Bank drafts

When using one to pay for a vehicle (10k ish) would you expect the
seller to release the vehicle to you there and then, or when they've
banked it?

 

Business = YES, there and then.
Private = NO, only when banked, cleared.

 

When they've banked it and it's cleared.


--
Dnc

B12, ZZR11
A6 2.5TDi V6 Quattro Sport
MIB#26 two#54(soiled) UKRMMA#26 BOTAFOT#153 X-FOT#003

 

Bad form etc - why use a draft instead of your debit card?


--
Dnc

B12, ZZR11
A6 2.5TDi V6 Quattro Sport
MIB#26 two#54(soiled) UKRMMA#26 BOTAFOT#153 X-FOT#003

 

Take cash, it makes it much easier. I've never understood why people
bother with bank drafts, notwithstanding that often a bank won't be
able to give you 10 grand in fifties, so it takes up a bit of pocket
space.

--
_______
..'_/_|_\_'. Ace (brucedotrogers a.t rochedotcom)
\`\ | /`/ GSX-R1000K3 (slightly broken, currently missing)
`\\ | //' BOTAFOT#3, SbS#2, UKRMMA#13, DFV#8, SKA#2, IBB#10
`\|/`
`

 

But according to my bank it doesn't "clear", they take the money from
my account as soon as they write it.

 

I have given the bank notice that I might want to make a cash
withdrawal so that option is there. I was just going to give the
seller the option of cash or draft but wanted to be able to take the
vehicle there and then.

 

Private sale.

 

This may be the best bet. The seller is reasonably local to me, so I
could suggest us going to my branch and he can have cash.

I can do that through my internet banking.

 

Indeed - but it doesn't credit mateys account until his bank has
interfaced with yours to ensure the draft is legit.


--
Dnc

B12, ZZR11
A6 2.5TDi V6 Quattro Sport
MIB#26 two#54(soiled) UKRMMA#26 BOTAFOT#153 X-FOT#003

 

Halifax needed 2 working days, so I gave them notice today for a
Saturday withdrawal. Seemed easiest and I've not lost anything if the
cars turn out to be pants.

heh, nah, I'd just sling the laptop in the back of the car.

 

I wouldn't take a bankers draft.

 

It fits nicely into an A3 jiffy bag though.


--
Beav

VN 750
Zed 1000
OMF# 19

 

Why use a draft? So many forgeries out there. Credit transfer, or (if
your credit limit allows it), use plastic, get the consumer protection,
and the Air Miles, loyalty points or whatever, and a month's
interest-free grace.

 

I don't think you'll find many car dealers will accept credit cards [1]
because they pay a % commission which may wipe out their profit on the car.

[1] Well, that my understanding, not that my CC limit would have come close
to covering the payment anyway.

 

Plastic? If you mean Visa or MasterCard and such (Credit Card):
You have absolutely no idea what you are talking about.

However, if you mean Debit Card, all is OK.

 

Your sums are flawed.
Do you really believe the Halifax is doing you a favour?

Typical dealer will be charged between 2.4% and 4% on any credit card
transaction
Typical dealer will be charged 50 pence on a debit card transaction.

 

But why should he GAF about this? The dealer didn't charge him to use his
card, he earned 1% cashback and interest. Where is the flaw?

 

Isn't there some downer nowadays on transactions in cash over £10K?