Selling a car and lodging money into a bank account

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Copper

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Quick question, I'm selling my car and the buyer will be paying by bank draft. Can I lodge a 13k bank draft into my account no questions asked? Or is there a limit the banks will accept without an explanation?

Cheers for any replies.
 
make sure its not one of those scams where they ask you to lodge money and then it bounces
 
Yeah of course I will just explain:). I'm just wondering is that all I have to do, just say I sold my car and thats it.

Basically I want to know if when I go down with my draft are they going to turn me away and ask for any extra paperwork or proof of sale or whatever or will they be able to process it there and then. The reason I ask is because the buyer will be with me and I'm not handing over the car until the money is in my account. So I just want to make sure everything goes without a hitch.
 
Copper said:
Yeah of course I will just explain:). I'm just wondering is that all I have to do, just say I sold my car and thats it.

Basically I want to know if when I go down with my draft are they going to turn me away and ask for any extra paperwork or proof of sale or whatever or will they be able to process it there and then. The reason I ask is because the buyer will be with me and I'm not handing over the car until the money is in my account. So I just want to make sure everything goes without a hitch.
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I can't imagine there would be a big issue from a CAB angle if that's what you mean. But best to maybe just phone your bank and explain in advance of the transfer and they can advise.
 
I have been in your situation few times, with either draft or cash (large sum).
No question asked when lodging the money, but got phone call a week or so later asking me where the money was coming from. Said it was the proceed from the sale of a car, that's it, did not ask me anymore questions
Bear in mind, for my own peace of mind, i had kept a copy of the vehicle licensing form (both sides, with details of new owner) just in case more questions were asked at a later stage.
 
Remember bank drafts are now processed like cheques, so wont clear your account for 5 days! Make sure its genuine.
 
Agree with Runner on this. There is a known scam of car buyers handing over counterfiet bank drafts and getting the keys of the car and off they go. The seller lodges the draft and it bounces a few days later leaving them out of pocket with no car. A draft is not cash and a counterfeit draft is worthless
 
I heard about the fake bank draft scam, so to be sure both myself and the buyer went to the bank together - he got a bank draft and I lodged it there and then. The cash was in my account 3 hours later. Thanks for the replies.
 
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