Fake Bank Draft

soolin

f1charlie wrote:

What was the advantage of taking the draft to a money shop and not to the bank? I'm not quite sure what the money shop is, but I assume they take a cut from the draft?

Good point..

I assume it is because a bank will clear them through the banking system and the OP wanted a quick return, which is another hint that these things are considered cheques (and bounceble) by the bank and not cash.

Soo

neil_woods

A bankers draft is drawn up by the manager of a bank against the money in your account , which more or less means you must have enough money in your account to cover the draft. As has been said they still can bounce if the person removes money from the account.

Can you just clear up something here, you say you work in financial field, yet you took a bankers draft to a money shop, from my experience the only people who take cheuges to these places are people who cant have a bank account for 1 reason or another (ie bankruptcy). You get a bankers draft, you take it the bank.

These outlets can charge a hefty fee for cashing in these cheques. Never a good idea to use if u have a bank account.

ollyk

I suggest people read this it might give some clues about what the op actually really knows about bankers drafts

Tirian

ollyk wrote:

I suggest people read this it might give some clues about what the op actually really knows about bankers drafts

[cynic hat on]

Hmm, this is all looking rather suspicious. First asks questions about whether it's possible to send a banker's draft and have the funds appear as present in a recipients account, and then withdraw the cash.

Now wants to know how to avoid trouble after obtaining an advance on a fake draft

[/cynic hat off]

Sorry if you do happen to be genuine. However, you must admit it does look rather odd.

meerustar

Tirian wrote:

I find it hard to believe that you accepted an advance until the draft cleared and yet thought that the draft was 'as good as cash'. Sounds more to me like you knew the situation, but thought you were safe so took a risk by putting the money down on a car and are now a bit scared.

Nothing wrong with that, apart from being a bit foolish - but really, don't try to say that you accepted an advance in lieu of clearing but didn't realise anything could go wrong. That just makes no sense.

I find that statement a bit harsh, as I would have done the same as the OP. I too thought a bankers draft was as good as cash, and although I've never had to cash one, if I had, I'd have accepted the advance and gone on a shopping spree.

Maybe thats naive of me, but I didn't know and neither did the OP.

Tirian

If it were as good as cash, there would be no need for any 'advance' - they would just give you all the money straight away.

OK, so let's assume you didn't know that. And let's assume the OP didn't know that either. You receive a banker's draft for the first time in yout life, for a large amount of money. Wouldn't you at least check how it worked before you went around merrily arranging an 'advance' and then splurging all the cash?

Anyway, bottom line is this - ANYTHING that has to 'clear' isn't safely (or legally) yours until it is cleared. That's what clearing means.

soolin

meerustar wrote:

I find that statement a bit harsh, as I would have done the same as the OP. I too thought a bankers draft was as good as cash, and although I've never had to cash one, if I had, I'd have accepted the advance and gone on a shopping spree.

Maybe thats naive of me, but I didn't know and neither did the OP.

I think the point here is if you believed it to be cashable wouldn't you have gone to a bank and had it cashed or paid into your account free of any charge. Or would you find a shop that charges a very large percentage of the amount and will only give you a third as an advance and ask you to come back later..apparently after draft cleared?

If you couldn't cash it in the first instance would you still assume it was completely safe to go and spend the money, or would normal hesitation apply and the thought that maybe it might be a good idea to wait until confirmation is received that all is well and all funds are released?

I agree that any ordinary bod in the street might consider a BD to be like cash, but would you still think that after a shop refused to pay out in full on it? Also remember the OP works in a financial environment, isn't that hugely worrying as well?

Soo

rjm2k1

neil_woods wrote:

A bankers draft is drawn up by the manager of a bank against the money in your account , which more or less means you must have enough money in your account to cover the draft. As has been said they still can bounce if the person removes money from the account.

As far as I remember, once the draft has been produced, the money has been removed from your account, it's written agains the banks own account which is why it's "safe", so they can't bounce because the person has removed the money from their account. They can bounce because they are forgeries and probably a few other reasons.

peter_the_piper

And don't forget that it would be less traceable at a moneylender than at the bank. Unearned income like this is taxable isn't it? I'm afraid this looks a mite suspicious.

3card

Im a little thrown here.......the thread is headed "Fake Bank Draft" & thats what i thought we was talking about.
My experience with bank draft are that if it was a genuine draft then it would of cashed with no problems, like an earlier poster said, if you obtain a draft from your bank the money is taken from your account as soon as it is raised - not when its cashed!!!!
Iv always been told when someone is going to pay me by bank draft that i should ring & get the draft number in advance & ring up the issueing bank & ask for the authenticity of the draft......always make sure you get the branch address & look the number up yourselves, dont rely on the "buyer" giving you the bank tel number!!!.....im not sure how this can be done where the bank use a call centre presently????

I can see why the OP is concerned about the job implications because as someone that is close to a bank employee i know the view the banks take when employees have money problems.

Im also puzzled why the OP would take the draft to a "money house" rather than his bank??????????????

Mick