Seller Beware!

[~Delta]

Take a read of this. Very unpleasant I'd say, hope it never happens to any of us.

http://www.telegraph.co.uk/motoring/.../mfdraft17.xml

[DJones]

Poor sod.....

[Alistair C]

unlucky guy especially after being so cautious.

But that's the reason I've never accepted a bankers draft. How am I supposed to know what a genuine one looks like? And since so many car deals are done at the weekend / evening, contacting the bank isn't always so easy........

[Boez]

A sad story indeed.

So what is the best way to accept payment for a purchase of this size? Last car I sold of any value the buyer agreed to pay cash into my bank account while I stood there. I was pleased he agreed to do this but think a lot of people wouldn't be happy to do so. Apparently even this isn't completely safe as if it turns out that the money is forged and goes un-noticed by the cashier then its your loss!

Boez

[~Delta]

Best ways is either accept a bank draft and still wait 7 working days, which a normal cheque would take to clear, before releasing the car.

If cash is paid into your account directly to a cashier / teller, you are covered, even if the cash turns out to be counterfeit. That's what the bank is for, besides, if counterfeit notes are later discovered, how can the cashier prove it came through your account?

[Jas11n]

Easiest way with a bankers draft is to ask the seller the serial number of it, phone the bank concerned and ask for verification. Or go with the buyer to a local branch of his bank and watch as the bank issue it.
If it's out of banking hours, then they'll have to wait.

Jas

[Boez]

If cash is paid into your account directly to a cashier / teller, you are covered, even if the cash turns out to be counterfeit.

I would hope that this is the case but given some of the outrageous terms & conditions that banks bury in the small print and get way with it wouldn't surprise me if they'd try it on!

That's what the bank is for, besides, if counterfeit notes are later discovered, how can the cashier prove it came through your account?

Yeah, guess this would prove difficult...