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Bankers draft..

DaveMK^ Jul 16, 2008

  1. DaveMK^

    DaveMK^ Member

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    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
     
  2. Caesium

    Caesium My BM is fixed! VCDS Map User

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

    DaveMK^ Member

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    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.
     
  4. Caesium

    Caesium My BM is fixed! VCDS Map User

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    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!
     
  5. karl7900

    karl7900 Active Member

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    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.
     
  6. Nilz

    Nilz Defo worth the wait :) Team Ibis TFSI Owners Group quattro Audi A4 S-line owners group saloon Manual

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    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
     
  7. karl7900

    karl7900 Active Member

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    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.
     
  8. karl7900

    karl7900 Active Member

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    It's basically a cheque issued by a bank against money in a customers account.
     
  9. Just Plain Old

    Just Plain Old Active Member

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    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!
     
  10. Caesium

    Caesium My BM is fixed! VCDS Map User

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    That's what you get for going to the bank dressed like this JPO
    [​IMG]

    most people put their cash inside their jacket
     
  11. Kontraband

    Kontraband Active Member

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    that jackets worthless, its all dollars! ;)
     
  12. jojo

    jojo Looking for Boost! Staff Member Moderator Team Daytona quattro Audi S3 Audi A6 Audi Avant Owner Group

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

    DaveMK^ Member

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

    Mikey Member

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    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.
     

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