Letting agent won't accept bank draft

LilRedDorcha

Hi everyone. I've to pay a deposit to a letting agent tomorrow, and I've just been told that it has to be in cash and that they won't accept a bank draft. I've never gone through an agent before, so was just wondering if this was normal or not.

Tigger

Will they accept bank transfer ?

LilRedDorcha

Nope, only cash. They'll accept direct debits for rent, but are insisting on cash for the deposit.

Why not just give them cash it's easier for you (withdraw from atm), doesn't have a few like a bank draft and is safer for the letting agent. As a person who uses cash all the time and always carrys cash I don't get people's aversion to it.

Tigger

They probably take the deposit as their "cut" don't no why they want cash tho

LilRedDorcha

Jerome Tight Pirate wrote: »

Why not just give them cash it's easier for you (withdraw from atm), doesn't have a few like a bank draft and is safer for the letting agent. As a person who uses cash all the time and always carrys cash I don't get people aversion to it.

My current rent is paid in cash so it's not that I have an aversion to it; I was just asking if it was normal since I've never used an agent before.

Tigger wrote: »

They probably take the deposit as their "cut" don't no why they want cash tho

I honestly don't mind paying cash as long as I know it's not an instant red flag to people.

Wabbit Ears

Bank drafts have such a bad reputation that the fact that you even mention it screams SCAM!! ( not saying you are scamming)

I honestly cannot think of a single reason why anyone would either offer to use bank draft or accept it nowadays. Sure most places stopped taking cheques also.

Mrs OBumble

if your deposit is a months rent then the deposit is perhaps a grand, while the max an ATM will give is perhaps 400. So you would have to make withdrawals over maybe three days.

I'd see this as red flag about the agent.

Dubwat

Cash doesn't leave a 'paper trail'. Does the letting agent do receipts?

Plus I'm not sure I'd like to walk around town with €1-2k in cash in my pocket.

I'm not in the rental market but I can't believe a reputable company won't take a bank draft (or bank transfer). And maybe wait a few days before they give you the keys? It's not as if you're going to be hard to find if things go wrong - you're moving into one of their properties?

Gumbo

Mrs OBumble wrote: »

if your deposit is a months rent then the deposit is perhaps a grand, while the max an ATM will give is perhaps 400. So you would have to make withdrawals over maybe three days.

I'd see this as red flag about the agent.

some ATM's are €750 per day and in PTSB automated ATM's at their branches, you can withdraw up t €1500.

RainyDay

I'd be quite concerned. THere have been cases of scam 'agents' collecting deposits from multiple people for properties they don't even own. Are you certain the agent is reputable? Have they got a real office? A landline? Membership of a professional body? It's hard to see why any legitimate agent would be concerned about a draft.

Tread carefully.

LilRedDorcha

Thanks for all the responses.

We've viewed the place already so surely it has to be ok if they have the keys, right? Also, they're giving us the keys the same day we're paying the deposit.

Wabbit Ears

Ive paid for things LOT more than a deposit in cash, Its really nothing to worry about. You can take that sort of money out in a branch no problem.Of course branches are not as convenient but most ATMs located outside bank branches do 700 ish a day.

That said,if you can gotoa bank to get a bankdraft, you can get cash just as easy, and cheaper.

Koptain Liverpool

LilRedDorcha wrote: »

Thanks for all the responses.

We've viewed the place already so surely it has to be ok if they have the keys, right? Also, they're giving us the keys the same day we're paying the deposit.

Wrong!

The guy could easily have procured keys for the place and be in the process of collecting deposits from several people like yourself.

You should never be handing over cash for a deposit in this day and age despite what some replies have said.

At the same time bank drafts are outdated.

A bank transfer is the only way to go.

LilRedDorcha

Koptain Liverpool wrote: »

Wrong!

The guy could easily have procured keys for the place and be in the process of collecting deposits from several people like yourself.

You should never be handing over cash for a deposit in this day and age despite what some replies have said.

At the same time bank drafts are outdated.

A bank transfer is the only way to go.

But if we get the keys and sign the lease that day then we should be ok, no? I mean, obviously it's dodgy if it's just handing over money, but I want to know would we be safe enough if we got a receipt, signed the lease, and got the keys.

LilRedDorcha

All I want to know is if it's safe enough as long as I get a receipt, sign the lease, and get the keys. I understand that just handing over cash isn't great.

tuisginideach

Signing a lease and getting keys means nothing - he may be only 'minding' the house for someone or he may be 'airbnb-ing' it - have you ever met the agent in his office / has he a website / has he other properties on his books / has he a landline?

