Big Problem - Nationwide Building Society Don't Do Bankers Drafts

getmeoutofhere

I have agreed to purchase a caravan from a seller who lives 75 miles away, and the payment the seller prefers is a Bankers Draft.

I am to pay/collect next Saturday, but the problem is I've just found out that Nationwide Building Society do not do Bankers Drafts.

I'm not keen on collecting cash from a high street BS, nor keen to transfer to his account before Saturday (there is an element of risk as I have yet to visit the sellers home address as we viewed the caravan on neutral premises, and agreed the exchange should take place at his home address for my peace of mind).

I need to propose a new safe method (for my sake) to the seller, so are there any suggestions out there?

Thanks in advance.

spikypixie

Hi,
Nationwide will do you a 'counter cheque'. Looks like a normal cheque, only slightly larger, is signed by a member of staff and made out to the recipient of your choice. It is exactly like a draft from a bank, in that the money is removed from your account, and into the bank / BS s account. They then issue a cheque from their funds, so it cannot bounce (unless Nationwide go bust overnight!!).
Not sure if they charge - maybe a tenner??
Hope this helps.

dunstonh

Building society counter cheques are not guaranteed and can be stopped. There has been press coverage in the past about this and the mistaken belief they are like bankers drafts.

There was one in our area many years ago where a number of car dealers got caught out and that was Nationwide.

tom188

Are there not an equal number of fake bankers drafts in circulation?

Mikeyorks

Counter cheques can only be countermanded at the behest of the Bank / BS - and only under extreme circumstances, such as proven loss. Bankers Drafts can equally be stopped under such circumstances. Neither can be Stop'ped at the whim of the drawer - as the document / funds belongs to the Bank.

In recent times they have come to be regarded as the same - even APACS mention them in the same sentence.

http://www.apacs.org.uk/resources_publications/faqs/cheques_16.html

As your seller has agreed to accept a Draft - they should have no difficulty with a counter cheque, which fulfills all the criteria of a Draft. But as APACS mentions - both have been known to have fraudulent overtones. So don't be dismayed if your seller insists on clearing it, before parting with the caravan.

A counter cheque is likely to cost you £10 - £12. Possibly worth considering 'same day' CHAPS - which will cost you more (£25 - £35) but is overall safer. However you would need to organise that before meeting up with the seller - so the counter cheque may better fulfill your criteria?

david29dpo

i would be a little concerned with viewing the van anywhere other than the owners home. stolen van being sold like this is very common. please be careful.

getmeoutofhere

david29dpo wrote:

i would be a little concerned with viewing the van anywhere other than the owners home. stolen van being sold like this is very common. please be careful.

That's why I have arranged to to the exchange at his home address, and why I am reluctant to to a bank transfer in advance.

OddjobKIA

nationwide have done bankers drafts for us before no problem, or maybe they were counter cheques but I have always called them bankers draft and we have never been charged for them, although I think I might be getting confused with bank transfers which are also like cheques and I have used them to pay ebay transactions before. sorry I haven't been any help really, I am pregnant with my 4th child and don't have much brain left!

OddjobKIA

Okay my post will look odd cos I am posting under hubbys details and there is a man in the avatar( my hubby).

jennifernil

Have you run a CRIS check on the caravan to check it is registered to the person you are buying it from?

thesaint

I have always called them Building society cheques, I wouldn't expect a Building society to do a Bankers draft and vice versa