Cancelling a Bankers Draft

Nikkisun

Hi - I'm going to look at a new car soon which is a fair distance away from me. I'm pretty sure that I'm going to want to buy it and the seller want to be paid by bankers draft, if I get there and decide that it's not for me how easy is it to return the bankers draft to my bank (Barclays) and get the funds put back into my account?

onlypaddy

not sure

cant you wait and see if you want to buy it and then go to a branch of barclays local to the seller?

Nikkisun

onlypaddy wrote: »

not sure

cant you wait and see if you want to buy it and then go to a branch of barclays local to the seller?

Thanks - that didn't even occur to me - doh!!!

Mikeyorks

It's not that easy - as most Banks have some sort of notice period for Drafts. Barclays is 24hrs. If you get one from your home Branch and decide not to use it ...... it will be cancelled if you return it and the funds credited to your account immediately (or overnight at latest).

This from the barclays site. The bold is their's :-

A banker's draft is useful for larger purchases. It is secure because only the named payee can use the draft.
To get a draft, go to any branch and speak to a cashier or Personal Banker. You can also call Telephone Banking and arrange for your details to be faxed through to the branch of your choice for collection. You'll need to tell us who the banker's draft will be paid to (the 'payee') and the amount. When you collect the draft you'll need to provide two forms of identification. A member of staff will then sign the draft and the funds will immediately be debited from your account. The charge is £15 for Personal Banking customers.
Please note: 24 hours' notice is required
Ensure that you keep the draft safe as it can only be replaced if you accept the risk that the original draft is presented at any time during the six years after it is issued, and only then if we consider that you are creditworthy for this potential liability.

Nikkisun

Thanks - back to plan A!! Will sort the bankers draft and fingers crossed the car will be just what I want!

hermum

Make sure you take a chunk of cash with you & don't have the bankers draft made out for the full asking price, once you've haggled the seller won't give change.

crispy_chris

If the bankers draft isn't made payable to yourself you cannot cancel it without the other party coming to confirm they have not received it.

Nikkisun

crispy_chris wrote: »

If the bankers draft isn't made payable to yourself you cannot cancel it without the other party coming to confirm they have not received it.

If I have the original bankers draft to return to the bank then why would the other party need to confirm that they don't have it?

Mikeyorks

crispy_chris wrote: »

If the bankers draft isn't made payable to yourself you cannot cancel it without the other party coming to confirm they have not received it.

That simply doesn't make any sense. If the Draft becomes the title of the payee at the outset then Banks would not pass them over to the Drawer!

As the recipient of literally tens of thousands of these over the years ..... I've never been called upon to confirm that someone who has drawn one in my employer's favour, but in error - could have their money back!

crispy_chris

hmm, oh yeah thats only if you're saying you've lost it, sorry! :P

inexpertben

Nikkisun wrote: »

If I have the original bankers draft to return to the bank then why would the other party need to confirm that they don't have it?

They don't.

I returned my original unused bankers draft to Barclays today (after a vehicle purchase transaction fell through) and, although they said weren't able to refund any admin charge (*) that I paid to get the draft in the first place, there was no problem with cancelling the unused draft.

[SIZE="1"](*) As an aside: one other tip when dealing with Barlcays: if you draw the money from an account that doesn't have a card or a cheque card (i.e. a savings account but *not* an e-savings account, bizzarrely!) on a Saturday then the admin charge for getting a bank draft may be waived. The bank clerk was as surprised by this handy loophole as I was![/SIZE]