Taking a bankers draft

[shovelheadrob]

So i've just sold a vehicle through a well known auction site, the winner is a local bloke who came & viewed said vehicle last weekend. The auction finished last Monday at 18.00, we communicated & I gave him my bank details to transfer the funds. Recieved a call from him to say there was a problem with his internet banking & he couldn't do the transfer so would have to get cash in the week. As we both had other commitments during the week it was agreed that he would pick up the vehicle tomorrow (Saturday). I've just had a call from him to say he's coming over with a bankers draft as that's as good as cash. No it's not I tell him, have double checked with my bank, but he's not having it, so we've agreed to go to my bank in the morning & they can explain how he won't be taking away his new purchase until the funds are clear.
I feel he's trying to pull one over on me as
1 He's had a week to draw the cash
2 " " " sort out his internet banking
3 " " " let me know
He also said we have a problem if he can't take the vehicle as he's already changed the insurance over from midnight, his problem not mine, aaaaargh! where's the banging my head against a wall smiley?

[Jasandjules]

Go to his bank with him to draw out the banker's draft. Then you both go to your bank and pay it in.

That would be all I would rely on to give him the keys there and then. Though I would also say if he has funds to draw down to get a banker's draft then why can't he just do a bank to bank tranfer?

[anonymous-user]

not until its cleared

[2 sMoKiN bArReLs]

Agree with the above. I always meet punter & go to the bank to see the draft being drawn.

[750turbo]

shovelheadrob said:

Recieved a call from him to say there was a problem with his internet banking & he couldn't do the transfer so would have to get cash in the week.

Dross!

He does not have the cash is his problem!

[Zed Ed]

He can phone his bank or go to a branch to make the epayment to you

Remind him of that .

Drafts not certain.

[pk500]

some body i know sold a very expensive car and took a moody bankers draft . the bloke who bought the car had took the car then phoned up and told his bank it had been stolen , took months to sort it out so cleared funds ! before release!

[Terminator X]

High risk, lots of stolen bankers drafts around ... If he can't turn up when banks are open & just transfer cash out then cash in I'd be concerned.

TX.

[Contigo]

Yep Bankers drafts are like Cheques in that they can be cancelled. I'd go for Cash or a bank transfer (Faster Payments or CHAPS). The mad thing is that it will cost him to get a bankers draft made up whereas the other forms of payment won't!

[anonymous-user]

pk500 said:

some body i know sold a very expensive car and took a moody bankers draft . the bloke who bought the car had took the car then phoned up and told his bank it had been stolen , took months to sort it out so cleared funds ! before release!

And in English............

[shovelheadrob]

Thanks guys, his branch is about two hundred yards from mine but not open on Saturday, he say's he's already got the draft but can we not just go to another branch of his bank (Barclays) & let them cancel it & give him the cash (it's not a huge amount)

[HON2A]

I've always refused bankers drafts, too risky. I always insist on cash and it's never been reported as stolen, lost its value, been refused by a bank or given any hassle.

The one buyer who was concerned asked if I he could hand over the cash inside his bank and do the deal there, presumably in case I'd mug him on my drive.

[joebongo]

If he rang the bank and gave 24 h notice he could have got cash out for you. No notice normally needed for less than a grand. I'd be suspicious.

[Jasandjules]

HON2A said:

The one buyer who was concerned asked if I he could hand over the cash inside his bank and do the deal there, presumably in case I'd mug him on my drive.

Or in case he was mugged getting from his bank to you?

Believe me this is something I thought abour rather a lot when I drew out 17k or so and then had to drive 250 miles to collect my new car............... Even getting to the car park I was nervous, it's amazing just how f**king large a bundle of cash is when it is sat in your coat pocket...

[shovelheadrob]

swerni said:

How much cash are we talking about?

It's only just over a grand so I don't see where the problem is, I can get the out of the cash point over 5 days. He's not taking the vehicle until the funds are clear or the cash is in my hand, which was made clear in the listing see here http://www.ebay.co.uk/itm/330707056415?ssPageName=... just scroll to near the bottom! In fact having just re read the listing there is no mention of even accepting a draft!

[Terminator X]

Whatever happens he can't take the car when he gives you the draft as it needs time to clear. How about calling the bank & getting them to verify it as kosher?

TX.

[Rrroro]

If he's with Barclays then tell him to do a CHAPS payment (will cost him about £25, but you guys can sort who pays that/split the cost). He can do this via Barclays Telephone Banking if he is registered for it, or any Barclays branch should be able to do this. Also, Barclays Online Banking also does CHAPS too (assuming it's working ok now).

Faster Payments is free, but is NOT a same day guaranteed service like CHAPS, and has a limit of £10,000.

Also, the suggestion of you both going to his branch (or any branch of Barclays) to do a straight cash withdrawal is a good one and probably the best given that it seems everything must happen tomorrow.

[shovelheadrob]

I'll give you an update in the morning once we've been to my bank.

[blearyeyedboy]

If I walk into a bar and they don't accept credit cards, it doesn't matter how much I protest that it's accepted everywhere else in the world. I still won't get a pint. Trying to offer my leftover holiday Euros because I don't have a tenner on me will have the bouncer show me the door, I'm sure.

Problems with his payment are his problems. It's his place to make a payment in a fashion acceptable to you. If he can't, don't let him make them your problems. He can pay in a manner acceptable to the seller, or the item is no longer for sale to him.

Don't let him pretend his problems are yours. Likewise, don't get sucked into arguments over what's legal/acceptable- he can pay in the manner prescribed or jog on.

(The snag to that approach is that you have to be ready to let the deal walk away... but if he's mucking about, chances are he's a chancer anyway.)

[Rich_W]

joebongo said:

If he rang the bank and gave 24 h notice he could have got cash out for you. No notice normally needed for less than a grand. I'd be suspicious.

A Natwest (not even my home branch) let me take out £3500 in cash recently. Just turned up requested it, put card in slot, she counted it out put in envelope. I left.




(but not before speaking very fking loudly through the intercom how much money it was! - I mean do they even think about security? Or should I wear a large Sandwich board saying "please mug me I have large quantity of cash in pocket!"

S!