Bankers Drafts

[slimjim]

I'm selling my car. If a buyer pays by banker's draft, can I just let him have the car on the spot or should I wait for it to clear? Also, any tips on what to check on a banker's draft to make sure its genuine?

[robber1]

Dont let anyone take your car until the draft has been presented to the bank. There is a con where a person turns up "unavoidably late", round about the time when the bank closes. The draft cannot be presented until the following day and if you let them take the car its a hell of a risk.

[Dave Potts]

Call me paranoid,but...

On a sideline cautionary note, even if you are offered cash for your car I would advise going to the bank WITH your buyer and paying in the cash TOGETHER. There's a shedload of fake currency out there at the moment (millions) and it's getting harder and harder to identify. Just a thought...

[jameshopkins]

how long does a bank draft takes to clear the bank