bankers draft as payment for car ok?
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Well, the say Bankers Drafts are as good as money and are pretty straight but they can be forged. I always air on the side of caution with these things and take them, and the buyer, along to my bank who will clear the draft there and then (not all banks do this btw so check before going)
You can contact their bank and verify the draft but bear in mind that a)the person who issued the draft can cancel it at any time b) the draft only guarantees sufficient funds were in the account at the time the draft was issued.
If I were you I'd take them along to your bank and do the transaction there.
HTH
You can contact their bank and verify the draft but bear in mind that a)the person who issued the draft can cancel it at any time b) the draft only guarantees sufficient funds were in the account at the time the draft was issued.
If I were you I'd take them along to your bank and do the transaction there.
HTH
Do as Tabs said and take them to your bank, but before they come to you with it fid out the issuinh nak of the draft and ring them to check what hours they will be able to validate it in IE some banks will not validate them after 3.30 and some are able to do it on saturdays.
This is imortant - there is a lot of BS talked about drafts. The only difference between a cheque and a draft is that the bank will deduct the cash from the account of the person issuing it straight away. Itthen takes four days to clear. If you are told "its as good as cash" you are being duped, particularly when you pay a draft in to your account (even if you have verified it with the buyers bank)and allow your buyer to drive away in your car. he has your car immediately but you have to wait four days before you can use his payment money. Insist on a an electronic transfer or tell the buyer he must wait for the draft to clear in your account.
Quote: posted by BORA_TOM on 01/03/2005 21:08:08
Cheers lads, thought I would err on the side of caution just wanted other people's experiences
Basically a bankers draft outside of banking hours....NO.
Much easier to get the person to do a CHAPS electronic transfer that will be credited to your account immediately AND can be checked by you simply by phoning your bank in their presence to confirm receipt AND credit of funds to your account. In this case you both win....no funds are credited before the buyer also has access to the car.
Lets not forget that as a buyer you don't want to give up your funds until you have access to the car, which is just as important![!]
Cheers lads, thought I would err on the side of caution just wanted other people's experiences
Basically a bankers draft outside of banking hours....NO.
Much easier to get the person to do a CHAPS electronic transfer that will be credited to your account immediately AND can be checked by you simply by phoning your bank in their presence to confirm receipt AND credit of funds to your account. In this case you both win....no funds are credited before the buyer also has access to the car.
Lets not forget that as a buyer you don't want to give up your funds until you have access to the car, which is just as important![!]
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CHAPS doesn't go through immediately Doc, it can go through anytime before 3pm (which is the cutoff time for same day payments).
When I sold my R I went through near enough every option to receive the payment. The Buyer had a Lloyds TSB account and in the end we resorted to doing an inter-bank transfer via Lloyds TSB to a colleague in work who had an account with them. The payment went through instantly and funds were guaranteed. We then did a CHAPS transfer to my account with the Alliance and Leicester and that took a further 2 hours to complete.
When I sold my R I went through near enough every option to receive the payment. The Buyer had a Lloyds TSB account and in the end we resorted to doing an inter-bank transfer via Lloyds TSB to a colleague in work who had an account with them. The payment went through instantly and funds were guaranteed. We then did a CHAPS transfer to my account with the Alliance and Leicester and that took a further 2 hours to complete.
Quote: posted by Tabs on 04/03/2005 12:47:13
CHAPS doesn't go through immediately Doc, it can go through anytime before 3pm (which is the cutoff time for same day payments).
When I sold my R I went through near enough every option to receive the payment. The Buyer had a Lloyds TSB account and in the end we resorted to doing an inter-bank transfer via Lloyds TSB to a colleague in work who had an account with them. The payment went through instantly and funds were guaranteed. We then did a CHAPS transfer to my account with the Alliance and Leicester and that took a further 2 hours to complete.
Fair points Tabs but that's not my experience when using a clearing bank and specifically Lloyds, the way we found around it was using a Business Banking Manager to perform the transaction not the counter staff! AND with A & L they are not a clearing bank which adds more time into their processing equation which I am sure extends to all such transfers except cash...(cf: cheque clearing time)[
]
....and is 2 hours really too long to wait before releasing the goods[?]
CHAPS doesn't go through immediately Doc, it can go through anytime before 3pm (which is the cutoff time for same day payments).
When I sold my R I went through near enough every option to receive the payment. The Buyer had a Lloyds TSB account and in the end we resorted to doing an inter-bank transfer via Lloyds TSB to a colleague in work who had an account with them. The payment went through instantly and funds were guaranteed. We then did a CHAPS transfer to my account with the Alliance and Leicester and that took a further 2 hours to complete.
