Bankers Draft....any experience???

[ASM-Forever]

I have never had any cause to use one, but the bloke selling me his bike would prefer i paid this way.

I am under the impression i will have to pay for it, how much? and also if the figure is a few thousand will they require notification?

Yours confused :-s

[Viney]

Some banks charge for them, its more like a counter checque. can sost you a tenner! Other than that, no notification needed at all.

The last big purchae i made, i transfered the money into thier acoount with them there and then.

[ASM-Forever]

Cheers Viney....should be ok then.

[skint]

Its kind of a guaranteed payment so good for the seller they don't have to wait for the cheque to clear before knowing its safe to let you run with their bike.

Crap for buyer because charges can be rediculous IMO. See if they will accept an online payment into their bank account before you collect. Much easier

[Steve H]

Its kind of a guaranteed payment so good for the seller they don't have to wait for the cheque to clear before knowing its safe to let you run with their bike.

Crap for buyer because charges can be rediculous IMO. See if they will accept an online payment into their bank account before you collect. Much easier

The online payment will still have to clear.
A 'genuine' Bankers Draft' is NOT cleared funds, but is a Guarantee of payment for the seller. The bank is likely to charge you for this, but when don't they? :(

[Stu]

Building societies, or former Building societies (like Abbey) tend to issue counter cheques for free. If you have an account there see if the seller will accept that. otherwise yup at least £12 IMO. Internet Tfr is instant if same bank, otherwise 3 days.

[Gazza77]

Not an issue for you, but dodgy for the seller too, due to the number of forgeries around nowadays.

[arenalife]

The risk is all his, I wouldn't accept one. My friend from college sold his 10 grand car and accepted one. It was a worthless forgery, he's still paying off the loan on that car, giving it away is not covered by insurance and the car is gone!!!

[SVTONYB]

Again not your problem but like anything else they can be genuine but stolen. Happened to a guy I know sold his car and accepted a bank draft which appeared to be genuine, turned out it was genuine but was one of 20 that had been stolen and were all presented as genuine for cars. By the time the drafts made it back to the bank the cars had been sold on at auction to unsuspecting buyers. A severe headache for all concerned :(

[northwind]

Building societies, or former Building societies (like Abbey) tend to issue counter cheques for free.

Yep, but they're not really bank drafts, they can be cancelled under more circumstances. And of course, not hard to forge. Even bank drafts aren't guaranteed, they can be cancelled if stolen. Your seller is probably just a bit old fashioned and thinks of them as solid gold, which they never were but really aren't now.

Not everyone can accept a BACS or CHAPS payment though, some building society and rubbish bank accounts won't frinstance. BACS isn't all that secure either btw, even once it's clear in your account it can still be returned or recalled under certain specific conditions. And banks often grant access to uncleared funds even before they're fully cleared, which causes loads of confusion- people assume that because they can draw on the funds, that it's secure and cleared, but it's not.

In short- trust nobody :) CHAPS or cash for me. Or, be present in the bank when a draft's made out, that's almost completely safe. But pointless.

[ASM-Forever]

I got the bankers draft today and it didnt cost me a penny. I called up Halifax yesterday and they said it would be £10. Either i will find my account has been debited or my charm has won through once more :)

[northwind]

I got the bankers draft today and it didnt cost me a penny. I called up Halifax yesterday and they said it would be £10. Either i will find my account has been debited or my charm has won through once more :)

Not a bank draft. At least, not a real one, it's a counter cheque as mentioned above. Your man will probably take it, since he doesn't really know what he's doing :D but don't ever accept a Halifax counter cheque as guaranteed funds yourself, they're as open to abuse as anything else. Maybe more, in some cases, there's specific vulnerabilities which I am not going to tell you about other than to say WATCH IT when taking them.

[Gordon B]

I find that this is universally accepted by most people and there are usually no fees when withdrawing.....

http://www.guardianfx.com/banknotes/europe/GBP_20_new.jpg

[ASM-Forever]

Not a bank draft. At least, not a real one, it's a counter cheque as mentioned above. Your man will probably take it, since he doesn't really know what he's doing :D but don't ever accept a Halifax counter cheque as guaranteed funds yourself, they're as open to abuse as anything else. Maybe more, in some cases, there's specific vulnerabilities which I am not going to tell you about other than to say WATCH IT when taking them.

No....it must be my charm....surely :D

[northwind]

Yes, OK then, and your charm :D

[Moffatt666]

Building societies, or former Building societies (like Abbey) tend to issue counter cheques for free. If you have an account there see if the seller will accept that. otherwise yup at least £12 IMO. Internet Tfr is instant if same bank, otherwise 3 days.

Unless you're with Barclays, sending money to another Barclays account - 5 days to clear!!!

[tigersaw]

Unless you're with Barclays, sending money to another Barclays account - 5 days to clear!!!

I remember having a row with Halifax about it taking 3 days to transfer money between 2 accounts, both in my name. So I withdrew cash out of account 1, and as she passed it to me, without even touching it, I asked her to deposit it in account 2. Sucess! Cash is credited instantly :D

[ASM-Forever]

I remember having a row with Halifax about it taking 3 days to transfer money between 2 accounts, both in my name. So I withdrew cash out of account 1, and as she passed it to me, without even touching it, I asked her to deposit it in account 2. Sucess! Cash is credited instantly :D

Its instant online with Halifax for me....i have 3 accounts and an ISA and no probs at all :cool:

[northwind]

There's a trick to that, if they don't do it right with some accounts it can take time but what they're supposed to do is take it from your account, put it in a branch account, then transfer it to the destination account- instant.

There's another thing, HBOS are another bank that give access to funds before they're cleared, so loads of people think that a cheque's safe funds, then it gets bounced. Good idea on paper...