Manic Mav

Hi all,
It may seem a daft question but I have just sold my car for 20k, the bloke seems a real genuine fella and would like to pay by bankers draft which as far as I know is pretty safe, could any one tell just how secure they are and do you have to wait for them to clear.
I am probably worrying about nothing, but it is a lot of money.
Thanks for any comments.

MikeyTang

iTrader: (4)

You can check its validity but calling the bank that issued it

scoobynutta555

FWIW I wouldn't accept one, especially for 20k. Cn't you gfo to his bank with him and transfer it account to accont with CHAPS or something?

dougwrx

If he is genuine he wont mind you putting it in your bank before you hand over the car , just to make sure it's not fake .


dougie

bob r

iTrader: (46)

The last 2 cars I have sold have been using bankers drafts.

As soon as the buyer collects his bankers draft have him call you with the serial number and all the other bits of relevant details along with the branch tel no. You can then give the branch a call to verify all the details.

Also ask him to bring his driving license for you to check. If he is genuine he won't mind at all.

Jules_E

You will need to wait for the bankers draft to clear, but it is effectively cashed against the bank's own account, not the buyer's account so that is really just a formality.

As others have said, it's wise to check the validity of the bankers draft and for your peace of mind, I would take it along to the bank with your buyer and pay it in before you give away your keys. Then you should have nothing to worry about.

Johnny E

Thats what you have to do mate.. Good advice

Borat_Drives_A_Scooby

One thing i will never do again is sell a car on a promise, i sold a car once for 12k and the guy said to me that he couldn`t get the cash today but he would promise to drop it off the next day.

I said fair enough as he seemed a nice man so i gave him the car keys and said to him drop the money off tomorow then, that was 2 years ago and i`m still waiting for him to drop the cash off.

Its always best to get payment on the day is my advice, you live and learn.

harry007

thats just plain stupid.

RagingKileak

Bankers Drafts (I've just paid for my Scoob with one) are 100% safe as long as they are genuine.

So, if you do verify it with the issuing bank, and they say its legit, it WILL clear, every time.

Forgeries of course, the same cannot be said of.

Regards
Matt

renny

iTrader: (2)

CHAPS transfer or if you're lucky enough to have bank with the same people then a normal transfer should be fine.

That's the only way i would go anyway.

Paul3446

Quote:
Originally Posted by Borat_Drives_A_Scooby
One thing i will never do again is sell a car on a promise, i sold a car once for 12k and the guy said to me that he couldn`t get the cash today but he would promise to drop it off the next day.

I said fair enough as he seemed a nice man so i gave him the car keys and said to him drop the money off tomorow then, that was 2 years ago and i`m still waiting for him to drop the cash off.

Its always best to get payment on the day is my advice, you live and learn.


I have to say that's possibly the most ludicrous story I've ever heard on here, surely you are joking?

Leebo77

CHAPS is the safest way. It does cost a small amount (about 25 quid) but if you're releasing goods on the back of it then cleared funds in your account is the only way. BACS can also be used but there is a 3 day settlement cycle and they can be recalled during that period.

I deal with cheques every day of the week, including bank drafts and frauds on these are very high indeed. You may call the bank on the day the guy hands it to you and they confirm that it is issued and that the payee details (you) are correct. Infact you are holding a fraud draft just to dupe you, the original is banked that same day to a fraud account and yours is then rejected when you bank it. Sounds like a lot of trouble to administer but when you're talking about 20 grand cars, it's worth it to the fraudsters.

All IMO and from experience.

alanb2000

the bankers draft can be cancelled by the purchaser once hes in the car and indeed at any time prior to its clearing

get cash!

telscooby1

I used to sell cars at a main dealer and a bankers draft is as good as cash but its very difficult to check if its real other than rining the bank, when i have sold myown cars i always meet the people in town and pay the bankers draft direct into my bank, or cash but the only thing to remember with the bank they will be very suspicious if you walk in and want to pay 20k in (plus u leave yourself wide open for fake notes).
So i would go down the bankers draft route.

Prasius

iTrader: (1)

But Bankers Drafts have the payee written on them - so how do they pay it into another account? The ones I've ever used have anyhow.

Leebo77

Various ways...

Washing the cheque (removing the genuine details and adding different ones - in this case, payee name). Much harder to spot as the paper is still genuine.

