Question re bankers draft.
Discussion
Client of mine owes me £19k approximately. Has told me will give me a bankers draft today from NatWest. He has delayed paying this week as claims his wife is in Spain till today and as it is a joint account needs her and him to sign for it in branch. Is this true? He is a serial BS merchant.
Mikebentley said:
Client of mine owes me £19k approximately. Has told me will give me a bankers draft today from NatWest. He has delayed paying this week as claims his wife is in Spain till today and as it is a joint account needs her and him to sign for it in branch. Is this true? He is a serial BS merchant.
Can be true, but likely its complete b
ks. Why get a bankers draft instead of using faster payments? Bankers drafts cost money to get.Mikebentley said:
Client of mine owes me £19k approximately. Has told me will give me a bankers draft today from NatWest. He has delayed paying this week as claims his wife is in Spain till today and as it is a joint account needs her and him to sign for it in branch. Is this true? He is a serial BS merchant.
When will you collect the cheque from him.Mikebentley said:
Client of mine owes me £19k approximately. Has told me will give me a bankers draft today from NatWest. He has delayed paying this week as claims his wife is in Spain till today and as it is a joint account needs her and him to sign for it in branch. Is this true? He is a serial BS merchant.
Definitely could be a 2-to-sign account. Whether you will actually get the draft however - different story. If you do, you are safe, because that is a cheque on the bank, not the client's account - the client's funds would have been transferred to the bank first.Supposedly 15:00hrs is handover time. His accounts were frozen previously due to money laundering concerns by local and international police I have seen evidence . He claims he can get a draft though from his joint account with his wife. I am aware that a draft is the same as a cheque for clearance. To be clear I am collecting this money on behalf of a client of mine who is a local authority.
AC43 said:
A banker's draft also means nothing until it has cleared....
Incorrect.A draft is as good as cash.
site said:
A banker's draft or banker’s cheque is drawn directly on the issuing bank (or building society if it is a building society cheque) rather than on the account of a customer, and signed by a bank or building society official.
A banker's draft is not strictly speaking a cheque but, like a cheque, it is subject to the Bills of Exchange Act 1882 and is cleared in the same way as a cheque.
If you have requested a banker's cheque or draft, the bank will take the money for this draft from your account to pay for it before giving you the draft. Therefore, the recipient of the banker’s cheque or draft can be certain that it will not be returned unpaid (bounce) due to lack of funds in your account.
https://www.chequeandcredit.co.uk/information-hub/faqs/bankers-draftsA banker's draft is not strictly speaking a cheque but, like a cheque, it is subject to the Bills of Exchange Act 1882 and is cleared in the same way as a cheque.
If you have requested a banker's cheque or draft, the bank will take the money for this draft from your account to pay for it before giving you the draft. Therefore, the recipient of the banker’s cheque or draft can be certain that it will not be returned unpaid (bounce) due to lack of funds in your account.
There's been some horrendous stories over the year's with Stolen or Counterfeit Bankers Drafts with many innocent people losing £££'s... and what's more annoying is trying to ring the Bank to verify a draft over the phone most will not do it or charge £1 per minute only to then tell you they they won't do it...!
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