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Buying PM with a Third Party Check

viking

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#1
I got a fat insurance check. Anyone know of any dealers that will take it for PMs?

Called around today, all said no. Only personal checks.
 

GOLDBRIX

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#2
NOPE. Why do want to send a Third Party Check ? Hell, Banks will place a HOLD period on big third party checks just to make sure they're good.
Deposit the check. Make your purchase.
 

D-FENZ

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#3
If you just called around, of course they all said no. If you have properly cultivated a relationship with a local coin dealer it should be easy if you're not in a hurry. Just wait for the check to clear to pick up the goods.

Question: Why do you need to do it that way?
 

CopperSilverGold

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#4
If you just called around, of course they all said no. If you have properly cultivated a relationship with a local coin dealer it should be easy if you're not in a hurry. Just wait for the check to clear to pick up the goods.

Question: Why do you need to do it that way?
You nailed it. This would scream red flag to me if I were a dealer. They work with small margins to begin with and having to wait for a 3rd party check to clear from someone they may not even know is probably not worth it.

And your question was the first thing that popped into my mind when I saw the title before even reading the thread. I am curious about this as well.
 

Silver

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#5
In 2003 I sold some land, the bank that was financing the purchase asked me how I wanted the check made out - I asked for two cashiers checks made out to pm dealers( I had two purchases queued up in advance) and the balance in cash. That is no longer permitted by the feds - you have to deposit the check in your account and have the cashiers checks deducted from your account, so they have a paper trail to stop terrorism financing.
 

hammerhead

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#6
In 2003 I sold some land, the bank that was financing the purchase asked me how I wanted the check made out - I asked for two cashiers checks made out to pm dealers( I had two purchases queued up in advance) and the balance in cash. That is no longer permitted by the feds - you have to deposit the check in your account and have the cashiers checks deducted from your account, so they have a paper trail to stop terrorism financing.
Clever way of divining up proceeds.