cts5555

Got a guy coming to buy a car on sunday, he wants to know if he can pay by a bankers draft, i understand what this is but is there any risk to myself? How can i tell its real etc?

Any info? thanks

GU5

Only by calling the bank, and make sure you get the number from 118 whatever. Don't take the sellers word as to the number, it could be his mate etc.

Also banks don't open on Sunday so you won't be able to check.

ChrisB

Seconded, do the deal Monday so you can ring to check.

russell hayward

You may find the bank won't tell you anything due to data protection.

They may also tell you a draft is not guaranteed payment until it has gone through clearing.


Highly recommend seeing some photo ID and proof of address from your purchaser, you can't be too careful these days...

fast bloke

yep - ask him to bring proof of identity (passport or DL) and proof of address (bank statement from the bank which produced the draft.) Copy all of them and agree with him that you will give him a receipt detailing the transaction but you wont hand over the docs until the draft has cleared. If he is honest this wont be a problem, but if he is hookey he will run away

GE90

A bankers draft can be cancelled by the originator anytime up until it is cleared! Be careful!

MAC76

Be very carefull, i got caught out for the tune of £26500 with a bankers draft.... 3 weeks after it was banked the money was taken out of my account and i was told it was fake/stolen!
Best way nowadays is a bank transfer

brihoppy

when i bought my scoob, and it came time to hand over the payment, the guy selling it couldnt believe id brought 14 grand in cash with me...!

The Rani

that's illegal too nowadays

V1CK1

I wouldnt accept bankers draft, there are lots of fake ones nowadays!

The Rani

My bank told me the safest way to transfer a large amount of money is to go to the bank together, get the buyer to get the cash out in the bank and put it straight into yours - and all will be on CCTV.

brihoppy

is that a pisstake or are you serious because i wouldnt be surprised if that was true these days...?!?! i was probably supposed to pay some form of stealth tax no doubt...!!!

The Rani

something to do with money laundering. Can only go up to £10,000 apparently - nearly got caught by that one a few weeks ago myself. And if you pay in a large amount of money they're just as likely to want to know where you got it from!

StickyMicky

brihoppy

thanks for the gen...and if anyone looking at this feels like investigating me, bring it on...i prefer a straight fight to all this sneaking around...!!!

The Rani

Someone I know, whose bank account is always very nearly overdrawn, went to pay in a cheque for £25K recently and they wanted to know where that came from. Luckily he had the envelope and accompanying letter from the solicitors dealing with his late father's estate with him.

CooperS

It's best to go to the bank with him and bank it before handing over the keys, that's what I did when I sold my Mini.