starvin marvin Posted June 3, 2009 Share Posted June 3, 2009 Is there anybody with banking/building soc experience who can advise on the safest way,(other than cash) of guaranteeing the money from a private sale of a m/h? I believe I've read that bankers drafts or cheques drawn on bank or building society branch a/c's can be stopped even after the "cheque" has been cleared and the money requested to be repaid, the only fool proof way is cash. When you're dealing with large sums of money this can be quite a concern. Perhaps BACs transfers are safer or maybe you insure against the possible event of the money disappearing. The biggest sale I've ever done privately was for £8k+ and I took cash. This next sale will be for considerably more. Many thanks Link to comment Share on other sites More sharing options...
Guest JudgeMental Posted June 3, 2009 Share Posted June 3, 2009 I would not trust a bankers draft. some sort of interbank transfer but cant help with details for most secure method........ Link to comment Share on other sites More sharing options...
mike 202 Posted June 3, 2009 Share Posted June 3, 2009 BE CAREFULL with cash !!! Even cash can be tricky, as a minimum you will need to have a fraudulent currency checking pen. The best way is for the buyer to transfer his money to a branch of his bank local to you. Both of you complete any documentation necessary, log book receipts etc, then you both go to the bank, he withdraws the money ( you know that it is genuine -not forged) then you take the money, give him the keys plus logbook and receipts while still in the bank. Transaction complete you then immediatly deposit the money into your bank. It is a bonus if you both use the same banking group. Done it this way myself - a friend took the cash at home but checked every not with the marker pen, not too many notes if they are all £50's. Interbank transfer is ok but then you have the money and the buyer has to trust you, not always easy for them Good Luck and be carefull Regards Mike Link to comment Share on other sites More sharing options...
yrocker Posted June 3, 2009 Share Posted June 3, 2009 Do not take £50's lots of stores won't take them! ( too many forgeries about ) Link to comment Share on other sites More sharing options...
Itexuk Posted June 3, 2009 Share Posted June 3, 2009 BAKS or CHAPS is the only way I would do it. Link to comment Share on other sites More sharing options...
Guest JudgeMental Posted June 3, 2009 Share Posted June 3, 2009 This reminds me, I sold a car a few years ago for 13k chap brought cash, accompanied me to my bank, I paid it in no problem. I also sold a motorhome the same year and chap transfered monies to my bank again no problem. It doesn't matter how they pay you, what is important is that you do not release goods until cleared funds are received........ Link to comment Share on other sites More sharing options...
Tony Jones Posted June 3, 2009 Share Posted June 3, 2009 mike 202 - 2009-06-03 12:40 PM The best way is for the buyer to transfer his money to a branch of his bank local to you. Both of you complete any documentation necessary, log book receipts etc, then you both go to the bank, he withdraws the money ( you know that it is genuine -not forged) then you take the money, give him the keys plus logbook and receipts while still in the bank. Transaction complete you then immediatly deposit the money into your bank. It is a bonus if you both use the same banking group. If you don't use the same bank, you can still avoid carrying the thousands from one bank to the other. Just make sure you've got the printed paying-in book for your own account with you, and that it's a "Bank Giro Credit" one which includes your branch sort code on the slips. That way, you can pay the cash straight back over the counter even though it's not your bank - you'll have to wait the 3 days for it to reach your account before you can spend it, but once your paying-in book is stamped, clearly filled in as "cash" not "cheques etc," your money is safe. Tony Link to comment Share on other sites More sharing options...
duetto owner Posted June 3, 2009 Share Posted June 3, 2009 Tony thats sound good advice, noted that if I ever need it too. Link to comment Share on other sites More sharing options...
