Bankers draft..

[DaveMK^]

Would you take payment for your car from someone with a bankers draft? Ive never received payment by one before so have no idea how they work.

Are they safe?
How long to they take to clear?
Can the person cancel the draft once Ive paid it in etc?

Thanks

 

[Caesium]

Would you take payment for your car from someone with a bankers draft? Ive never received payment by one before so have no idea how they work.

Are they safe? can be forged
How long to they take to clear? treated like cash
Can the person cancel the draft once Ive paid it in etc? yes!

Thanks

get cash or a bank transfer, and get a second body to check the cash.

 

[DaveMK^]

Well he was going to take me into barclays (his bank) watch the BD be made and then we go into my bank to pay it in, still not safe?

I prefer cash so I might have to get him to do it that way.

 

[Caesium]

If you are going into the bank then get him to do a transfer into your bank, they can do that over the counter.
That's as safe as you are going to get!

 

[karl7900]

When I sold my last car I was paid by bankers draft, but, I didn't hand the car or the log book over until I had made sure the money was in my account.

 

[Nilz]

I think the bank transfer would be the best and easiest option, at the end of the day, there is no SAFE way anymore is there??

I also believe if you both have accounts in the same place, you can do same day transfers FOC

 

[karl7900]

I forgot to point out, I worked with the guy who bought my last car. Get a bank transfer done as that should be the safest.

I was only pointing out my own experience of a bankers draft.

 

[karl7900]

Have no idea what a bankers draft is???

It's basically a cheque issued by a bank against money in a customers account.

 

[Just Plain Old]

I wouldn't take cash,,, once handed over the risk is yours.... if you get clonked on the head outside the bank.......??

Bank transfer is OK but can still be reversed for virtually any reason. If you see the bank draft written out in front of you at the bank I would go for that. There are only very, very limited reasons they can be cancelled. Because the guy has changed his mind, or he later finds something wrong with the car, are not among them!

 

[Caesium]

I wouldn't take cash,,, once handed over the risk is yours.... if you get clonked on the head outside the bank.......??

That's what you get for going to the bank dressed like this JPO

most people put their cash inside their jacket

 

[Kontraband]

that jackets worthless, its all dollars!

 

[jojo]

You can call the bank up where the Banker's draft is issued to confirm it's genuine right?

 

[DaveMK^]

ill be going into his bank while the draft is being made, so im guessing its gonna be ok!

 

[Mikey]

going back a few years now, mate of mine sold a Audi a8, was given a duff bankers draft. Bank accepted it at first but then 3 days later they informed my mate that the draft was a fake. Car gone, also out of pocket for £13k. Ouch.