cozzy jeff

iTrader: (4)

would you accept one?have you had any problems with them.are they just like a cheque?

Rich_w

In the past I phoned the seller of the car. Gave him the draft number, and the phone number or address of the bank branch I got it from so he could phone them to confirm it was a real genuine one.

There are multiple stories of fake ones doing the rounds so be careful.

Icurus

Treat them like an ordinary cheque, bank it and wait for it to clear. As above, lots of stolen/fake ones around.

Sellers accepts bankers/building society cheque
Banks cheque and Hands over car
x amount of time later bank/building society informs seller that cheque is stolen/fake!

This all works on the myth that there as good as cash, which is not the case.

matts1

The only way to be sure is to go to the buyers bank with them and watch them make the bankers draft out. That way you know it is legit.

If not, when you take the cheque to your bank they think it is fine, it is only when it is presented to the bank it came from that that bank can flag up an issue.

iirc you cover by the 2-4-6 law which means the bank HAS to do their bit within 6 days. If it is past the 6th day and the cash has been put in your account then it is yours to keep - they have 6 days to make sure it is checked - this doesn't apply to european cheques though.

A mate just got took for Ł2k by thinking that just because the money was in their account, all was well - it wasn't and now they are having to pay back the Ł2k instantly.

JimmyFord

Before you release the car ring the customer line of the bank that have issued the cheque. They will confirm over the phone if they have issued it or not.

matts1

when I bought my last car the seller didn't want that much in cash but didn't want a cheque or draft either so did a transfer for the morning I went up (think it was Ł37 for it to be cleared by mid day the following day), bit of a pain as it mean I had to travel 200 mile round trip to view, then again to collect, arse was twitching on the way up incase I arrived at an empty property lol!!

cozzy jeff

iTrader: (4)

the draft is only for a small amount to cover the gauge ive got for sale on here,but the buyer is in malta,i would prefer paypal put he wants to pay by draft but ive not had dealings with this method of payment

matts1

worth a check but that may be 4 weeks before it is properly checked out.

If your upfront, full term of clearing before goods are released or paypal - his choice. Can't grumble if your open about it before the deal is struck. Check with the bank on how long before it is 100% confirmed cosha.