Brian Kirby Posted June 4, 2009 Share Posted June 4, 2009 As an alternative to cash, ask the buyer to arrange for a banker's draft/building society cheque to be issued to him at a branch of his bank/building society nearest to where you live. Go with him to his bank/BS where you can see the draft/cheque issued, then hand over the keys etc and go to your own bank/BS, pay in the draft/cheque and request express clearance. That way you avoid having any large amount of cash around, and because the draft/BS cheque is drawn on the bank/BS, and you have seen it issued, you can be confident it is genuine. Link to comment Share on other sites More sharing options...
starvin marvin Posted June 4, 2009 Author Share Posted June 4, 2009 Brian Kirby - 2009-06-04 8:10 PM As an alternative to cash, ask the buyer to arrange for a banker's draft/building society cheque to be issued to him at a branch of his bank/building society nearest to where you live. Go with him to his bank/BS where you can see the draft/cheque issued, then hand over the keys etc and go to your own bank/BS, pay in the draft/cheque and request express clearance. That way you avoid having any large amount of cash around, and because the draft/BS cheque is drawn on the bank/BS, and you have seen it issued, you can be confident it is genuine. I understand what you're saying Brian but, I understand from my Bldg Soc that bankers drafts and branch cheques can be cancelled even after clearance. Seeing the draft or cheque produced only guarantees that its genuine not that the monies will stay in my a/c. Link to comment Share on other sites More sharing options...
starvin marvin Posted June 4, 2009 Author Share Posted June 4, 2009 yrocker - 2009-06-03 1:34 PM Do not take £50's lots of stores won't take them! ( too many forgeries about ) Certainly would not, plus there are loads of forged £20's around. Link to comment Share on other sites More sharing options...
cornishjojo Posted June 4, 2009 Share Posted June 4, 2009 Majority of banks now (if not all banks), you can do an internet transfer and the money will arrive within 2 hours. Building society's still take 2 - 3 days. 2 hours of waiting to make sure the money has arrived in your account isn't a lot of time, by the time you go through everything with the buyer, have a cuppa etc. answer any questions. Good luck, in whatever you decide. Link to comment Share on other sites More sharing options...
starvin marvin Posted June 4, 2009 Author Share Posted June 4, 2009 cornishjojo - 2009-06-04 8:57 PM Majority of banks now (if not all banks), you can do an internet transfer and the money will arrive within 2 hours. Building society's still take 2 - 3 days. 2 hours of waiting to make sure the money has arrived in your account isn't a lot of time, by the time you go through everything with the buyer, have a cuppa etc. answer any questions. Good luck, in whatever you decide. Thanks , but I wouldn't trust the internet to transfer large sums of money under any circumstances. Link to comment Share on other sites More sharing options...
starvin marvin Posted June 4, 2009 Author Share Posted June 4, 2009 Tony Jones - 2009-06-03 4:23 PM mike 202 - 2009-06-03 12:40 PM The best way is for the buyer to transfer his money to a branch of his bank local to you. Both of you complete any documentation necessary, log book receipts etc, then you both go to the bank, he withdraws the money ( you know that it is genuine -not forged) then you take the money, give him the keys plus logbook and receipts while still in the bank. Transaction complete you then immediatly deposit the money into your bank. It is a bonus if you both use the same banking group. If you don't use the same bank, you can still avoid carrying the thousands from one bank to the other. Just make sure you've got the printed paying-in book for your own account with you, and that it's a "Bank Giro Credit" one which includes your branch sort code on the slips. That way, you can pay the cash straight back over the counter even though it's not your bank - you'll have to wait the 3 days for it to reach your account before you can spend it, but once your paying-in book is stamped, clearly filled in as "cash" not "cheques etc," your money is safe. Tony Thanks for your view, at the moment this seems the most logical to me and probably the safest. Time to speak, with my bank on this approach. Many thanks Link to comment Share on other sites More sharing options...
cornishjojo Posted June 4, 2009 Share Posted June 4, 2009 or telephone banking, or visiting the branch would all be within 2 hours to transfer? Link to comment Share on other sites More sharing options...
Guest JudgeMental Posted June 5, 2009 Share Posted June 5, 2009 starvin marvin - 2009-06-04 8:53 PM yrocker - 2009-06-03 1:34 PM Do not take £50's lots of stores won't take them! ( too many forgeries about ) Certainly would not, plus there are loads of forged £20's around. take 50s 20s whatever! cash is king lol........ BUT if a cash deal you go to the bank together and pay the money in before deal is finalised *-) Link to comment Share on other sites More sharing options...
