Anyone know much about them? I'd always thought that they meant cleared funds the minute you handed it into your bank.
I only ask as the chap I bought the BMW bike for has told me that his bank (Barclays) have said the draft I sent him will take 3 business days to
clear!
Wouldn't be a problem, but the courier is scheduled to collect on Saturday!
I've suggested he speaks to his bank again to reassure him that it's guaranteed payment (irrespective of Barclays unique clearing
procedures), but I don't want to bully him into something he's not entirely comfy with.
No I believe they are only issued on cleared funds but they don't clear instantly like cash does.
I only found this out fairly recently and its a common misconception.
Hence why you should be very careful in case its a fake draft.
Also normal cheques can still bounce some time after they appear to have cleared.
Safest way is to go to along with the buyer to their bank and get them to get cash out while you are with them, then get go to your bank (ideally next
door!) with the cash and pay it in.
This way you can see its not fake cash and you KNOW its safe in your bank.
Then release the keys.
Suppose its a bit late for that for you now though!
A bankers draft will only be supplied if the money is in the account.
It will take three days to process though.
I have brought a few cars using this method. Tell him not to worry or google it.
He must have heard about how much of a shady character you are Scootz 
!
I received a reply from a German automotive companies technical help desk the other day not only in perfect English but the auto added signature
listed all their account numbers, bank addresses and sort codes.
There's very little you can do with them.
You can pay for an express clearance service *IIRC next day or same day clearance * fees vary from bank to bank £10-45
Apparently Barclays couldn't offer that service on a Bank Draft... they could have on a personal cheque! 
just tell him
we willl vouch for ya
Well I will anyway!
Ha Ha... I don't think he'll budge, but thanks for the vote of confidence!
He might be just concerned after reading something like this on the Autotrader webb site.
http://www.autotrader.co.uk/safety_and_security/forged_bankers_drafts.jsp
Yep... that would make you think twice!
He's right Scootz - he should be cautious about releasing the bike until he has cleared funds - a bankers draught isnt "as good as cash" and even cash should be paid into a bank if you want to be sure (for fakes!!)
quote:mmmmm read http://news.bbc.co.uk/1/hi/7174760.stm
Originally posted by SeaBass
He must have heard about how much of a shady character you are Scootz
I received a reply from a German automotive companies technical help desk the other day not only in perfect English but the auto added signature listed all their account numbers, bank addresses and sort codes.
There's very little you can do with them.
quote:
Originally posted by scootz
Anyone know much about them? I'd always thought that they meant cleared funds the minute you handed it into your bank.