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-   -   US Practice of Deposit with Boat Purchase (https://www.cruisersforum.com/forums/f129/us-practice-of-deposit-with-boat-purchase-63758.html)

svBeBe 13-07-2011 05:47

Re: US Practice of Deposit with Boat Purchase
 
Quote:

Originally Posted by Doodles (Post 727912)
O.K., that's a lot like here in Thailand. But first you got to go to the bank or ATM and get the cash and then go to the P.O. or wherever and make the payment. All to avoid writing a check which I can do at home and drop in the mail anytime of day or night. That's seems like more work to me but I'm use to checks.

Totally off the thread topic, but payments at the post office are forbidden in the United States. To change the laws and allow our post office to handle transactions as post offices in New Zealand, Australia, Thailand and many other countries do would require and Act of Congress. Literally.

One of the main reasons our post office is so unprofitable. Congress controls their every action.

Judy
S/V BeBe

Curmudgeon 13-07-2011 14:51

Re: US Practice of Deposit with Boat Purchase
 
Checks may be obsolete but they have their uses. For one thing, you can stop payment on a check. For the record, I pay my bills, etc. electronically as well. But I still have a checkbook.

If you want to do everything electronically, then you should ask the broker to set up an escrow account at a local bank, with someone other than the broker as escrow agent (unless you are using a buyer's broker as well).

Also for the record, I was interested in purchasing a new Southerly 110 at one point last year. Northshore insisted on 20% down before it would start doing any work. The concept of 'earnest money" is not unique to the USA.

And yes, you can make payments ands complete transactions at a U.S. post office by purchasing a postal money order (you can do so with a debit or credit card) and mailing the money to the payee.

Kettlewell 13-07-2011 15:03

Re: US Practice of Deposit with Boat Purchase
 
Still OT. I pay most bills electronically, but here in the USA there are still quite a few that you either can't do that way or else it costs you more. For example, my life insurance can only be paid by check. You can pay the IRS by credit card, but there is a hefty service fee. Many things my kids do through the schools will only accept a check for payment. Plus, there are not generally accepted convenient ways to transfer funds between individuals other than cash or checks. My yacht club annual dues can only be paid by check. My mooring fee can only be paid by check. Etc. Etc. At this moment I'm sure it is probably possible to come up with workarounds for these things, like postal money orders or bank checks, but having a checking account is pretty much required in the USA unless you are willing to put up with a lot of inconvenience.

SaltyMonkey 13-07-2011 17:14

Re: US Practice of Deposit with Boat Purchase
 
Look, I find it strange that everyone here who professed they want to sail in international destinations don't have an international bank. HSCB and Citibank, for example, are ubiquitous and are not going under.

Kettlewell 13-07-2011 18:00

Re: US Practice of Deposit with Boat Purchase
 
What difference would an international bank make in this case? For other things I found that my regular, small hometown bank ATM cards were all I needed all over the Caribbean and Europe, and even the small banks allow you to move funds around and pay a lot of bills electronically. Plus, the local bank has the advantage that I can call them up and speak to a real human being who knows my name and doesn't look at me as a number.

SaltyMonkey 13-07-2011 18:07

Re: US Practice of Deposit with Boat Purchase
 
The difference:

1) we accept foreign checks
2) inter bank transfers if you are lucky are FREE

s/v Jedi 14-07-2011 04:24

Re: US Practice of Deposit with Boat Purchase
 
One of my banks is RABO Bank which is perfectly international, has the best credit rating (triple-A) last time I checked and still does not use cheques anymore.

It's amazing how some can't just accept that cheques are a thing of the past for a large part of the world. They did away with them because they didn't want them anymore, had no need for them anymore. Paying tax? electronically of course, 2 mouse clicks or taps on the iPhone and done. Pls. just stop trying to convince others that they must change their bank to one that gives you a cheque book :rolleyes:

p.s. I can transfer funds, using electronic wire, to any US bank account. So why can't you do the same if you have a US bank? Why the need for cheques? I really don't get it.. you just put the money on their account and that's it, how can they not accept that form of payment and insist on a cheque?

ciao!
Nick.

DotDun 14-07-2011 05:10

Re: US Practice of Deposit with Boat Purchase
 
Quote:

Originally Posted by s/v Jedi (Post 728917)
p.s. I can transfer funds, using electronic wire, to any US bank account. So why can't you do the same if you have a US bank? Why the need for cheques? I really don't get it.. you just put the money on their account and that's it, how can they not accept that form of payment and insist on a cheque?.

