Bankers Drafts

[Error404]

How do you verify its genuine? I've heard some proper horror stories about these being stolen / fake and banks even verifying them then going back on it once they process them
any info advice appreciated

Thanks
alex

[Dan]

As I understand it (hopefully someone else can verify):

In theory they should work just like a cheque, except the money should already be cleared from the issuer to their bank before the draft is given to you.

Just like a cheque, you should wait until it's cleared into your account before releasing any sale item.

There's no reason your bank should cancel once they've cleared it... although you know what banks are like. The only reason I can think of is if they do like some banks with cheques and lazily "clear" them before they actually clear them.

Also: Who the hell uses a banker's draft these days? (then again, I'm the kinda person who doesn't own a chequebook and either deals in cash or online transfer)

[europeanme]

is a bankers draft where they have taken all our money and done a runner with it, its the draft they make running for the hills??!?!?...:mischeif:

sorry couldn't be helped....

as Dan has mentioned wait for the cash to be resting in your account....and if it looks suspect get the back to check it out first...

[Error404]

I've never seen or dealt with one of these before, so i'd take it into my bank and they'd basically clear it into my account on the spot?
Gotta be honest I trust the banks just as little as any scum off the street

[Flat on my back]

.

Ask for other forms of identity as well, with name and address on, maybe 3 items.

Drafts have been known to be counterfeited.

[Kieron20V]

A bankers draft cant be bounced as far as i know, once it has been signed the money has cleared from the holders account and the paper is the currency to the value on it. Thats how I understood it when I paid for a car with one a couple of years ago.

[PistonBroke]

As has been said, a bankers draft is normally as good as cash in that it can't be bounced like a normal cheque. There is only one potential problem - again as already mentioned, it has been known for drafts to be stolen or faked. Not sure what your situation is but if you are being paid with one and want to be sure it is not a fake I would take it into a branch of the issuing bank and have them confirm if it is genuine or otherwise - before parting with the car/goods.

[Error404]

Good advice thanks guys, i think I will take it to the bank to check, better safe than sorry

[Fat Audi 80]

Agreed, it is my understanding that to be extra safe, you should go to the local branch of your bank and physically pay it in. I believe it should clear on the spot. I think the scam works when the reciever does not immediately take the draft to the bank but releases the car, only to find that the draft is fake/dodgy/stolen etc.

Last time I bought a car I paid a deposit and then transferred the money to the seller before collecting the car. He gave me some of the cars paperwork as and exchange whilst the money cleared.

Any normal purchaser ought to be happy to go to the bank with you to clear the draft or transfer funds on the spot.

As ever, your "nose" should be able to dictate how carful you need to be....

Cheers,

Steve

[Error404]

Yup, pikeys STINK

[Dan]

Yup, pikeys STINK

http://www.youtube.com/watch?v=DE1d0G0t_G8

[veneto rs2]

Agreed, it is my understanding that to be extra safe, you should go to the local branch of your bank and physically pay it in. I believe it should clear on the spot. I think the scam works when the reciever does not immediately take the draft to the bank but releases the car, only to find that the draft is fake/dodgy/stolen etc.

Well if I understand well you're talking about what we call "assegno circolare" basically a check issued by a bank.

As Fat Audi 80.......

Avoid to close the deal on friday afternoon and if your banks are open on saturday morning.... again avoid to close the deal on saturday afternoon....

In Italy it's common to do this friday afternoon hassle..... you go with your draft/check to the bank on monday morning and...... you're done!

The best thing with these checks as mentioned before it's clear them in your bank (if they cash the check then you're fine) and then/after/subsequentially give away what the fella/other part payed for.
If you go to the bank togheter even better (ususally tehy refuse to come if the chek it's fake because the CCV in the bank rooms...)


Stefano

[Error404]

well we opted for the safe bet of cash in the end, RX8 now sold. The S4 avant hunt continues