a foreign car dealer wants to buy my car... I want to be sure it is safe to trust his transaction of moneys. He says it can clear in only 24hrs!!!! I find that suspicious.
2006-07-13 10:15:51 · 6 answers · asked by thegreaterescape 3 in Business & Finance ➔ Personal Finance
Superstar you have no clue what you are talking about...
2006-07-14 22:32:51 · update #1
thanks to all the others.
2006-07-14 22:33:35 · update #2
Yes and no! Thats certainly the idea but it can go wrong.
Packets of Bank drafts are stolen from Security van raids all the time, so there is a chance you could be given a stolen one, and it won't be honoured.
They are also widely forged,and ringing the phone number on it will probably only allow you to speak to another memeber of the gang, so unless you know what your looking for I suggest you arrange to meet him with your car in your Bank's car park and the two of you go in to the branch and deposit the draft. They can ring the issuing branch and confirm the draft is in order, and you can then hand over the keys and docs.
Sorry but there is no safe method of portable payment. Even cash can be forged or stolen (marked) - there is always a risk so you just have to be careful.
The ideal option is CHAPS, and will cost him about £20.
2006-07-13 11:25:27 · answer #1 · answered by 'Dr Greene' 7 · 0⤊ 0⤋
I'm not sure in the UK, but in the U.S. it is not always safe. I had a bank draft that was unable to be honored when my husband sold his motorcycle. These people had our motorcycle and they stopped payment on the bank draft. Luckily they brought it back 2000 miles later and on the 10th day of having it. So they put 2000 miles on it and burned the back tire off and there wasn't a thing I could do about it, so I wouldn't do it for anything! Wait till you have the cash in hand. It was also my understanding that a bank draft was as good as cash (banker told me that!). The bank the draft is coming from can decline the payment at the customers request. They have 10 days to do it, I guess that's why we recieved our property back 10 days later after someone had been joy riding!
2006-07-13 17:26:00 · answer #2 · answered by I got answers! 4 · 0⤊ 0⤋
To ensure a Bankers draft is valid, phone the Bank on the draft to check that they issued it. If they confirm that they issued it, you are safe.
There are a lot of forgeries around, and many people have been conned into letting their car go, only to find out later that the Draft was stolen.
2006-07-13 19:41:06 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I have never heard the term 'certified draft', but I have had a bankers draft bounce on me becouse between issue and cashing the funds had been removed from the account and the draft cancelled.
2006-07-13 17:51:19 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Yes 100%
The trader is suspicious of you my dear
Bankers drafts are only ever issued against available funds and therefore they gaurantee payment.
That is why it clears so quickly.
2006-07-13 17:20:41 · answer #5 · answered by super_star 4 · 0⤊ 1⤋
if its on ebay use paypal the fees are well worth it in my opinion
2006-07-13 21:39:51 · answer #6 · answered by silver scales 3 · 0⤊ 0⤋