Nick,

One issue might be the US banks themselves. Electronic payment is free, so is electronic bill pay via having the bank issue the check. US Banks finally caved in on these when they realized it actually saves them money. Wire Transfers? They still charge a high fee, I think last time I used one it was either $15 or $25. Hence, a cashier's check/personal check and postal mail is cheaper. The Wall Street driven US businesses have a closer watch on wringing as much profit out of their business and care less about what their customer actually wants.

savoir 14-07-2011 05:14

Re: US Practice of Deposit with Boat Purchase
 
Last time I sent a TT to a US bank they charged $20 just to receive it.

stillbuilding 14-07-2011 06:23

Anyone know who or what co. Owns Paypal? Would probably tell you who is snowing the consumer.

Doodles 14-07-2011 06:31

Re: US Practice of Deposit with Boat Purchase
 
Quote:

Originally Posted by stillbuilding (Post 728974)
Anyone know who or what co. Owns Paypal? Would probably tell you who is snowing the consumer.

eBay.

What do you mean by snowing the consumer?

s/v Jedi 14-07-2011 07:16

Re: US Practice of Deposit with Boat Purchase
 
Quote:

Originally Posted by DotDun (Post 728929)
They still charge a high fee, I think last time I used one it was either $15 or $25. Hence, a cashier's check/personal check and postal mail is cheaper.

Ah okay, they charge you through the eyeballs regardless if it's domestic or international wires.

I've been looking at HSBC and ScotiaBank etc. What they lack is interest rates on money parked with them.

cheers,
Nick.

Multitalent 14-07-2011 07:35

Re: US Practice of Deposit with Boat Purchase
 
Hello Pablo and other "buyers" In the USA the listing agreements which the seller signs to authorize the broker to represent his boat, specifically states that it is forbidden for the broker to state any other price than the listed price. We get many many dreamers making "Would you take" offers. Without any bonafide deposit these are not worth even reading, much less bothering the owner. A buyer should find a broker he trusts then work with him, his broker will work with other brokers and get a feel for what a seller may take for a vessel and wouldn't ask you to submit a bonafide PA, unless he thought it had a high probability of sucessful sale, as he doesn't want to waste his time either. If you just contact every random broker listing a boat that interests you then they have no loyalty to you only their seller.
Many of the most desireable models are in short supply, it is not a Buyers Market unless you are looking at 25 year old moldy tubs. note that 10% while standard in the Americas (North and south) european brokers generally operate at a lower share.

SaltyMonkey 14-07-2011 09:08

Re: US Practice of Deposit with Boat Purchase
 
Quote:

Originally Posted by s/v Jedi (Post 729002)
Ah okay, they charge you through the eyeballs regardless if it's domestic or international wires.

I've been looking at HSBC and ScotiaBank etc. What they lack is interest rates on money parked with them.

cheers,
Nick.

Ah well, you just need to use them as a day tank for immediate funds. Also will protect your assets from bad jujus and hackhacks having multiple accounts

ssanzone 14-07-2011 09:59

Re: US Practice of Deposit with Boat Purchase
 
a few years ago in a greenwich ct car dealership, i watched some kid walk in and ask to look at a few cars. i would have guessed him at 15 or 16 and smiled a bit at how cheeky he was.

apparently the 1st salesman shared my initial assessment and boldly proclaimed 'i am too busy to work with you'

the kid grabbed the next sales guy and said 'i'll take the blue on... here is my american express card' and then the sales manager ran out and ushered him into the office. he drove that car off the lot before i left the show room.

as a broker... i would want to know i was working with a serious and qualified buyer.

as a seller i expect my broker will only pass on serious and realistic offer (otherwise i would just sell it myself and respond to the 4583745893745389 requests for more info etc).

as a buyer, i believe it is all about me and expect the broker and seller to understand that.

here is my actual opinion.

if you consider the broker your partner in the acquisition (and he is licensed and u trust him), and you are serious about the boat and your offer for her, put the $$ in escrow.

if you consider him to be a vendor, explain you are not willing to put any $$ into escrow, confirm your offer and direct him to act accordingly.

is he working with u or is he working for u?

as a last thought, i dont think geography is working in your favor and while this guy may not be the one, you will likely need a broker that is eager to work with you and help you move your purchase forward.

gl.

-steve


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