Accepting a bankers draught cheque for caravan

[GeorgeandAde]

I have my caravan advertised for sale at the moment and ive just been asked if i would accept a bankers draught for payment.

Is this a safe way to accept payment and could i let him take the van straight away or would it have to clear in my bank first?

 

[andy_374339094]

Be careful

Bankers Drafts can still bounce / be forged or stolen

Having worked in car dealerships in the past i have seen this happen

If it were me i owuld wait until the cash is cleared in the bank

 

[GeorgeandAde]

thanks andy.

 

[mcghee]

bank to bank transfer is the way to do business.

cash is fine for smaller amounts but for large amounts the possibilty of being passed forgeries is high.

bank cheques and bankers' drafts aren't nearly as reliable as you might think.

 

[GeorgeandAde]

Thank you mcghee.Would you be kind enough to elaborate a little on the bank to bank transfer process please.I have internet banking,does that help in any way?

 

[Big S]

http://www.met.police.uk/fraudalert/section/cashback_fraud.htm
http://www.norfolk.police.uk/article.cfm?catID=638&artID=11319&bctrail=0
Take a look at the two above warnings from the Metropolitan Police and Norfolk Police regarding accepting Bankers Drafts.

I for one would steer clear of accepting a bankers draft for payment for something I was selling. Pre-warned is pre-armed.

 

[Rod_5041370]

Adrian,

For bank to bank transfers you provide the buyer with you bank sort code and account number (nothing else) and monitor your account for receipt of the funds.

Release the caravan once funds have been received.

I have paid for both my car and caravan this way.

 

[GeorgeandAde]

Many thanks for your replies.

Your information has been most helpfull.

 

[Surfer]

Bank drafts can be recalled even after they have been accepted, so beware. The same applies to cheques. I am not sure but a Paypal payment may be sound and acceptable.

 

[GeorgeandAde]

Paypal sounds good but wondering how much commision they would charge.Its going to be just over

 

[RogerP]

I had to bank a cheque year before last when I sold my motorhome. (PX'd for a caravan and got cash back).

My bank warned me that although they'd quoted 7 days for me to draw on the money it could take upto 6 weeks before the physical action of the money being moved over to my bank and if the moeny did not tranfer in that time I'd be liable to repay the bank.

Apparently my bank would effectively loan me the money until it was released by the cheques' account into mine.

Dont know if this is true as its the first and only time I've ever been told this and over the years I've had sizeable cheques deposited into my account.

 

[Guest]

Depending on the sum involved you could of course always ask for cash. It is surprising how often that is used to pay even large sums. However, if you do take cash have a document showing the source of the money as the Bank will ask. The Scottish banks used to supply

 

[Big S]

Further to the comment made above with respect to Paypal.

Paypal users are not protected by Section 75 of the Consumer Credit Act 1974, so you can't get credit card payments back if there are problems. I know that as the receiver of the money in this instance this doesn't apply to you but it is worth being aware of if ever you are buying anything using the Paypal system.

Paypal's dispute resolution process can pay up to

 

[bill_374352895]

Adrian, Do not take a Bankers draught or a cheque. I sold a caravan on ebay for

 

[ThePlotter]

A genuine bankers draft (not stolen or forged) cannot be recalled under any circumstances,if taking a bankers draft in payment,ring the paying bank and ask for confirmation that they have drawn the cheque.Rememeber to get the banks phone number yourself and not ask the person paying you.

 

[xtrailman]

Adrian

A bankers draft can be stopped, do not part with your van until the cheque has cleared to your account.

 

[xtrailman]

I would like to add, that i was aware that a bankers draft could be stopped when i sold my Avondale in 2004.

I made it quite clear to the private buyer, that i would not part with the van until the funds were cleared into my account.

I can't remember how long it was, but it took so long to clear that the buyer was getting very shirty, and the selling experience ended with a bad taste.

All ended well, but i was happy to see the back of him.

When i sold my Audi privately, payment was straight into my current account, both of us were happy!

 

[Rioja]

Paypal would charge 2.4% if the sale was over

 

[ThePlotter]

It is an urban myth that a bankers draft can be stopped.It is cheque drawn on a bank by a bank and as such is not able to be stopped.

 

[xtrailman]

http://freespace.virgin.net/bank.help/Facts/documents/10455.html
Read below "beware"

 

[MrsSorento]

you can use a same day bank transfer. Barclays charge around

 

[WilliamLX]

I would like to add, that i was aware that a bankers draft could be stopped when i sold my Avondale in 2004.

I made it quite clear to the private buyer, that i would not part with the van until the funds were cleared into my account.

I can't remember how long it was, but it took so long to clear that the buyer was getting very shirty, and the selling experience ended with a bad taste.

All ended well, but i was happy to see the back of him.

When i sold my Audi privately, payment was straight into my current account, both of us were happy!

I can understand why he got shirty. Yes if he had used a personal cheque, but the whole point of him having payed the bank for a bankers draft was so that he could get the caravan immediately.