by the name of Lamar Johnson who they believe has purchased several motorcycles and some trucks with fake checks. In all the transactions, Johnson allegedly paid for the bikes with bogus checks. By the time the sellers realized that the check was no good it was too late.

One of the victims called “Eugene” sold his Honda Sport Bike for $6,000 to Johnson through craigslist. Eugene says Johnson showed up late at night and paid with a U.S. bank check.  “It looked like a legitimate check,” Eugene said. It looks like Eugene should have been a bit more cautious.

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We posted the above story as a reminder on how to handle payments when you are selling your motorcycle.

Make sure you receive payment by either cash or a certified check. If you decide to take a cashier’s check or a certified check, be sure to ask the issuing bank to verify that the check is genuine and the account contains sufficient funds to cover the check amount. Wait until the check clears before you hand over the keys and transfer the title.

With that said, we still believe cash is king. If you are uncomfortable with large amounts of cash then you can always go to the bank with the buyer and make an electronic transfer to your account.

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Source [wkyc.com, Read Entire Story]