Accepting a Bank Draft as payment

D

Dusty

Registered User
Messages
43
I am selling my car. I always regarded a bank draft as "as good as cash" in that it was cleared funds, and you could let the purchaser take the car right away.

Is this the case? Does anyone have any advice regarding accepting a bank draft as payment.

Cheers
Dusty
 
Bank drafts are quite easy to forge, and there has been quite a lot of this going on lately. There was a feature on it on 'Crimeline' or whatever that show on RTE 1 is in the past 12 months. You may be able to call the bank once you have the details of the draft to verify it's authenticity, but the buyer may get touchy (pity about them?).

Of course, if they are giving you cold hard cash, someone could accuse you of aiding money laundering.

A personal cheque can bounce.

So looks like you're screwed:rolleyes: . Pity you can't trust anyone these days.
 
Be very wary of Bank Drafts these days it seems to be the latest of the 'Nigerian' scams (need a hand getting that $40million out of Iraq? :rolleyes: )

Unfortunately it seems the better forged ones can 'clear' with money appearing in your account making all seem well until the bank subsequently removes the money again once it hits that point in the process and it's revealed to be a forgery.

Buy and Sell have had major problems with people offering to buy things with these drafts and requesting that they pay over the odds and receive the balance in cash. They have warnings about it in the mag now.
 
Bank drafts are not reliable.

The only way to ensure that it is genuine is to go to the branch of the bank on which the draft is drawn. It's not sufficient to go to any branch of AIB with an AIB draft. If it was drawn by the Baggot Street branch, go to that branch to cash it.

Otherwise, ask for cash. If it's a large amount, meet them in the bank and pay it directly into your account for security reasons.

Brendan
 
Buy and Sell have had major problems
Click to expand...
I placed an ad in Car Buyer's Guide to sell my jeep and was contacted by a potential buyer from 'Dubai'. He offered to send me a draft drawn on an Irish Bank within 24 hours for the full asking price.

When I told him that I had lived in the Middle East and knew that car prices were half what they were here, not to mention that they drive left-hand drive vehicles - he suddenly went quiet and didn't want to buy my car anymore - I wonder why?
 
Thanks folks,

Think I'll ask for cash! Failing that ringing the branch the draft was issued from seems like a sensible idea.

Cheers
Dusty
 
You must log in or register to reply here.
Back
Top