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Subject Topic: Bankers Drafts
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PersonRomaway
14/8/2012 at 6:00pm
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I was told by my bank that a draft can be forged and there are some forgeries around and that the ONLY safe way to make or accept a payment is a CHAPS payment.

I used this when buying and selling my van privately. The couple had to wait until the bank phoned us and told us the transaction had gone through and only then did they get the keys.
   


Personsnowy747
14/8/2012 at 6:29pm
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Forgery isn't the biggest issue with them, theft is. When securicor vans etc are raided they are one of the items that can be on board.

So you can hold them up to the light, see a watermark, present them to the Bank and they look at it and think it is ok but only when it is verified by the so called issuing branch is it found to be stolen.

Ali


Personmillermicm
14/8/2012 at 6:47pm
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Bankers drafts are only secure if it is a genuine draft. Many are not. Not a problem as a buyer but potentially for a seller.
Surely an arrangement can be made with your bank to make a larger immediate transfer. I know I sold a car well over 3k. I went to the halifax counter with the buyer and he did a payment over the counter and the cashier was able to confirm it appeared in my bank.


PersonRomaway
14/8/2012 at 7:53pm
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You are right Ali, I had forgotten the details and maybe they said it was stolen Drafts not forged ones that were a problem. It was a long time ago and my memory is not as good as it was. It still remains though that a direct transfer by Chaps is the only way if you are selling and want to be sure of getting the cash.

When we bought our van 10 years ago from an elderly couple, I took a building society cheque and went to the bank with him and his bank told him that it could still be stopped. He trusted me and let us take the van but I bet he had a sleepless night or two until it cleared.



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