Bankers draft - how do you know if it's genuine?
Discussion
jonathant said:
If heard suggestions that you take the banker's draft (along with the prospective buyer) to your local bank and get them to verify and cash it.
I did that many years ago - thought I was being over careful. Amazed me that the bank didn't even seem to know as it had been issued by another branch! BANKS! It did all work out OK in the end.
Cheers.
5LV8
I've heard that even after your bank has received a bankers draft it can still turn out to be a forgery, and the bank will take your money back.
Couldn't you get the buyer to set up an electronic funds transfer from their account to yours? I guess you could even open a special account just to receive the funds, and so avoid giving your regular account details to the buyer.
I used this method successfully when I was buying a car, though I suppose there was still some degree of trust that the seller would hand over the car and paperwork.
Couldn't you get the buyer to set up an electronic funds transfer from their account to yours? I guess you could even open a special account just to receive the funds, and so avoid giving your regular account details to the buyer.
I used this method successfully when I was buying a car, though I suppose there was still some degree of trust that the seller would hand over the car and paperwork.
I'm sure there must be ways to verify a genuine Banker's Draft but if this guys experience is anything to go by.... be careful, have a witness when you get it verifyed and mybe even ask the bank to confirm it is genuine in writing!?!?
www.pistonheads.co.uk/gassing/topic.asp?t=306426&f=23&h=0
www.pistonheads.co.uk/gassing/topic.asp?t=306426&f=23&h=0
GJR said:
I'm sure there must be ways to verify a genuine Banker's Draft but if this guys experience is anything to go by.... be careful, have a witness when you get it verifyed and mybe even ask the bank to confirm it is genuine in writing!?!?
www.pistonheads.co.uk/gassing/topic.asp?t=306426&f=23&h=0
www.pistonheads.co.uk/gassing/topic.asp?t=306426&f=23&h=0
That is very interesting reading. Thanks GJR.
OK, I think this is what I will do. Tell the buyer not to prepare a bankers draft, but instead on the day of pickup, march him down to the bank and get him to get the draft made up in front of my eyes. Sad I know - and I'm pretty sure the guy is genuine, but I guess this is the world we live in.
5LV8.
5LitreV8 said:
OK, I think this is what I will do. Tell the buyer not to prepare a bankers draft, but instead on the day of pickup, march him down to the bank and get him to get the draft made up in front of my eyes. Sad I know - and I'm pretty sure the guy is genuine, but I guess this is the world we live in.
That's what I would do and any reasonable person should not object too much.
5LitreV8 said:
OK, I think this is what I will do. Tell the buyer not to prepare a bankers draft, but instead on the day of pickup, march him down to the bank and get him to get the draft made up in front of my eyes. Sad I know - and I'm pretty sure the guy is genuine, but I guess this is the world we live in.
If that's the case is it not worth just organising an electronic transfer of the funds when they visit their bank? If you have the same bank, then you're sorted straight away, otherwise a TT or CHAPS payment could do the job. CHAPS is very quick so should be pretty damn safe, not sure if a TT can be cancelled in transit though...
morebeanz said:
Phoning the originating branch is just as secure - they can confirm all of the relevant details to the point that you know it's not a fake.
That was our company proceedure when accepting these, sometimes you can even speak to the person who issued it.
Never trust is as cash though, its true the bank can withdraw it at anytime.
Tripps said:
5LitreV8 said:
OK, I think this is what I will do. Tell the buyer not to prepare a bankers draft, but instead on the day of pickup, march him down to the bank and get him to get the draft made up in front of my eyes. Sad I know - and I'm pretty sure the guy is genuine, but I guess this is the world we live in.
If that's the case is it not worth just organising an electronic transfer of the funds when they visit their bank? If you have the same bank, then you're sorted straight away, otherwise a TT or CHAPS payment could do the job. CHAPS is very quick so should be pretty damn safe, not sure if a TT can be cancelled in transit though...
I'm sure that makes sense. However, transaction will probably take place on a Saturday morning. So - chances of a bank making a call to another bank and being successful?
Re 'Chaps'. Yep - very good. However, is it not more expensive - and also, Barclays managed to 'loose' an 18K chaps transfer I set up once!
burriana said:
5LitreV8 said:
OK, I think this is what I will do. Tell the buyer not to prepare a bankers draft, but instead on the day of pickup, march him down to the bank and get him to get the draft made up in front of my eyes. Sad I know - and I'm pretty sure the guy is genuine, but I guess this is the world we live in.
That's what I would do and any reasonable person should not object too much.
Exactly what I did when I sold my T350. Buyer agreed no problems.
I have heard that a banker's draft is no more secure than a prsonal cheque because there are so many dodgy ones in circulation. When I bought the Griff recently I handed over a personal cheque and he gave me the car a week later when it had cleared. We had built up a degree of trust during the trabsaction so we were both happy with this arrangement. If I were selling a car I would not let it go on a banker's draft until I knew I had cleared funds in my account.
As both bankers drafts and cheques can be dodgy and can potentially bounce weeks/months after clearing surely then cash might be the best fallback if paid in to you bank in their presence, as once it is in your account you are sorted.
If the bank banks the dodgy cash then I beleive they are liable as they should be checking it, would be interested in getting this confirmed though.
If doing transactions across banks, then if the buyers branch allows deposits to yours they could withdraw and you could deposit right there and then.
If the bank banks the dodgy cash then I beleive they are liable as they should be checking it, would be interested in getting this confirmed though.
If doing transactions across banks, then if the buyers branch allows deposits to yours they could withdraw and you could deposit right there and then.
5LitreV8 said:
Re 'Chaps'. Yep - very good. However, is it not more expensive - and also, Barclays managed to 'loose' an 18K chaps transfer I set up once!
I'm not sure how much more than drafts, as when I bought the V8S I was suprised how cheap a draft was these days, certainly worth the extra over the worry of carrying the cash around. To be fair the Barclays could mess up anything, they've managed to forget to do transactions of mine in the past, while making up for it with mystery deposits too!
a.g. said:
TurboTomato said:
burriana said:
5LitreV8 said:
OK, I think this is what I will do. Tell the buyer not to prepare a bankers draft, but instead on the day of pickup, march him down to the bank and get him to get the draft made up in front of my eyes. Sad I know - and I'm pretty sure the guy is genuine, but I guess this is the world we live in.
That's what I would do and any reasonable person should not object too much.
Exactly what I did when I sold my T350. Buyer agreed no problems.
Either that or let it clear as you would with a standard cheque. i had one OKd by the bank once and got debited 8 weeks!!!!!!!!!! later as it transpired it was from a stolen book of drafts. Bank drafts are not really any better than a cheque these days IMO.
Thats right i have been told the same, expect the same clearance time on a draft as a personal cheque. SO.. go to the bank and pay the extra for a chaps transfer there and then.
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