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    How Safe is a Bankers Draft?

    Morning All,

    I currently have my car up for sale, and some guy rang me yesterday saying he wants to come see the car today and if he likes it he will take it away today and give me a bankers draft. I've never dealt with bankers draft before. But my question is how safe are bankers draft?

    I told the guy that if we agree on the sale then we'll go to the bank together and provided my bank say the bankers draft is ok then i will give him the car!

    Has anyone dealth with bankers draft? Whats the process? what do they look like?

    Any information would be greatly appreciated!!

    53 Comments

    I always thought it was just a cheque issued by the bank, but I could be wrong...

    They can be easily forged, so only accept once you have taken it to the bank to verify.
    If the buyer tries to get you to meet up in the evening/weekend (ie when the banks will be closed) then tell him to get lost.

    "Before you release the goods to the purchaser, always ask the purchaser for the bank's name, the sort code and the bankers draft number. During banking hours call the bank to confirm that the draft has been legitimately issued and to whom. Proof of identity of the seller should also be sought."
    - norfolk.police.uk/art…mp;

    You would be better off going to the bank with him and do a transfer into your account, then let him take the car once it's cleared.

    Babbabooey;6203491

    They can be easily forged, so only accept once you have taken it to the … They can be easily forged, so only accept once you have taken it to the bank to verify.If the buyer tries to get you to meet up in the evening/weekend (ie when the banks will be closed) then tell him to get lost."Before you release the goods to the purchaser, always ask the purchaser for the bank's name, the sort code and the bankers draft number. During banking hours call the bank to confirm that the draft has been legitimately issued and to whom. Proof of identity of the seller should also be sought." - http://www.norfolk.police.uk/article.cfm?catID=687&artID=7692&



    yep-they were once considered to be as safe as cash but everything babbabooey says is correct-he would have to go to the bank to get the draft issued anyway so there really is no reason for him not to give you cash imho.

    Banned

    safe as houses once bank accepts it

    Original Poster

    thanks for that, well the buyer is suppose to be coming about 1:30 so we can get to the bank before 3:00. So hopefully should be ok! I will most probably take him to the bank that are issuing the bankers draft before going to my bank to deposit the BD.

    Well this is all assuming he buys the car

    Original Poster

    barky;6203528

    yep-they were once considered to be as safe as cash but everything … yep-they were once considered to be as safe as cash but everything babbabooey says is correct-he would have to go to the bank to get the draft issued anyway so there really is no reason for him not to give you cash imho.



    this guy is working on behalf of a company! So he saying the company wont allow them to carry cash with them!

    Abz;6203537

    this guy is working on behalf of a company! So he saying the company … this guy is working on behalf of a company! So he saying the company wont allow them to carry cash with them!



    possibly true m8-best to be safe tho-get it verified by the bank-dont wanna see you get ripped off.

    one big rip off

    Abz;6203537

    this guy is working on behalf of a company! So he saying the company … this guy is working on behalf of a company! So he saying the company wont allow them to carry cash with them!



    well if it's on the behalf of a company you have the right to know what company you are dealing with :thumbsup:

    If it's a company get them to transfer the cash directly into your account. If they can't do that they must be dodgy.

    Original Poster

    wickedteen;6203558

    one big rip off



    well i'll be taking him to the bank issuing the bankers draft and then to my bank to deposit the draft

    Original Poster

    the guy says he is working for motor mart

    is he nigerian?

    MinstrelMan;6203589

    is he nigerian?



    and royalty of some sort, lol.

    Original Poster

    MinstrelMan;6203589

    is he nigerian?



    lol....no....

    afaik motor mart don't buy cars? I'd do a bit of research first......

    Original Poster

    just rang him now, he's going to phone my back in 5mins

    so i'm going to ask details of the bankers draft (Bank name, sort code, acct number)
    will clarify the company name
    what else?

    Abz;6203636

    just rang him now, he's going to phone my back in 5minsso i'm going to … just rang him now, he's going to phone my back in 5minsso i'm going to ask details of the bankers draft (Bank name, sort code, acct number)will clarify the company namewhat else?



    His mothers maiden name? Might come in handy one day. :whistling:

    Abz;6203636

    just rang him now, he's going to phone my back in 5minsso i'm going to … just rang him now, he's going to phone my back in 5minsso i'm going to ask details of the bankers draft (Bank name, sort code, acct number)will clarify the company namewhat else?



    Get company name, address and telephone number, look them up on companies house records and get some confirmation:thumbsup:

    Dude, do not give him the car on the same day as paying the draft in, it will take a week to clear.

    I'd insist on a transfer, or let him wait 7 days for the car......

    Don't release your car until the bankers draft has been clear from the otherside

    Also take someone with you when you go to the bank....as he may have made arrangements for others to be there....if he's not genuine

    just a heads up bro

    Original Poster

    ok i just phoned my bank and they said if i bring the bankers draft in then they can verify its legit or not. and once its been banked then it can not be reversed...confused on what to do!!

    Wouldnt risk it personally... no cash no car

    A bankers draft is effectively a guaranteed cheque. As long as it is real, and accepted by the bank, then it will definitely clear.

    Banker's draft is as safe as cash.

    Just make sure you have the money first before you let anything out your site

    Original Poster

    so basically the bankers draft is ok, but not to let the car go until the BD clears?

    The bankers draft WILL clear.

    I paid for my car from a dealer with a bankers draft, and drove it away after handing it over.

    Original Poster

    peodude;6203859

    The bankers draft WILL clear. I paid for my car from a dealer with a … The bankers draft WILL clear. I paid for my car from a dealer with a bankers draft, and drove it away after handing it over.



    ok thanks, i feel a little more confident now

    Banned

    bd will defo clear, so once the banks says its fine then he can have the car as it will clear mate let us know

    Abz;6203835

    so basically the bankers draft is ok, but not to let the car go until the … so basically the bankers draft is ok, but not to let the car go until the BD clears?



    Yes, that is the best way.

    It sounds dodgy to me although maybe it's just me, is your car advertised really cheap then as a garage is buying it to sell on? Is there any haggling going on or are they just paying your asking price?

    Original Poster

    jtx;6203912

    Yes, that is the best way. It sounds dodgy to me although maybe it's just … Yes, that is the best way. It sounds dodgy to me although maybe it's just me, is your car advertised really cheap then as a garage is buying it to sell on? Is there any haggling going on or are they just paying your asking price?



    nah ive advertised it more than i paid for it about 9 months ago

    Abz;6204034

    nah ive advertised it more than i paid for it about 9 months ago



    :whistling:

    Give me the details I'll do you a proper glasses guide valuation, any trader will use this when buying.

    Banned

    as safe as the bank that issued it

    Original Poster

    ok so i spoke to the guy and they will do a bank transfer into my account. He said it should take 15mins or so for the transfer to go through!

    So seems ok! He coming at 2 so will let you all know how it goes!

    Thanks for all the advice

    Banned

    Abz;6204557

    ok so i spoke to the guy and they will do a bank transfer into my … ok so i spoke to the guy and they will do a bank transfer into my account. He said it should take 15mins or so for the transfer to go through!So seems ok! He coming at 2 so will let you all know how it goes!Thanks for all the advice



    wonder how it went...

    He's probably in the boot of his own car now on a Ferry to France.......

    ChrisUK;6205444

    He's probably in the boot of his own car now on a Ferry to France.......



    LOL ,shouldnt laugh just incase. ::whistling:

    Hope it all went well in the end.
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