Bankers Draft..
#1
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Bankers Draft..
Whats the best way to take a payment for a car?? I don't kow the guy at all and I heard that bankers draft's aren't always that secure!?
#2
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Bankers draft is fine, the best way is to both go along to your bank and pay it in...... if there are any problems that's the point at which they'll likely surface
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the thing is the guy is sending it in the post, he lives in Ireland and he's getting the car transported!? Don't bankers drafts take a while to clear!?
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No, they're effectively cash.... and are instant, I presume he is sending the draft in advance of collecting the car?
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Sounds very dodgey, a chap sent me a "Bank of Ireland" bankers draft and wanted the car shipping, cashed the bankers draft in no problems at all, money even showed up in my account (although not available to draw on), then they found it was fraudulent the day it should of cashed.
Explain to the chap that if he sends a bankers draft/cheque your not bothered, but you wont be releasing the car until it has cleared, if he is genuine, he will understand and wait.
My advice
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A bankers draft is a good idea.. obviously cash is better... but... just make sure it is genuine...
we have seen a marked increase in the use of forged bankers drafts used to obtain vehicles from unsuspecting vendors. Such is the extent of the problem that the police are collating information however, this is unlikely to be sufficient to ensure the problem is resolved. A Bankers Draft is a method for the payment of funds which is guaranteed by your bank and is therefore often considered as more secure than a personal cheque which might not be honoured. A Bankers Draft is often used where it's not convenient or desirable to receive cash. A bankers draft is similar to a cheque but drawn on the bank (or building society ) itself against a cash deposit; the money has already been debited from the payers account, giving the payee the satisfaction that payment is guaranteed. However, a bank will obviously not honour a forged draft! Before you accept a bankers draft, undertake enquiries to establish its bona fides - Check with the bank that issued the draft to make sure it is genuine. Most people are unfamiliar with such documents - forged and stolen drafts ARE in circulation. Drafts are probably easier to forge that an personal cheque!
If your vehicle is taken from you by use of a forged bankers draft, you are faced with a very serious situation: 1. you are the victim of a crime that the police may not be overly enthusiastic about investigating2. your vehicle insurers are likely to reject your claim for the vehicle loss; it is highly likely your policy will have a 'deception' exclusion.3. there is a likelihood that an innocent purchaser of your vehicle may acquire title! you stand to lose everything. It is therefore important that you obtain the facts and ensure that everything is done to protect your position and ensure you possess the facts required to make an informed decision about your situation.
we have seen a marked increase in the use of forged bankers drafts used to obtain vehicles from unsuspecting vendors. Such is the extent of the problem that the police are collating information however, this is unlikely to be sufficient to ensure the problem is resolved. A Bankers Draft is a method for the payment of funds which is guaranteed by your bank and is therefore often considered as more secure than a personal cheque which might not be honoured. A Bankers Draft is often used where it's not convenient or desirable to receive cash. A bankers draft is similar to a cheque but drawn on the bank (or building society ) itself against a cash deposit; the money has already been debited from the payers account, giving the payee the satisfaction that payment is guaranteed. However, a bank will obviously not honour a forged draft! Before you accept a bankers draft, undertake enquiries to establish its bona fides - Check with the bank that issued the draft to make sure it is genuine. Most people are unfamiliar with such documents - forged and stolen drafts ARE in circulation. Drafts are probably easier to forge that an personal cheque!
If your vehicle is taken from you by use of a forged bankers draft, you are faced with a very serious situation: 1. you are the victim of a crime that the police may not be overly enthusiastic about investigating2. your vehicle insurers are likely to reject your claim for the vehicle loss; it is highly likely your policy will have a 'deception' exclusion.3. there is a likelihood that an innocent purchaser of your vehicle may acquire title! you stand to lose everything. It is therefore important that you obtain the facts and ensure that everything is done to protect your position and ensure you possess the facts required to make an informed decision about your situation.