Brian Kirby Posted June 5, 2009 Share Posted June 5, 2009 starvin marvin - 2009-06-04 8:50 PM Brian Kirby - 2009-06-04 8:10 PM As an alternative to cash, ask the buyer to arrange for a banker's draft/building society cheque to be issued to him at a branch of his bank/building society nearest to where you live. Go with him to his bank/BS where you can see the draft/cheque issued, then hand over the keys etc and go to your own bank/BS, pay in the draft/cheque and request express clearance. That way you avoid having any large amount of cash around, and because the draft/BS cheque is drawn on the bank/BS, and you have seen it issued, you can be confident it is genuine. I understand what you're saying Brian but, I understand from my Bldg Soc that bankers drafts and branch cheques can be cancelled even after clearance. Seeing the draft or cheque produced only guarantees that its genuine not that the monies will stay in my a/c. I think that may be true if you accept a banker's draft etc that is presented to you by a buyer and it subsequently turns out to be fraudulent. However, if the buyer arranges for the draft etc to be issued by a branch you can visit with the buyer, the branch will not issue the draft if the buyer has insufficient funds to back it. The draft is issued by the bank from their own funds, not from the buyer's funds, and then then make an instantaneous back to back withdrawal from the buyer's account. If you've seen the draft/cheque issued by the bank/BS there should be no question of it subsequently "bouncing". Try asking a local bank and your BS about this arrangement, and not just the general question about drafts/BS cheques. My present understanding is that it is the only foolproof way of ensuring payment on the spot, where both seller and buyer can have complete confidence in the transaction. Link to comment Share on other sites More sharing options...
starvin marvin Posted June 6, 2009 Author Share Posted June 6, 2009 Brian Kirby - 2009-06-05 5:04 PMstarvin marvin - 2009-06-04 8:50 PM Brian Kirby - 2009-06-04 8:10 PM As an alternative to cash, ask the buyer to arrange for a banker's draft/building society cheque to be issued to him at a branch of his bank/building society nearest to where you live. Go with him to his bank/BS where you can see the draft/cheque issued, then hand over the keys etc and go to your own bank/BS, pay in the draft/cheque and request express clearance. That way you avoid having any large amount of cash around, and because the draft/BS cheque is drawn on the bank/BS, and you have seen it issued, you can be confident it is genuine. I understand what you're saying Brian but, I understand from my Bldg Soc that bankers drafts and branch cheques can be cancelled even after clearance. Seeing the draft or cheque produced only guarantees that its genuine not that the monies will stay in my a/c. I think that may be true if you accept a banker's draft etc that is presented to you by a buyer and it subsequently turns out to be fraudulent. However, if the buyer arranges for the draft etc to be issued by a branch you can visit with the buyer, the branch will not issue the draft if the buyer has insufficient funds to back it. The draft is issued by the bank from their own funds, not from the buyer's funds, and then then make an instantaneous back to back withdrawal from the buyer's account. If you've seen the draft/cheque issued by the bank/BS there should be no question of it subsequently "bouncing". Try asking a local bank and your BS about this arrangement, and not just the general question about drafts/BS cheques. My present understanding is that it is the only foolproof way of ensuring payment on the spot, where both seller and buyer can have complete confidence in the transaction.Maybe I've not explained it well enough or you have slightly misunderstood me. There appears (and I will check this again) that in certain circumstances both bankers drafts/branch cheques drawn on either a bank or b/soc a/c, the money can be requested to be repaid AFTER the funds have been cleared. The advice I've received from a national b/soc is that the only guaranteed safe way is cash. I realise that the notes would need to be checked for forgery. Tony (The Rev) seems to have covered the risks of carrying large amounts of cash onto the street, by carrying out a giro transfer immediately after the cash is available in the bank, you wouldn't even have to touch the cash. Many thanks for your comments/advice. Link to comment Share on other sites More sharing options...
Brian Kirby Posted June 6, 2009 Share Posted June 6, 2009 Then I defer to Tony. The buyer draws cash in your presence at a branch of his bank, so that all the notes come from the cashier, and then, as Tony says, use the Bank Giro sysyem to transfer the same amount to your own bank there and then.However, I am interested in the circumstances under which a draft/BS cheque can be reversed by the issuer. Logically (my logic!) I can see no difference between cash and the draft etc, so cannot understand why, under similar circumstences, the bank/BS could not demand return of the cash. Does anyone know the answer? Link to comment Share on other sites More sharing options...
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