Bankers Draft?

[stephlw25]

Can someone please explain to me what a bankers draft is?

Basically i have just sold a car on ebay on behalf of my dad. The guy who has bought it lives up conutry and is sending down someone with a trailer to pick up the car.

So he has said he will pay by "Bankers draft" which appartently by him is "as good as cash"? and send it down with the person in thr trailer!

Does anyone know about them? is that right is it as good as cash? Its just im a bit wary as the guy is new to ebay so therefore has no feedback etc !

Thanks in advance for any help !

 

[Jo]

I think a bankers draft is where the bank approves you have that money in your account and when you take it to your bank money is transfered
safer than cheque 'cos can't bounce

I'd give your bank a ring and just check though

 

[Arcanegirl]

did you say in teh auction you would accept a bankers draft?

if you didnt i would jsut say that you wont accept it and you put in the auction what you do accept. Its up to the buyer to accept the payment methods you have said.

the guy sounds a bit odd to me...

 

[Arcanegirl]

"This is a cheque drawn on the bank (or building society) itself against a cash deposit. A 'bankers draft' is thought of as being a secure way of receiving money from someone you don't know where you fear his/her cheques bounce (may not be honoured) and where it's not convenient or desirable to receive cash. 'Bankers drafts' are commonly used for large purchases such as homes and cars."

 

[stephlw25]

I didnt really mention the payment methods only that im selling it for my dad and to contact him !

So this bankers draft seems ok then?!

 

[Wobbles]

You really need to be careful with bankers drafts!!

Say NO! Cash or a normal cheque first!!

 

[stephlw25]

oh really hmmm im confused even more now !!!! LOL

 

[Jase]

bankers draft is basically a cheque the bank will honour as they know the funds are there when they issue it. better than a cheque, safer than wondering about with cash, i'v bought cars with them before.

 

[stephlw25]

Thanks

 

[Wobbles]

Also many dodgy gits with dodgy bankers drafts - Quite a regular thing now on eBay!

Sorry I wouldn't risk it!!

 

[Helen]

Bankers drafts are better than cheques because it will instantly credit your account like cash, but if you get mugged no-one else can cash it.

If you're worried about fake ones, why don't you insist that he comes down the bank with you while you pay it in. If he's genuine, he shouldn't object.

 

[Wobbles]

https://news.bbc.co.uk/1/hi/programmes/working_lunch/3324725.stm

&

https://www.lostmyshirt.co.uk/fake_draft.htm

 

[Wobbles]

Oh ...

https://www.gloucestershire.police.uk/news/2344.html