john banks

I have just sold my car (at short notice a buyer appeared) and have a banker's draft (which was produced at the issuing bank) which I'll pay in Monday am.

I don't have enough in my current account to cover the new car which just showed up today which I can pay for with switch on cleared funds, but would like to collect it Mon or Tues as I have the week off and want to play with it! I have insurance ready to go.

All the savings accounts I have take 4 to 5 working days to move the money in, and then I'd only be moving it out again. I phoned my phone banking and asked for an overdraft and they were obstructive and unhelpful.

Should I pitch up at my branch, draft in hand first thing on Mon morning and see if they'll do me an overdraft?

If I hadn't been so efficient in siphoning it all off into savings accounts I'd be fine but as it is I have to go cap in hand and ask for an overdraft to cover bank delays in clearing funds?

w00t

tsk... bloody beggars!

... oh alright I'll sub you a tenner but this is the last time you hear!

P1Fanatic

Id think going to the bank would be the best idea. If they see you have the draft and pay it in they will probably sort you out an overdraft depending on how much you want to borrow.

Or you could see if your savings accounts offer CHAPS (same day bank transfer) but will sting you for £25 charge.

Simon.

stressymare

bankers draft clears straight away anyway

john banks

Savings account won't but father in law will

stressymare - Banker's draft is from a different bank to my account though?

speye91

I will second that stressy

stressymare

doesnt matter John

its as good as cash just safer

will be available the min its in your account

speye91

Take the bankers draft to the issuing bank,take some id with you and they will give you the cash....worked for me the last time

stressymare

you dont need to just put it in yours im lead to believe its as good as cash

Deep Singh

Did you buy the Evo John?

David Lock

Tell them you're a penniless medical student. They'll probably give you an instant interest free loan

2000TLondon

Yes, it is as good as cash. Clear immiediately when you pay it in.

john banks

Thanks all.

Yes Deep, found a nice 6 month old 4000 mile Evo IX FQ340 in blue with all the mods I want and none of the ones I don't

Trout

iTrader: (1)

The last time I paid a bankers draft into my current account it did not clear the moment it was paid in. It took as long as a cheque for the funds to be available.

They are assured - but the process of clearing still has to go ahead - i.e. your clearing bank has to have the cash to put into your account and it has to get this from the issuing bank. The quickest way would have been to get your buyer to wire the cash on Monday morning and not taken the draft. Then it would have been in your account at his expense.

Glad you found a nice car - hope you enjoy it as much as you want to

john banks

Thanks David. Given the car was collected at the weekend the buyer and I thought the only foolproof method was joint collection of the draft from a branch of his bank.

If my father in law does a CHAPS transfer on Monday morning would I be able to draw on it with switch that afternoon?

Brit_in_Japan

If you have an on-line account you should be able to see when the money is in your account. Doesn't take long at all, have seen a CHAPS transfer in my account in about 20 mins.

Good thinking John, always go with the buyer to a branch of his bank to collect the banker's draft. They are not "as good as cash", a stolen banker's draft would not be honoured. Neither would a lost of counterfeit one.

The_Gza

Just to second the advice above, I've paid numerous Bankers Drafts into my bank after selling cars, and they take the same time as a cheque for the funds to be available in your account - approx. 3 working days.

Some further info on Bankers Drafts is available here and here for others.

CHAPS transfers are usually the quickest way for money to clear, so if you're going to get you f-i-l to CHAPS transfer you the money in the morning, it should be available in the afternoon.

Look forward to hearing more about the new car John!

Chris

john banks

Thanks.

Chris, you've certainly bought and sold enough cars

Trout

iTrader: (1)

If there is a CHAPS transfer then you should be able to draw the cash the same day - it is real time.

However you may have two other things to consider - online banking may not show the cash in your account until the day after - it depends on the bank.

The second challenge is more significant various banks have maximum limits for Switch transactions. When I was with the Bank of Scotland I ran into limits as low as £2000 with some merchants. It would be worth contacting your bank to check (excuse the pun)!

russell hayward

Bank drafts take the same time to clear as a cheque, as previously mentioned.

CHAPS payments are usually sent in the afternoon, and might not arrive at destination until 5pm, just depends on the individual bank and when the bloke processing yours keys it in (who isn't usually at your branch).

Best bet is to go in first thing and ask when it will be sent, and try and get the phone number of the centre that does the processing so you can hassle them.

john banks

Thanks. Will get the transfer done tomorrow am and will go on Tues pm to pay. Did a switch for the M3 in November, will pre-warn them again for this one. Getting excited now

LG John

I expect a full review within the next few weeks in Other Marques. I'm out of the country until the 10th May though so PM if you do one before then that sinks as I really want to see your thoughts on the EVO

jameswrx

iTrader: (4)

Sorry to put a dampner on things John but a CHAPS transfer won't be available on a Monday (red tape bollox). Available from Tuesdays on so you won't be able to get the money til wednesday





















only kidding

Good luck with it!