To not accept a bankers draft?

(70 Posts)
DawnOfTheDoggers Wed 27-Jan-16 10:26:41

Message withdrawn at poster's request.

DawnOfTheDoggers Wed 27-Jan-16 10:27:27

Message withdrawn at poster's request.

MiniCooperLover Wed 27-Jan-16 10:28:42

Insist on cash or a BACS payment.

NNalreadyinuse Wed 27-Jan-16 10:29:25

Yanbu. As the seller you get to decide payment terms. I wouldn't let an expensive item leave my sight until payment had cleared. That's why people selling second hand cars usually only take cash.

PurpleCrazyHorse Wed 27-Jan-16 10:31:05

I think you can ask for whatever payment method you want.

If they won't do it, then don't sell it to them.

Viviennemary Wed 27-Jan-16 10:32:37

I agree that you set the payment terms as the seller. Ask for cash. Bankers draft is OK if you wait till you've got the money before parting with the horsebox.

YANBU

How many of us would recognise a fraudulent draft? I've only seen a couple of banker's drafts in my life.

sadwidow28 Wed 27-Jan-16 10:35:27

It isn't the same as a cheque. The funds of a banker's draft have already been transferred and are proven to be available; unless the draft is a forgery or stolen

However, you get to say what form of payment you are willing to accept.

Cachareltastic Wed 27-Jan-16 10:35:55

I would offer to accept the Draft if they would wait for it to clear before collecting the horse box, i.e. collect a week later.

sadwidow
There is a long standing problem with counterfeit bankers drafts being used in vehicle purchases.

tinofbiscuits Wed 27-Jan-16 11:02:21

YANBU. You get to choose your own payment terms. It's not difficult to arrange a BACS payment. If this person won't accept your terms then find a different buyer who's more reasonable.

Nanasueathome Wed 27-Jan-16 11:12:49

Done of my friends sold her BMW and accepted a bankers draft, over £30k
A short time after the car had been driven away she had a phone call, just people laughing down the phone
She took the bankers draft straight to the bank and had to wait ages whilst they investigated
They came back to her and told her it was a fake draft and there was nothing they could do
Please be careful
She did report to police but there was really little they could do as she had handed car, keys and paperwork over to the so called buyers

Nanasueathome Wed 27-Jan-16 11:13:32

That should say 'one' of my friends

specialsubject Wed 27-Jan-16 11:14:18

you are entirely correct. The payment needs to clear first. Anyone honest would respect this!

NotMeNotYouNotAnyone Wed 27-Jan-16 12:47:01

If they're genuine they should understand you need the cleared funds before you hand over the horse box. If they won't budge then don't sell it to them.

zipzap Wed 27-Jan-16 13:59:00

I'd just tell them that you have friends that have been caught out by dodgy banker's drafts for large sums of money and that you're not prepared to risk it yourself.

And that if they can do a bankers draft then there should be no problem getting you the cash - and that the more they insist they want to pay by bankers draft, the less inclined you are to take it and the more you think they are up to something dodgy.

Hereward1332 Wed 27-Jan-16 14:17:14

I haven't sold a lot of horseboxes, but I shouldn't have thought it was the easiest way for them to pay, in which case you have to wonder why they are so insistent. The more insistent someone is on doing something unusual, the more likely it is to be designed to rip you off. Especially if they are very pushy.

DawnOfTheDoggers Wed 27-Jan-16 14:33:05

Message withdrawn at poster's request.

Sunnymeg Wed 27-Jan-16 15:06:47

Definitely go for a transfer directly into your bank and insist it has to be in your account for five days (incase they try to reclaim it) before they collect the horsebox. Paying in a large sum of cash could cause your bank to ask you questions about money laundering and could prove an issue if you are planning to transfer the money out quickly

ABetaDad1 Wed 27-Jan-16 15:19:00

Don't accept a bankers draft they are used for fraudulent purchase sf vehicles as others have said.

The person should be willing to transfer funds electronically. She can do that by telephone. if she has an internet bank account. Otherwise, she can go with you to a branch of her bank and transfer the funds in person or arrange to withdraw cash over the counter and give it to you.

Also make sure your horsebox is secured with a wheel lock.

My father had one stolen by people who knew him and followed him into town and unhooked it from his car after he parked it at the side of the road.

carabos Wed 27-Jan-16 15:21:58

Isn't a banker's draft a bit retro these days? If they've got cleared funds in their account, which they have to have to get the draft in the first place, then they can just do a transfer surely? hmm

ExitPursuedByABear Wed 27-Jan-16 15:23:08

Well you learn something new every day.

I always thought banker's drafts were fool proof.

I am a fool.

DrGoogleWillSeeYouNow Wed 27-Jan-16 15:23:08

I wouldn't have the foggiest idea what a fake or real bankers draft looks like. They could be handing over something they'd knocked up on their computer at home for all I'd know.

So no, I wouldn't accept it and if they're being insistent about it I'd wonder why.

Andrewofgg Wed 27-Jan-16 15:23:31

Cash or BACS or sod off.

lovefairylights Wed 27-Jan-16 15:39:28

The thing I remember from my days as a bank cashier is that the cost of a bankers draft is usually fairly similar to what they will charge for a same day transfer - so it really should be just as easy for them to ask for a transfer as it is to ask for a draft.
Now there is the faster payments method and that is even faster and cheaper so there really isn't an excuse.
The only reason I can think of for insisting on a bankers draft are dodgy - either its fraudulent and you won't know till you try to cash it - or it was paid to them and they are trying to avoid cashing it themselves so are either suspicious themselves or trying to avoid a paper trail of money.
My other half is a dealer and these days he will only take cash, paypal or bank transfer and would never accept a cheque or draft.

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