bankers draft question
 

Have done a quick search on here regarding bankers drafts and from what I read they seem to be ok if the seller is present at the bank when the buyer withdraws his bankers cheque. Have seen a few things on here about cheques being cancelled after being deposited.

Can I be out of pocket at a later date if I see the cheque being made out at the bank etc? (I'm selling my car)

Hoping for a quick response as he'll be here in less than an hour! Can't do CHAPS transfer etc as too late in the day apparently.

Alliance and Leicester say:
"Banker’s Drafts*
A Banker’s Draft is a kind of cheque that is often used to make larger payments such as a house deposit or a car purchase.

As the money has already been debited from your account, it gives peace of mind to the person who receives the Banker’s Draft that they will be paid. "

HSBC say:
"Bankers Drafts
Issued in sterling only and similar to a cheque but drawn by the bank, these provide near certainty that they will be paid on presentation. They are payable on demand to the named payee and are ideal for large sums of money, particularly where delivery of goods is concurrent."

I didn't think you could cancel a bankers draft... once drawn the money isn't yours

A bankers draft is basically a cheque that is gaurenteed to clear (providing you go to the bank with the buyer and confirm its authenticity. It'll still take 3 days before the funds clear into your account though.

If you accept a NORMAL cheque then dont let them have the car. simple.

I bought my Golf using a Bankers Draft - gave the guy the paper, he gave me the keys and I drove off in the car :)

Thanks for your replies. Now it seems that it could be a cash purchase after all that! Hope it ain't 9k in snides

Nar hes probably gonna come and kick a few tyres and offer £7500 in 10's ;)

Cash is good - just be careful counting, get someone else to confirm the amount as well. Check the notes - I've heard (directly from who it happened to...) that the odd dud one could be hidden away

Have a read

http://www.pistonheads.com/gassing/t...74885&f=72&h=0