Mr.Manchester

im receiving a bankers draft tomorrow for an item i have for sale, can you cancel a banker draft or is it as good as cash? and will it take 3-5 days to clear like a cheque?

I dont want to send the item until i know it all paid for.

Dazza012

They won't issue a bankers draft unless the person applying for it has the money in the acct.
it's as good as cash, just take it to ur branch pay it in, and hey presto there's ur dosh, assuming it's a genuine one and not a fake so don't release the goods till ur happy.

WISHING

But still takes up to 3 days to land in the account, even though its comes straight out your accoubt when you apply for one ????

Is this not correct ?

Dazza012

Pass...
never had one myself, given 1 out when i brought my scooby and the chap was as happy as Larry with it.

Mr.Manchester

thats what i have been told, it will take 3 working days to clear?

Brush

Used to work in a Bank.(Escaped)

Yes, it will take 3 days to clear. You can pay a fee to clear it overnight or bribe the people at your branch to let you draw against it, subject to paying interest for 3 days. You need to show them it's a draft when you pay it in.

Never known one bounce in 25 years.

Nonsense isn't it?

Dazza012

Well i handed over my draft, and he looked at it, signed the V5 over to me and said, thx's and see ya......
I would ring ur bank in the morning and check the details of the draft with them, if they say its cosha, then u can send u goods knowing that ur money will be there, ok be it in 3 days, but once written cannot be stopped (i don't think)

Figment

Will take normal clearance time for the funds to be credited to your account, but provided it is not a forgery, the funds are guaranteed (i.e. the draft will not bounce)

P1Fanatic

AFAIK they are like cheques apart from once the funds are in your account then it cant be cancelled unlike a normal cheque.

Still you hear stories all the time about Bankers Drafts not being worth the paper they are written on.

Im selling my car and will only accept cash. And even then I will get buyer to pay it into my bank so they can check its legit and obviously count it all for me.

Simon.

Mr.Manchester

i will see what the bank say in the morning, if i can rush it through then i will

met

assk for a mini statement or a stamped bank slip to say that its been withdrawn from that account on that day, also a draft can bounce if the person calls the bank after handing over the draft & driving away by calling the bank & saying that the draft was lost or stolen!

apples24

iTrader: (1)

met but when the stolen draught gets deposited by the chap who its made out to it obviously wont be stolen

and also i herd the draught is the property of the person its made out to and not the bloke who requested it??

Stevie

Met,

A bank WILL NOT stop a draught if you phone them and tell them it is lost. It takes at least a week to sort indemnity etc in this event, by which time the recipient of the draught will have paid it in and it will have cleared. If you try this with your bank, and they re credit your account with the amount, the non lost draught is still out there, so someone is going to f##k you, either your bank or the person you bought the car off!!

Draught is far better than cash, the only potential problen being a forged draught, but as mentioned, ask the purchaser to bring statement showing the draught being debited from their account.

Stevie

Oh, and why the f**k am I not spelling draft correctly?

Mr.Manchester

The draft didnt arrive this morning so hopefully it will tomorrow, when it comes il contact the bank where the draft was issued to verify that it has been made by them and is not a fake.

so you reckon its safe to send the item once the draft is verified to be real?

harvey

iTrader: (48)

A draft is secure and as good as cash apart from the delay in getting it in. The only potential problem is that most people have never seen one and do not know what one looks like so you need to be on your guard for scams and forgery.

Jza

You can pay £12 odd and they will process it immediatly into your account.

A bankers draft IS NOT AS GOOD AS CASH.. don't part with a car until its cleared

Jza

chiark

A BANKERS DRAFT IS NOT GUARANTEED.

Wait for clearance.

The draft can turn out to be forged or stopped until it is cleared.

They're a waste of money IMHO, and the bank's are holding all the cards: you have no guarantees, no comeback, no nuffink.

Stevie

If a bankers draft is not guaranteed why on earth do solicitors

a) accept them

and

b) conduct property transactions whilst the draft is still sitting on their desk?

By definition, if they were'nt guaranteed there actually would'nt be a need for them!!