Fair points Tabs but that's not my experience when using a clearing bank and specifically Lloyds, the way we found around it was using a Business Banking Manager to perform the transaction not the counter staff! AND with A & L they are not a clearing bank which adds more time into their processing equation which I am sure extends to all such transfers except cash...(cf: cheque clearing time)[
]....and is 2 hours really too long to wait before releasing the goods[?]
Quote: posted by turbo_gti on 04/03/2005 16:01:54
If they have the money available. Get them to pay cash..... simple.
Explain[?]....I hope you don't mean "physical" cash in hand, not really wise (or necessary) if you are talking multiple thousands of pounds eg: ?10, 20, 30k plus etc etc etc
If they have the money available. Get them to pay cash..... simple.
Explain[?]....I hope you don't mean "physical" cash in hand, not really wise (or necessary) if you are talking multiple thousands of pounds eg: ?10, 20, 30k plus etc etc etc
I would not accept that sort of cash never mind carry it around.
The sort of person who has that sort of cash is not to be trusted. If anyone knows anything about money laundering its increasingly difficult to be able to have large volumes of cash legally.
If you have different banks, get a bankers draft and arrange to get it cleared together. If you both use the same bank go in together and arrange a transfer, that way neither of you has to give the other all your personal and banking details.
The sort of person who has that sort of cash is not to be trusted. If anyone knows anything about money laundering its increasingly difficult to be able to have large volumes of cash legally.
If you have different banks, get a bankers draft and arrange to get it cleared together. If you both use the same bank go in together and arrange a transfer, that way neither of you has to give the other all your personal and banking details.
I paid for my car by bankers draft but I was buying from a dealer and he was quite happy to give me the keys there and then without authenticating the draft or waiting for it to clear.
Personally though, I'd ask to wait for the draft to clear and issue that to the person in writing so they don't feel they've given you money but not got the car!
Personally though, I'd ask to wait for the draft to clear and issue that to the person in writing so they don't feel they've given you money but not got the car!
Lets not be too 'sinister' about cash bu you should be careful. We accepted a cash payment of ?18k a few months ago for a private car sale. We did it by calling in to tell our local branch that the cash was coming and then, when our buyer arrived, taking him to the branch with the cash. The trick is you both go to the counter, present the paying in slip and then have the buyer hand over the cash to the staff member. You never actually even touch it or have it in your possesion. If the bank accepts it then you have no problem. All the authenticity verification and counting is down the the buyer and the bank staff. The money is then instantly credited to your account and we were able to buy our new car the next morning with a debit card. We could not have done this with a draft
Quote: posted by col.mc on 04/03/2005 17:05:22
I would not accept that sort of cash never mind carry it around.
The sort of person who has that sort of cash is not to be trusted. If anyone knows anything about money laundering its increasingly difficult to be able to have large volumes of cash legally.
So your calling me a criminal I paid for both my last cars with cash, does this make me a crimiinal!!!! it is not increasingly difficult to have cash legaly, if its in you bank go and withdraw it whats the problem? I think youve been reading the daily mail too much.
I for one will not drive 400 miles to see a car and not take adequate payment with me at the end of the day if the cars right why would I want to go twice!
I would not accept that sort of cash never mind carry it around.
The sort of person who has that sort of cash is not to be trusted. If anyone knows anything about money laundering its increasingly difficult to be able to have large volumes of cash legally.
So your calling me a criminal I paid for both my last cars with cash, does this make me a crimiinal!!!! it is not increasingly difficult to have cash legaly, if its in you bank go and withdraw it whats the problem? I think youve been reading the daily mail too much.
I for one will not drive 400 miles to see a car and not take adequate payment with me at the end of the day if the cars right why would I want to go twice!
Quote: posted by col.mc on 04/03/2005 17:05:22
I would not accept that sort of cash never mind carry it around.
Wise but again its personal choice.
The sort of person who has that sort of cash is not to be trusted.
er somewhat of an inaccurate sweeping generalisation me thinks
If anyone knows anything about money laundering its increasingly difficult to be able to have large volumes of cash legally.
Indeed and is a consequence of criminal activity but lets remember it was not so long ago, cash transactions were the norm. Merely an observation[]
...and sorry BORA_TOM for going a little off-topic but I think you should have gained some useful info[?]...well I hope so. Good luck[]
I would not accept that sort of cash never mind carry it around.
Wise but again its personal choice.
The sort of person who has that sort of cash is not to be trusted.
er somewhat of an inaccurate sweeping generalisation me thinks
If anyone knows anything about money laundering its increasingly difficult to be able to have large volumes of cash legally.
Indeed and is a consequence of criminal activity but lets remember it was not so long ago, cash transactions were the norm. Merely an observation[
]...and sorry BORA_TOM for going a little off-topic but I think you should have gained some useful info[?]...well I hope so. Good luck[
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