dave dickson
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| posted on 29/6/06 at 08:44 AM |
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how do i check a dankers draft is genuine?
A guy is coming from the other end of the country to buy my car tomorrow.
I am meeting him at the airport where the transaction is to be made. He is paying by bankers draft from an Abbey National account. To be honest, I
have never seen a bank draft before in my life so am not sure about a few things...
He has sent me scans of the draft, front and rear. It looks pretty genuine to my untrained eye, although I dont know what its supposed to look like if
you see what I mean?
There is a telephone number on the back to call to check for validity. I called it and in true banking style, they were less than helpfull. All she
could tell me was that the draft number was actually drawn from an Abbey account for the amount indicated.
People have told me that a draft is as good as cash and is guaranteed to clear - is this true? No way it can be cancelled or `bounce`? Should it clear
straight away when I pay it into my bank?
The car was sold through ebay and the guys feedback is good, including 2 previous car purchases for similar amounts, so Im pretty confident its all
above board, but I just want to double-check im not left standing at the airport with a worthless bit of paper.
Thanks,
David.
Now living in the South of France. Woohoo!
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tks
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| posted on 29/6/06 at 08:52 AM |
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easyest
go with him to the bank and clear it in front of his face..
or call that lady in front of him to verify
The above comments are always meant to be from the above persons perspective.
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Syd Bridge
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| posted on 29/6/06 at 08:52 AM |
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Beware, bank drafts can be forgeries. Treat it as though it is a normal cheque, and don't part with the car until the draft has fully
cleared.
If he can get a draft, he can get cash. At least it's easier to see if cash is forged.
This is from hard earned experience!
If you decide to let the car go, get pictures of the new owner, (with his new car ), all of his drivers licence details, and maybe you could ask him
to bring some ID that proves where he lives. Take full details of what he arrives in as well. And if he arrives with mates, get a picture of the lot
of them. If any are a bit 'camera shy', don't let the car go.
Cheers,
syd.
[Edited on 29/6/06 by Syd Bridge]
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mookaloid
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| posted on 29/6/06 at 08:53 AM |
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Ask your bank.
When I asked mine they told me that a bankers draft could be cancelled, if say it was stolen....
tricky
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Fatgadget
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| posted on 29/6/06 at 08:55 AM |
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Bankers drafts CAN be forged these days.
I personal would treat a draft just like an ordinary cheque.... Wait untill it clears before releasing the goods.
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stevebubs
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| posted on 29/6/06 at 09:04 AM |
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A friend sold his 328 a few years ago.
Accepted a banker's draft was a good as cash and let the purchaser drive away in the car before it was cleared.
He had a call the next day saying that the draft had been stolen, was invalid and the bank refused to stump up the money.
He in turn reported the car as stolen.
It turned up a few days later on a dealer forecourt. due to some vagaries of British law and lawyer costs, he never managed to recover either the car
or the money
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stevebubs
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| posted on 29/6/06 at 09:05 AM |
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IMHO, Banker's drafts are a waste of money. If he wants to drive the car away, get him to bring the cash and pay it into the bank infront of
you.
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owelly
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| posted on 29/6/06 at 09:50 AM |
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As said before, bankers drafts are no safer than a cheque.
You can get the bloke to transfer the money directly from his bank, into yours by 'phone. Then you 'phone your bank yourself to make sure
the cash is there.
I cannot think of a legit reason why anyone uses bankers drafts any more. I have dozens of horror stories about bankers drafts but usually they
involve boats. Boats tend to dissappear very quickly and easily, never to be seen again!!
http://www.ppcmag.co.uk
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02GF74
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| posted on 29/6/06 at 10:20 AM |
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The onlky sure way is to give the bankers draft to me; if you don;t hear from me again, you know it is genuine
serkioulsy though, tricky since you hear of stolen and forged ones; quite often the scammers who offer to pay over the odds then want you to send the
excess payment to them use this method. Can't recall details but there was something about even after clearing, they would bounce so in the end
they are no guarantee.
Can you not go to the bank and move the money from his account to yours?
In the end you need to decide if in the worst case you are willing to lose that amount of money.
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Fatgadget
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| posted on 29/6/06 at 10:28 AM |
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quote:
Originally posted by owelly
I have dozens of horror stories about bankers drafts but usually they involve boats. Boats tend to dissappear very quickly and easily, never to be
seen again!!
Yep. Heard a story of these blokes that used stolen/forged drafts to buy boats out of Loot. They used to make the transactions late on Fridays...
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bimbleuk
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| posted on 29/6/06 at 11:07 AM |
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Always meet in busy places preferably with CCTV coverage if not at you home (with mates to hand!).
I always take the cheque and buyer to the nearest branch of the bank issuing the cheque. They can verify that the money was withdrawn from the account
but still doesn't 100% guarantee that the cheque in your hand is genuine!
I've tried phoning before to verify a draft but mostly the bank/building society won't give details over the phone. Also still
doesn't guarantee the bit of paper in your hand is the real one.
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r3nuf
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| posted on 29/6/06 at 11:07 AM |
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Sold the mrs car recently. Had read same horror stories.
Agreed with the purchaser to transfer money from Banks using CHAPS. Cost is approx £20. Agreed to go halves on this. Done same day. Would recommend
this everytime.
Cheers Gary
Drive Fast....Brake Late....Take Chances
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gingerprince
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| posted on 29/6/06 at 12:16 PM |
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When I bought my TVR, I pre-arranged to get a bankers draft at my bank (in the town where the car was being sold). I got the draft drawn up whilst
the seller was there, we then walked round the corner to his bank and he paid it in. That way he knows it's genuine and the car can go
immediately.
That would be my preferred option when I come to sell the car.
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DIY Si
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| posted on 29/6/06 at 03:45 PM |
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I try not to use cheques or cash for things like cars. I don't like cheques/banker's drafts for the fakes, and dislike carrying large
amounts of cash about. I will always ask for bank accounts details and do a direct transfer. Much easier and very easy to check. Only takes a phone
call.
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Hellfire
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| posted on 29/6/06 at 04:19 PM |
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NO WAY would I let the car go until the cheque is cleared... you have too much to loose. You know it makes sense otherwise you wouldn't be
asking... I agree with the commentator who stated cash is dodgy but... it's him loosing the money not you. You have the highest element of risk
here and I would not part with my beloved so easily...
Steve
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chrisj
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| posted on 29/6/06 at 05:28 PM |
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As previous people have said allow minimum of 7 days for cheque to clear some should be allowed up to 11 days to clear. Could the guy do an inter bank
transfer from his computer banking.
And if he can get a draft get him to cash it in and give you cash. Shouldn't be to difficult to do.
Bankers draft where great in the 1970's !
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