Certified bank cheque - should I sign over ?

pgroarke

Hi Guys,
Am selling a car and am not au fait with some of the methods of payment I've been offered. What is the diff with a certified bank cheque and a regular one.
Can I insist that the cheque is cleared (I guess that takes a couple of days) before I sign over the docs or am I being overly cautious.
I dont want to sound racist either but should I be suspicious of certain non-nationals.
-P

Cmar-Ireland

pgroarke wrote: »

Can I insist that the cheque is cleared (I guess that takes a couple of days) before I sign over the docs or am I being overly cautious.
-P

Absolutely insist on the cheque being cleared before handing over keys or docs. If the buyer wont wait, tell them to get cash or f**k off.
(regardless of nationality)

If you are talking about a bank draft, this means the guy has gone in and handed over the cash in order to receive the cheque, usually this is a safe method of payment.

However, he can easily go in with his receipt and say the cheque has been stolen and they will cancel it so make sure it is cleared before handing over anything.

If you have a bank account in the same bank that the cheque was drawn from, they may allow you to cash it so you don't need to wait the 5 days for it to clear.

pgroarke

See the message below.
I am very suspicious because of the following:
(1) No phone number
(2) Message itself - grammar and I sense the message has been automatically generated.

In any case I just advertised it and I do have some genuine callers so I will concentrate on them for now.

* Hello, This is Mr John ****, I saw the above mentioned advert pasted for
sale and I am interested in it that is why i am sending you this message.please
let me know if it is still available and if so kindly get back to me with the
requested details below. 1} FIRSTLY YOUR LAST ASKING PRICE? 2} THE PRESENT
CONDITION AND PICTURES? 3} AND LASTLY IF MY MODE OF PAYMENT BY CERTIFIED BANK
CHECK IS OK BY YOU? Please get back to me with the requested details so that we
can proceed as soon as possible.hope to hearing from you. Thank you for your
time and kindness attention. I remain very truly yours. Mr John *

Sleipnir

However, he can easily go in with his receipt and say the cheque has been stolen and they will cancel it so make sure it is cleared before handing over anything.

You can't cancel a bank draft like you can with a cheque, they are quite different. If you lose a draft it's the same as losing cash.
Sometimes they will cancel a draft, sometimes they won't.

If he wants to pay by bank draft you need to see and check the draft is genuine before accepting it.
That means he shows you the bank draft, you write down the issuing bank's details, serial numbers etc, phone them and say you want to check the authenticity of a draft presented to you as payment.

***EDIT**

However, no phone number etc? That does look dodgy alright.

TheBazman

I sniff a scam. I think "I remain very truly yours" a bit OTT for first contact

skibum

pgroarke wrote: »

See the message below.
I am very suspicious because of the following:
(1) No phone number
(2) Message itself - grammar and I sense the message has been automatically generated.

In any case I just advertised it and I do have some genuine callers so I will concentrate on them for now.

* Hello, This is Mr John ****, I saw the above mentioned advert pasted for
sale and I am interested in it that is why i am sending you this message.please
let me know if it is still available and if so kindly get back to me with the
requested details below. 1} FIRSTLY YOUR LAST ASKING PRICE? 2} THE PRESENT
CONDITION AND PICTURES? 3} AND LASTLY IF MY MODE OF PAYMENT BY CERTIFIED BANK
CHECK IS OK BY YOU? Please get back to me with the requested details so that we
can proceed as soon as possible.hope to hearing from you. Thank you for your
time and kindness attention. I remain very truly yours. Mr John *

That screams of a scam, that "certified bank cheque" will be a dud, the bank will take it but when it does not clear the bank will hit you for the money. Result, no money, no car.

If he wants to buy it, tell him to use cash. There is a sticky at the top of the motors forum detailing all these scams.

A lot of these scams involve "genuine bank drafts" that have been stolen blank and filled in or otherwise altered. The banks will accept them on face value, but when the sh1t hits the fan, they will take the money out of your account.

Be careful.

Bandara

Just send Mr John a two word reply....

F**k off.

Hagar

Be aware that if you innocently lodge a stolen/falsified/fraudulent bank draft it may clear but when later dicovered the bank can and will claw back the money from your account.
Sell for cash only, especially when dealing with non-nationals who may skip the country. Get yourself a note checker, counterfeit cash is also a risk.

If that sounds xenophobic let me say I'd much rather be branded a xenophobe than a fool.

/edit skibum types faster than me.

neacy69

I've been getting a lot of these type of replies lately from my carzone ad and I can say that they are 100% fakes!

Marcus.Aurelius

Scam, definitely a scam.

lifer_sean

Deleted User wrote: »

If you are talking about a bank draft, this means the guy has gone in and handed over the cash in order to receive the cheque, usually this is a safe method of payment.

However, he can easily go in with his receipt and say the cheque has been stolen and they will cancel it so make sure it is cleared before handing over anything.

If the draft is reported stolen, payment will be nulled if the draft is lodged to an account / person that is different to the name on the draft - a third party. However, if it is made out to "P Groarke", reported stolen, but is lodged to an account in the name of "P Groarke" then it will be paid, as it obviously wasn't actually stolen.

However, overall the email to OP screams of SCAM. Seperate thread on this forum on this issue.

Edit - adding note about cash:
Downsides of cash:
- security risk
- risk of forged notes
- pain in the *** having to count a large sum of cash
- Banks can charge 0.5% (5 euro per thousand) for lodging cash, depending on if you have free banking with them or not.
Personally I prefer a draft any day, but that's my opinion only.

peasant

House wrote: »

Scam, definitely a scam.

lifer_sean wrote: »

However, overall the email to OP screams of SCAM. Seperate thread on this forum on this issue.

Indeed. Walk away, no, run.

closed