Saturday Bank Transfer

[RichB]

Can you not get a bank draft for the correct amount? I've not used these for years but in the days before internet for large sums one would get a check from the bank made payable to the recipient. This was guaranteed money (as good as cash) because the cheque was drawn on the bank's own account not the payee's.

Edited by RichB on Sunday 22 November 09:32

[Beetnik]

RichB said:

Can you not get a bank draft for the correct amount? I've not used these for years but in the days before internet for large sums one would get a check from the bank made payable to the recipient. This was guaranteed money (as good as cash) because the cheque was drawn on the bank's own account not the payee's.

.

Not a good idea from the seller's point of view. It is subject to the clearing cycle so cleared funds are not available for a number of days post transaction. Furthermore, if the draft is fraudulent (and in some circumstances even if it's genuine), it's going to come back unpaid.

Two ways to go: 1. Faster Payment (and some good advice on P1 re checking the limits applicable). 2. (Difficult in the circumstances described by the OP) Agree purchase. Drive to purchasers bank. Purchaser draws out cash and hands to seller in exchange for keys etc. Purchaser pays cash into own account. This eliminates the possibility of fraudulent notes.

[RichB]

Beetnik said:

RichB said:

Can you not get a bank draft for the correct amount? I've not used these for years but in the days before internet for large sums one would get a check from the bank made payable to the recipient. This was guaranteed money (as good as cash) because the cheque was drawn on the bank's own account not the payee's.

Not a good idea from the seller's point of view. It is subject to the clearing cycle so cleared funds are not available for a number of days post transaction. Furthermore, if the draft is fraudulent (and in some circumstances even if it's genuine), it's going to come back unpaid.

Now I'm confused. One assumes the Halifax have funds for their own cheques to clear?
Or have I missed your point?

[Beetnik]

The buyer (in this case the OP) can be confident that his draft is OK but I put the case of the seller. He has no way of knowing whether or not the draft is genuine other than by paying it into his bank and waiting for it to clear - by which time the vehicle is long gone. Fine if it clears but if it comes back unpaid due, for instance to it being a forgery, then he's got a problem.

[RichB]

Right.

[Robertj21a]

Just to emphasise that bank drafts have been forged in the past. In much the same way, cheques issued by Building Societies used to be assumed to be totally safe but they're not (some get stolen !).

[T5SOR]

Thanks for your advice everyone.

As it will be a Saturday I am limited to what I can do. I am limited further by the fact I need to fly to the seller and it will be around 11/12 by the time the deal is done. I am going to do an online bank transfer and have been assured by two different Halifax branches that anything below £25K will go through within 2 hours (not that this makes it a guarantee, but the best I can get).

I tried a transaction between the wife and myself on Saturday (<5K) and went through in a matter of minutes. I am hoping it will be fine, but there isn't much else I can realistically do?

I will let you know how it goes.

If the seller wasn't a PH'er and unknown on here I would be more worried, but I am sure we can sort something out (worst case).


Mike

Edited by T5SOR on Sunday 22 November 17:09

[Beetnik]

T5SOR said:

I have the recipient setup with my bank as I sent the deposit this way.

That's good news as an existing payee will less likely trigger any anti-fraud measures. Do it online and it should go through very quickly - don't go down the telephone route; it's more likely to cause delays.

You could ring Halifax the day before and tell them what's happening. Some banks will put information on the account, some won't. My limited experience with Halifax indicates they're one of the better outfits.

[bugmenot]

A payment from Halifax to Lloyds will be instant.

[T5SOR]

Update - All went through fine. Took minutes