Tom Posted October 22, 2007 Share Posted October 22, 2007 Hiya, I just wanted to see if there are any concerns with accepting a bankers draft for a car, got a guy in Ireland viewing one of my cars this week hopefully and this is how he would like to pay. any possible problems with this at all? cheers Tom. Link to comment Share on other sites More sharing options...
mawby Posted October 22, 2007 Share Posted October 22, 2007 Biggest problem is if it is fake. Link to comment Share on other sites More sharing options...
Tom Posted October 22, 2007 Author Share Posted October 22, 2007 how can you tell if it is? Link to comment Share on other sites More sharing options...
michael Posted October 22, 2007 Share Posted October 22, 2007 Ring the bank and ask them to check the serial number (??) on it. Link to comment Share on other sites More sharing options...
juanchan Posted October 22, 2007 Share Posted October 22, 2007 Just go with him to the bank to get the bankers draft, if he banks with someone who has branches over here. That's how I paid for my car. Link to comment Share on other sites More sharing options...
Tom Posted October 22, 2007 Author Share Posted October 22, 2007 cool thanks Link to comment Share on other sites More sharing options...
R32 Posted October 22, 2007 Share Posted October 22, 2007 Be very careful a bankers draft takes up to 3 days to clear sometimes the bank themselves can not tell a fake. don't treat it as cash IT IS NOT!! Treat as you would a cheque. Link to comment Share on other sites More sharing options...
R32 Posted October 22, 2007 Share Posted October 22, 2007 Just go with him to the bank to get the bankers draft, if he banks with someone who has branches over here. That's how I paid for my car. Or this is a good idea:) Link to comment Share on other sites More sharing options...
slow_matt Posted October 22, 2007 Share Posted October 22, 2007 Be very careful a bankers draft takes up to 3 days to clear sometimes the bank themselves can not tell a fake. don't treat it as cash IT IS NOT!! Treat as you would a cheque. It's only a garantee that the funds are there at the time of drawing it up I think. Link to comment Share on other sites More sharing options...
ratm Posted October 22, 2007 Share Posted October 22, 2007 If it isn't a fake, then it is a guarantee that the funds are available. It is like a cheque in the fact it is made out to the recipient and you pay it in, however once the bankers draft has been signed, the money is no longer in your account, it exists only in the form of the bankers draft. I got one for a viewing at the weekend but had to take it back this morning and cancel it as the car wasn't any good. The person I was dealing with had the same concerns over it being a fake so we came to the agreement I would take several different forms of identification. This would reassure them that you are who you say you are and that if the draft was fake, then you could be tracked down immediately. I took my passport, a utility bill, my driver license a recent bank statement and a bank statement from the day of drawing up the bankers draft showing the funds coming out to go onto the bankers draft. It's only a garantee that the funds are there at the time of drawing it up I think. Link to comment Share on other sites More sharing options...
Dragonball Posted October 22, 2007 Share Posted October 22, 2007 Do not accept IMHO Get the money cleared in your bank fiirst via cash/transfer - not worth the risk... Link to comment Share on other sites More sharing options...
R32 Posted October 22, 2007 Share Posted October 22, 2007 If it isn't a fake, then it is a guarantee that the funds are available. It is like a cheque in the fact it is made out to the recipient and you pay it in, however once the bankers draft has been signed, the money is no longer in your account, it exists only in the form of the bankers draft. I got one for a viewing at the weekend but had to take it back this morning and cancel it as the car wasn't any good. The person I was dealing with had the same concerns over it being a fake so we came to the agreement I would take several different forms of identification. This would reassure them that you are who you say you are and that if the draft was fake, then you could be tracked down immediately. I took my passport, a utility bill, my driver license a recent bank statement and a bank statement from the day of drawing up the bankers draft showing the funds coming out to go onto the bankers draft. If i had £10.000 in my acc i could go get a bank draft for £10,000 go to another branch remove my £10,000 in cash and then come and buy your car with the NOW DUD DRAFT THEY WILL NOT HONOR IT:) Link to comment Share on other sites More sharing options...
mawby Posted October 22, 2007 Share Posted October 22, 2007 I'm not sure you're right. A bankers draft is by definition cleared funds. They transfer the money from your account into the banks account before they issue the draft. So when you present a bankers draft for clearing (assuming it's not a fake) it will always be honoured because (at that point) it's coming from the banks own account and not yours. Link to comment Share on other sites More sharing options...
Dragonball Posted October 22, 2007 Share Posted October 22, 2007 http://www.bba.org.uk/bba/jsp/polopoly.jsp?d=263&a=654 Link to comment Share on other sites More sharing options...
R32 Posted October 22, 2007 Share Posted October 22, 2007 I'm not sure you're right. A bankers draft is by definition cleared funds. They transfer the money from your account into the banks account before they issue the draft. So when you present a bankers draft for clearing (assuming it's not a fake) it will always be honoured because (at that point) it's coming from the banks own account and not yours. You might be right with some banks, but checking my own acc last one i did came out from my acc 2 days after it was issued but it is a building society:) and usually the draft is issued on head office branch not your own. Link to comment Share on other sites More sharing options...
mkirby Posted October 22, 2007 Share Posted October 22, 2007 when i paid in a bankers draft the bank said its a guarantee of funds reserved in the persons acount but they could technically still say they had lost it or had it stolen and the cheque would be cancelled!! also mine was a barclays bankers draft and when i called them they refused to comment if it was genuine saying they couldnt tell me as its against the law LOL also it clears as a normal cheque, not like they used to be my advice would be to let it clear before letting the car go, if there genuine they will understand Mike Link to comment Share on other sites More sharing options...
n boost Posted October 22, 2007 Share Posted October 22, 2007 I sold my bmw to someone from Ireland. He paid me 9k by bankers draft and everything was fine. TBH i shat my self until it was cleared in my bank. This transaction was through ebay and the guy was a copper i think, i just checked his feedback and found out where he worked and gave him a suprise call just to confirm who he was before i accepted. Link to comment Share on other sites More sharing options...
Chris Wilson Posted October 22, 2007 Share Posted October 22, 2007 Cash. CASH **CASH*** If he's got the dough he can draw it as cash.... Link to comment Share on other sites More sharing options...
robin Posted October 22, 2007 Share Posted October 22, 2007 I bought my supra with a bankers draft. Many car related organisations recommend using a draft. Who wants to travel with thousands in cash? Who would accept a personal cheque? Just make sure he has plenty of ID with him, passport, recent utility bills etc That way you have the full name and an address. Plenty of info to start court proceedings if required. Link to comment Share on other sites More sharing options...
R32 Posted October 22, 2007 Share Posted October 22, 2007 Cash. CASH **CASH*** If he's got the dough he can draw it as cash.... YEAH CASH:D Cant go wrong with that:innocent:well theres another story:innocent: Link to comment Share on other sites More sharing options...
Guest mk47 Posted October 22, 2007 Share Posted October 22, 2007 cash every time Link to comment Share on other sites More sharing options...
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