ebay bankers draft!

[Edge]

Just curious as to why so many folk accept bankers drafts??? Do they not realise that even 3 months after the money is in their account it can be cancelled and withdrawn (Royal Bank of Scotland advised me not to accept them on expensive items because of this!).

[Freelander1980]

I was under the impression and having used a few from the bank, when you get them the money is instantly taken and placed in the cheque which is guarenteed by the issuing bank.

[Tommo]

Yes my understanding was also that its like a cheque but as good as notes.

[narked]

Aye, me too. Last time I used one (well the only time) it had to be signed by the manager for it to be used.

[thermidorthelobster]

No no no.

Bankers' drafts can be forged, or more commonly, stolen.  In which case they can be, and are, revoked AFTER they've cleared in your bank account.

My local branch of Lloyds seemed unaware of this, and told me that they were as good as cash, but this is NOT TRUE!  They would not hesitate to yoink the money out of my account if I'd unintentionally paid in a stolen bankers' draft.

[Tommo]

what a bummer, i would have thought it was up to them to decide if its forged or not before taking it and sticking the money in your account. i always assumed there was some sort of system that all the banks shared to check that everything matched up, cant take long to find out if the account in question legitimatly produced that bankers draft.

[Boggert]

I wouldn't accept one, unless it was from someone I know or a reputable business.

There are lots of stolen, fake ones floating about, it can take the bank a week or 2 to let you know its stolen.

[crazymac]

This is quite a common ruse by the "I'll send you £3k in bankers draft for your £1k landrover, and when the shipping agent arrives can you give him the £2k in cash?

You hand over your landy and £2k, then a month later the cash is pulled back from your account as it was a forged bankers draft!!!

Obviously if yoy get one from yoyr own bank to pay someone, that will be a genuine one, but never accept one in payment!

[Hangover]

When you choose the way you recieve your payments it just happens that bankers draft comes on the same option as postal orders,most people would take a postal order but more than likely not a bankers draft.

[Tommo]

I dare say a postal order is much easyer to forge etc, but you wouldnt have a 2 grand postal order... would you?  Its a lotta stamps! ive only ever used them for stuff under £100

[glaggs]

While working in the motor trade we were victim to a scam where a vehicle was bought using funds transfered to our account via electronic or bank transfer. The vehicle was't released until our bank confirmed we had cleared funds. 4mths later the money was snatched back as at some point a fraudulent money transfer had been used and there was sweet FA we could do about it as the bank involved was in Hong Kong! The sum £8500.

[Tommo]

So without hard genuine cash there is n safe way really????

[clbarclay]

So without hard genuine cash there is n safe way really????

And they can forge that stuff as well. Gold may be a fairly secure alternative, though not very practical.