Bankers drafts

thepharcyde

thepharcyde

thepharcyde

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17 Mar 2004
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Do you need to wait for it to clear before you release your car? I'm due to receive one that you call a number on the back to check validity, but bit uneasy. I think I prefer cash.

And would £>10k be a bit difficult to arrange with a bank at such a late stage?
 
thepharcyde said:
Do you need to wait for it to clear before you release your car? I'm due to receive one that you call a number on the back to check validity, but bit uneasy. I think I prefer cash.

And would £>10k be a bit difficult to arrange with a bank at such a late stage?
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Depends on the size of the branch.

Tell him you want to wait for it to clear before releasing, or get it transferred from his account to yours in front of you.
 
Will defo be waiting if they cannot swap for cash. I just feel a bit of an arse as the guys mum is buying it for her son and 'believe' I can tell they are not dodgy in the slightest.

Son is gutted he has not got the car this evening, but I've said I will not use it until it's collected should they give me a cheque until it clears.
 
Ask him to draw the draft with you present at his branch then.
 
Do what I did, take a bankers draft but do the transaction at a time when your bank is open, both go to the bank and pay it in.

If they are uneasy about doing that or just plain refuse you have a reason to walk away.

A bankers draft is as good as cash but can be forged, on the plus if you get mugged you don't loose the money!
 
Disco Boy said:
Isn't the whole point of a banker's draft that it is always worth its face value and doesn't need to clear like a cheque?
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Yea but that dosent stop the draft from being stolen in the first place.

Me i love good old fashioned cash for anything over a grand.
 
MadMossy said:
Do what I did, take a bankers draft but do the transaction at a time when your bank is open, both go to the bank and pay it in.

If they are uneasy about doing that or just plain refuse you have a reason to walk away.

A bankers draft is as good as cash but can be forged, on the plus if you get mugged you don't loose the money!
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See it getting raised and then take to my bank and pay in? Yep this is an option. Can their current draft be cancelled and reissued on the same day, or would they have to wait 6 days for the funds to then be returned to their account???
 
MadMossy said:
Do what I did, take a bankers draft but do the transaction at a time when your bank is open, both go to the bank and pay it in.

If they are uneasy about doing that or just plain refuse you have a reason to walk away.

A bankers draft is as good as cash but can be forged, on the plus if you get mugged you don't loose the money!
Click to expand...

That still dosent stop the draft being stolen though.

He could still have a nasty surprise 10 days down the line when the bank tell him it was nicked.
 
thepharcyde said:
See it getting raised and then take to my bank and pay in? Yep this is an option. Can their current draft be cancelled and reissued on the same day, or would they have to wait 6 days for the funds to then be returned to their account???
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I can see this is worrying you, so be honest with the buyer and tell them.

Ask his mum to transfer the money to your account while you watch, it will cost you 20 quid i think.
 
I don't see the issue with cash or a transfer at the counter...neither reversible so you're safe. Bankers Drafts are reversible and can easily be fraudulent.
 
Just hate disappointing people, her son was like a kid at xmas last night and could not stop grinning. :)

Hopefully get it sorted in the morning as I've spoken to his mum who's going to speak to the bank in the morning and would be happy to let it clear before taking the car if this is the only viable option.

Just hope it clears before next Friday as I've booked a 'train' home for the weekend!!!
 
Well with most banks they require something like 24-48 hours notice that they will need substantial amounts of money in their vaults. In larger towns/cities it's probably not too bad, but in small towns they usually only carry a few grand.
 
halifax have a massive sign up saying they wont allow cash withdrawals of larger than £2000 without prior notice.

But then halifax isnt really a bank, its a building society turned bank.
 
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