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#8
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You used to be able to withdraw on them as soon as you cashed them in, but not now due to many fraudulant ones around.
#9
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See nothing to worry about
Just make sure you receive it in advance of the car (or documents going bye-bye) and check with the issuer of the draft (to make sure it's genuine) before paying it into your bank and letting it clear......
Easy
Just make sure you receive it in advance of the car (or documents going bye-bye) and check with the issuer of the draft (to make sure it's genuine) before paying it into your bank and letting it clear......
Easy
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#14
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Just spoke to the bank, the only way the guy can cancel the bankers draft is by having the original in his hands and giving it back to the bank. It takes 5 working days for it to clear On the back of a proper bankers draft there should be a number for there bank for you to ring and make sure its a real bankers draft, there will be a serial number on it. I wouldn't be stupid enough to give anyone my keys without having the cash available to with draw from my account! He said he's already sent the bankers drafts (gave him my works address because I didn't want him to know my home address) the safer way is an 'international transfer' costs £25 and thats instant but he's already sent the bankers draft. Just ahve to wait and see what he sends me!?
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#17
Bankers Drafts DO NOT clear instantly. They still take 4 working days or so to clear. A draft cant bounce, but it can be forged. Its not unheard of for a draft to be accepted by a bank, but later be rejected as its fake.
Last time I received one for a car, I called the issuing bank and checked the serial number. Due to the data protection act, they cant say who drew the draft or who its made out to, all they could confirm was that A draft for that amount was drawn on that date.
Looking back now, there were too many places it could have all gone wrong and I wouldnt accept another one.
Last time I received one for a car, I called the issuing bank and checked the serial number. Due to the data protection act, they cant say who drew the draft or who its made out to, all they could confirm was that A draft for that amount was drawn on that date.
Looking back now, there were too many places it could have all gone wrong and I wouldnt accept another one.
#19
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Well my personal experience is that people that still deal in paper (cheques or bankers drafts) instead of cash, plastic or bank transfers are usually crooks.
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#21
When I sold my scoob, the guy paid all 15K in cash!
And I checked every single note for fakes and am pleased to say none were
Wifey works in a bank and she says fake and/or stolen bankers drafts are a very real problem.
When you ring the bank, find the banks phone number yourself, don't ring whatever is on the bankers draft as that could be fake too!
Electronic transfer is by far the best as once its in your account its yours to keep.
If you bank the draft, get your bank to put in writing when it has cleared that it is/was not a fake/stolen draft and that THEY accept any liability if there is doubt over its validity after clearing it.
Without the above, my car wouldn't be going anywhere!
And I checked every single note for fakes and am pleased to say none were
Wifey works in a bank and she says fake and/or stolen bankers drafts are a very real problem.
When you ring the bank, find the banks phone number yourself, don't ring whatever is on the bankers draft as that could be fake too!
Electronic transfer is by far the best as once its in your account its yours to keep.
If you bank the draft, get your bank to put in writing when it has cleared that it is/was not a fake/stolen draft and that THEY accept any liability if there is doubt over its validity after clearing it.
Without the above, my car wouldn't be going anywhere!
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Good luck in finding a genuine buyer soon
#26
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(gave him my works address because I didn't want him to know my home address)
Will he not have your address on the logbook?
#27
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Carla have a butchers at this....
Subaru Impreza Drivers Club Forums - just some advice to people selling scoobys?
Subaru Impreza Drivers Club Forums - just some advice to people selling scoobys?
#28
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ive sold a fair few cars to ireland, dont panic, just tell him car can be collected as soon as funds are cleared, he shouldnt have a problem with that
if he wants it quicker tell him to go deposit the cash into your account or do a bank transfer etc, two people from ireland even sent me a few thousand in cash via special delivery lol
if he wants it quicker tell him to go deposit the cash into your account or do a bank transfer etc, two people from ireland even sent me a few thousand in cash via special delivery lol
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