How to verify a bankers draft?

MammaCas

Dear all
I hope I'm posting this in the right place

We are selling my husbands van privately through Auto Trader and was wondering if the buyer turns up with a bankers draft how do we know/or find out that it is genuine?

(Not that I'm paranoid or anything!)

Thanks in advance
MC

jonesMUFCforever

In truth you can't.
I would never ever let go of a valuable item unless I got cash or a CHAPS confirmed payment into my account.

Whilst most people are honest there have been cases of drafts 'amended' fraudently or stolen in the post before getting to the banks.

Treat a bankers draft like any other cheque - you pay it in and let the buyer wait 6 working days before you let go of the log book.

Mikeyorks

In theory you can ring the issuing Bank to confirm it's legitimate. In practise - it's probably safer to let it go, as previous post , through Clearing first.

But, this is one of those cases where you might want to consider 'special presentation' .... if time is critical. You take the draft to your Bank and pay £12 / £15 for special presentation. They send it to the drawer Bank by 1st class post. On receipt the drawer Bank 'phone your Bank and tell them that it will / will not be honoured. If it will (all cases with a draft - unless its stolen / forged) - the funds are reserved and your money is guaranteed at that point. The cheque still has to go through Clearing before the money gets into your account - but it's a way of generating certainty some 3 working days earlier (assuming the cheque gets to the drawer Bank the day after it leaves yours).

Just never do it when the cheque has to go into the Christmas post - into a London Bank however!

http://www.apacs.org.uk/resources_publications/faqs/cheques_6.html

jonesMUFCforever

I'm not sure whether you can send a Bankers draft as a special?
(I know you can't send government issued cheques/warrants etc for special presentation)

Hazzanet

ejones999 wrote: »

I'm not sure whether you can send a Bankers draft as a special?

When I used to work as a cashier at Natwest I would send them special at least once a week for a well known cheque cashing company, so yes, it can be done

HTH

Mikeyorks

ejones999 wrote: »

I'm not sure whether you can send a Bankers draft as a special?
(I know you can't send government issued cheques/warrants etc for special presentation)

Yes you can send a Draft. Although it's gilding the lily as it should be guaranteed ... provided you can check its authentic with the drawer Bank.