Bankers drafts

[Flower3554]

Does anyone know anything about being paid for goods with a bankers draft.

I've never had any experience with these before. Are they similar to a cheque, ie you have to wait for them to clear, are they safe?

I think a bankers draft clears straight away - they are just like being paid in cash. I used to work in the motor trade and people used to pay for their cars with these.....we would never have allowed a car to be driven away without the money so I think they are a good way to be paid especially for large sums of money.

They are safe. They are drawn from cleared funds, so are equivalent of cash. Don't mislay it, for this reason.

They are only issued by the bank against cleared funds so you don't need to wait for it to clear BUT as with cheques it is possible for it to be a fake/fraud so still need to be careful.

Thanks all

Be very wary of a bankers draft if it's from someone you don't know and is for a large amount. They are only issued against cleared funds but it's not that hard to obtain them fraudulently. You can ask your bank for special clearance (as you can with a personal cheque) and they will normally charge a fee for this.