scootz
|
| posted on 21/7/10 at 06:12 PM |
|
|
Bank Drafts...
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.
It's Evolution Baby!
|
|
|
|
|
hobbsy
|
| posted on 21/7/10 at 06:21 PM |
|
|
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!
|
|
|
bi22le
|
| posted on 21/7/10 at 06:22 PM |
|
|
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.
Track days ARE the best thing since sliced bread, until I get a supercharger that is!
Please read my ring story:
http://www.locostbuilders.co.uk/forum/13/viewthread.php?tid=139152&page=1
Me doing a sub 56sec lap around Brands Indy. I need a geo set up! http://www.youtube.com/watch?v=EHksfvIGB3I
|
|
|
SeaBass
|
 posted on 21/7/10 at 06:41 PM |
|
|
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.
|
|
|
bmseven
|
| posted on 21/7/10 at 07:10 PM |
|
|
You can pay for an express clearance service *IIRC next day or same day clearance * fees vary from bank to bank £10-45
BMW 7 Resource
Bures Pit anyone?
|
|
|
scootz
|
| posted on 21/7/10 at 07:12 PM |
|
|
Apparently Barclays couldn't offer that service on a Bank Draft... they could have on a personal cheque! 
It's Evolution Baby!
|
|
|
Davg
|
| posted on 21/7/10 at 07:24 PM |
|
|
just tell him
we willl vouch for ya
Well I will anyway!
|
|
|
scootz
|
| posted on 21/7/10 at 07:29 PM |
|
|
Ha Ha... I don't think he'll budge, but thanks for the vote of confidence!
It's Evolution Baby!
|
|
|
PAUL FISHER
|
| posted on 21/7/10 at 07:32 PM |
|
|
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
|
|
|
scootz
|
| posted on 21/7/10 at 07:52 PM |
|
|
Yep... that would make you think twice!
It's Evolution Baby!
|
|
|
Paul TigerB6
|
| posted on 21/7/10 at 07:57 PM |
|
|
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!!)
|
|
|
mangogrooveworkshop
|
| posted on 21/7/10 at 10:31 PM |
|
|
quote:
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.
mmmmm read http://news.bbc.co.uk/1/hi/7174760.stm
|
|
|
iank
|
| posted on 22/7/10 at 09:50 AM |
|
|
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.
The funds are cleared, and a real draft won't ever bounce unless the issuing bank goes under which is why it's safer than a cheque.
With a forged draft you're in a similar position to forged cash, except dodgy cash is going to be spotted instantly (99% of the time) by the
teller and rejected then, if it isn't then they have to take the hit. But since every draft is different it'll get found later when
it's presented to the apparent issuer, then it's a case of someone taking the hit you or one of the two banks and banks hate to lose
money.
--
Never argue with an idiot. They drag you down to their level, then beat you with experience.
Anonymous
|
|
|