Having an account fraudulently open in that name (alot more trouble but does still happen)

UK drawn cheques should be account payee only but that is only as good as the person who is checking at the point of deposit. It is not unknown for fraudsters to have someone working in the depositing bank.

Leebo77

Of course, there's that too....

Cash is still open to forgery though - CHAPS is the best method. IMO

Manic Mav

I new that there was obviously the chance of fraudulent/ fake drafts about, but didn’t realize that they could be stopped after they had been issued from the bank, certainly hadn’t thought about them having a genuine one but give me a copy and bank the genuine one to some one else on the same day.

With this guy wanting to collect the car at the weekend ( due to his work commitments ), I new that I wouldn’t be able to verify it until the Monday, which is obviously to late. Due to all these problems with drafts I was thinking of going down the cash rout, but that to is not fail sale.

I truly do feel that he is a genuine guy and its not nice to be so doubtful about someone else, as half these scams would never have entered my head, but as I said before it’s a lot of money and just feel I should cover my self.

This forum is always very helpull so thanks to all for your comments,
Think I will now be going down the bankers draft rout which he will have to post first then he can collect the car once it has cleared.

nooobyscooby

Bankers' drafts are NOT safe.

Many drafts are fakes.

Drafts can be recalled at any time even if you have transferred funds to another account, the calling back will collect all down the line.

DO NOT TRUST BANKERS' DRAFTS - I WOULD NOT EVEN TAKE ONE FROM A MAIN DEALER.

BACS is NOT safe. Money can be recalled for 8 working days at the request of the person who sent the transfer.

CHAPS is immediate, costs £25 but there is a risk of funds being pulled back for 3 working days.

CASH is only good for up to £10K and then ONLY if you and the buyer go to your bank or building society together to physically pay it in before you release any dox or the keys as the money may be forged.

So, for £20K from a complete stranger who may or may not be the straightest person in the world, I would get £10K in cash and £10K by CHAPS before releasing keys and dox.

Remember, crooks are the most plausible people in the world - that's why they con people so effectively every single day of the year. I know - I've met some!!

It's only when you are left with no car and no money you realise how utterly stupid you have been.

Untitled

my mate just lost £1500 by taking a bankers draft for a watch he was selling. He took it to the bank who checked it out and checked it under UV light etc it was genuine, they cashed it for him he sent the goods then three days later the bank called him and said the cheque was stolen and they were taking the money out of his account and they wont pay him back, this was Barclays btw so he has lost the goods and £1500,

so even if the cheque is cashed by the bank you could still end up out of pocket

nickejmartin

why only up to £10k for cash only?

Manic Mav

Anything over 10k in cash,
you have to proof where the money has come from, other wise you wont to be able to deposit it in the bank due to money laundering.

alanb2000

you can lodge ANY amount of money but the bank have a right to ask the source and indeed are under an obligation to secretly report a suspicious transaction

all u need to do is is a simple invoice copy for bank, copy reg and the ad for the cars sale

take all in cash

scoobynutta555

I keep reading 'bankers drafts as good as cash', they simply aren't! Get cash or do a CHAPS or bank to bank transfer,all with both of you present. The easiest way is if you both have the same bank. If getting cash go to a bank, again with them present and put it into your account. Don't give or sign your logbook 'til the money is in your account in case you get robbed or something. I've bought and sold around 30 cars and I've never accepted any other way than the above.

James1967

I work for a major UK bank and a bankers draft has to clear the same way as a normal cheque. I would wait till its cleared before handing over the keys. Especially for that amount.

scoobynutta555

If you do get a fraudster who goes off with your car, I doubt your insurers would cough up either. You'll be 20k out of pocket.

Luminous

iTrader: (3)

So it is pretty clear from all this that there is no totally safe way to obtain funds form someone. If you are a fraudster then you can dupe someone regardless

Manic Mav

I really don’t think that he is a fraudster, but I like most people couldn’t take the knock of loosing 20k, and yes once you have given the keys away willingly I am pretty sure my insurance would be void, they do there utmost to get out of a claim at the best of times.

The problem I have is in that he can only collect the car at the weekend and this is not giving me the opportunity to clarify the draft or cash for that matter at the bank.

jaya

i would wait to the money has cleared before handing over the car..the guy may be perfectly genuine as you say,but are you willing to risk 20k to find out.its alot of money,and as we all know there's alot of fraud and scams and identity theft going around..