Bank cheque clearance query...

hotlips69

I've been promised a cheque (drawn on LloydsTSB) in relation to a laptop I've got for sale.

The potential buyer wants me to post the laptop to him in a different part of the UK on clearance of this cheque (being posted to me).

I'm worried that even after the cheque has formally cleared, if it turns out the cheque was stolen/fraudulent it will come back to me, by which time I will have posted the laptop to the person. :eek:

Can anyone answer my query??

greenface

thats how business works they pay you send. you will have a name and address where to post 99% ok

hotlips69

this cheque is from a private individual, and the address is not anywhere local that I can go to if I had a problem.

Mikeyorks

hotlips69 wrote: »

I'm worried that even after the cheque has formally cleared, if it turns out the cheque was stolen/fraudulent it will come back to me, by which time I will have posted the laptop to the person.

Sales of laptops / mobiles .. at a distance ... are a notorious source of fraudulent payments. Make sure the cheque is 'cleared for fate' (6 working days after you bank it) .... before you part with the laptop in the post.

More detail here :

http://www.apacs.org.uk/payment_options/2-4-6.html

For the first time, after paying in a cheque, you can be sure that at the end of six working days, the money is yours. You are protected from any loss if the cheque subsequently bounces, unlessyou are a knowing party to a fraud

BenL

Looks like you should bank the cheque as early as poss then stall a little before sending the laptop to make sure the funds stay cleared.

Good luck

1984ReturnsForReal_2

Just tell them you are waiting a full 6 days after banking to be sure.

If they complain & moan & try to change your mind RUN A MILE!!

abfabuk

After 6 days the check can't be stopped or cancelled and you can withdraw the cash from your account, but I think even after 6 days, if the check turned out to be stolen then you could still have to pay the money back to the owner by a court order.

This is from the FAQ on the APECS website detailing the 6 day clearance thingy:

"Q. Do the 2-4-6 changes mean that cheques are safer from fraud?

A. No,you should always be wary of accepting high-value cheques or bankers’drafts. If you don’t know or trust the person offering you a cheque,you should consider other options such as a CHAPS payment,a telephone or internet payment or cash"

The 6 day rule mainly means the money can't be taken back out of your account involuntarily.

realaledrinker

Like Abfabuk says, insist on a CHAPS payment & knock the fee off your selling price if needs be.

Biggles

abfabuk wrote: »

After 6 days the check can't be stopped or cancelled and you can withdraw the cash from your account, but I think even after 6 days, if the check turned out to be stolen then you could still have to pay the money back to the owner by a court order.

No, not true, it's very clear. After 6 clear working days, the money can only be reclaimed from your account if you are a knowing party to a fraud. You will be completely safe posting after that time is up. If in doubt whether the 6 clear working days has passed, ask at your branch to check.

BTW, I am fascinated by APACS' reasoning for not speeding up the cheque clearing process: "Market research, undertaken in 2005 and endorsed by the Office of Fair Trading, confirmed that there is no case for speeding up the central cycle. Only 13% of customers placed any value on faster withdrawal."

So, when asked whether they would like to access the funds from a banked cheque earlier, 87% said, "Nah, it doesn't matter". Does this seem likely? Bet they weren't asking any MSEers.....
;-)

DocProc

When the buyer promises you a cheque 'drawn on Lloyds TSB', does he mean it is a 'Manager's cheque' or alternatively a cheque commonly known as a 'bank cheque'?

As against a regular cheque written by the buyer using the cheque book from his Lloyds TSB account and made payable to you?

The former should be OK and shouldn't bounce.

The latter might bounce.

Q. What is so special about a cheque from a buyer who banks with Lloyds TSB?
A. Nothing. Such cheques can bounce.

Biggles

DocProc wrote: »

The latter might bounce.

But not after 6 working days.