LilRedDorcha

Haven't met them in their office. They have a website, other properties, and a landline that's also listed in the golden pages.

LilRedDorcha

Just a quick update. I looked them up on the Property Services Regulatory Authority’s list of current licence holders, and they're listed there. Hopefully that's sufficient

MayoSalmon

Bank Draft or Bank Transfer pal...it shouldn't even be up for discussion

Tigger

Mrs OBumble wrote: »

if your deposit is a months rent then the deposit is perhaps a grand, while the max an ATM will give is perhaps 400. So you would have to make withdrawals over maybe three days.

I'd see this as red flag about the agent.

when i agree with bumble its probably true

Tigger

Wabbit Ears wrote: »

Bank drafts have such a bad reputation that the fact that you even mention it screams SCAM!! ( not saying you are scamming)

I honestly cannot think of a single reason why anyone would either offer to use bank draft or accept it nowadays. Sure most places stopped taking cheques also.

drafts are instantly verifiable

RainyDay

LilRedDorcha wrote: »

Just a quick update. I looked them up on the Property Services Regulatory Authority’s list of current licence holders, and they're listed there. Hopefully that's sufficient

Are you certain that the person you're dealing with actually works for the named company? Are you doing the exchange at their office? Have you rung the office number and contacted them through there?

http://www.irishtimes.com/news/crime-and-law/students-seeking-to-rent-in-dublin-scammed-out-of-deposit-1.2350378

http://blog.myhome.ie/2010/04/19/rental-scams-beware-of-the-phantom-landlord/

Rabo Karabekian

I would see this as definitely something to be very, very wary of. Any of the estate agents I've dealt with (for all the problems I've had with them) have only ever dealt in bank transfers, there was no question of handing over the deposit in cash, and this was despite a fair few people offering cash on the spot.

You've done some research, and that's good, but do you know whether the person you're dealing with actually works for the company and is who they say they are? If you're not meeting them in their office, then it could be anybody with an internet connection who has done a little research themselves.

confusticated

I've paid a cash deposit any time I've dealt with an agent for renting a place. No hassle, just got a receipt. I did always do it in their office, but before that I would have only met them at the property to view it. Wouldn't see anything strange about it, although I don't like carrying it around with me either.

Mrs OBumble

Mrs OBumble wrote: »

if your deposit is a months rent then the deposit is perhaps a grand, while the max an ATM will give is perhaps 400. So you would have to make withdrawals over maybe three days.

I'd see this as red flag about the agent.

It's a sad state of affairs when you can use legal tender without it being a red flag also you can take out at least 700 euro from a machine.

Dubwat wrote: »

Plus I'm not sure I'd like to walk around town with €1-2k in cash in my pocket.

I often see people say this and never get it, what are you afraid off? I've carried 5 figures on me on a more than one occasion for a few days including getting a flight to the uk and spending a few days looking at cars it didn't bother me in the least. I'd also often have sums of cash on me if I took out money from or was moving money into the credit union as its hard to get to and I don't have a card for it and it's not something that I think twice about.

Tigger wrote: »

drafts are instantly verifiable

Drafts are often used in scams I wouldn't accept one.

Tigger

Jerome Tight Pirate wrote: »

It's a sad state of affairs when you can use legal tender without it being a red flag also you can take out at least 700 euro from a machine.



I often see people say this and never get it, what are you afraid off? I've carried 5 figures on me on a more than one occasion for a few days including getting a flight to the uk and spending a few days looking at cars it didn't bother me in the least. I'd also often have sums of cash on me if I took out money from or was moving money into the credit union as its hard to get to and I don't have a card for it and it's not something that I think twice about.



Drafts are often used in scams I wouldn't accept one.

Cash is often used in scams bank transfer is the way to go
If the draft is fake the letting agent will know where the house is and you can ring the issuing bank and they will tell you straight away if the draft is real

the_syco

Tigger wrote: »

If the draft is fake the letting agent will know where the house is and you can ring the issuing bank and they will tell you straight away if the draft is real

But it can take a year and several thousand euro to legally evict someone.

LilRedDorcha

Thanks to everyone for all the advice. Since most people we know have only ever paid deposits in cash, we decided it was safe enough to do. Got a lease signed, receipt for what we paid, keys to the door, the apartment building, and the fob for the outside gate. We moved our stuff in then and our keys still worked.

hytrogen

Whatever happened to that tenants deposit protection scheme the gov was supposed to be setting up?
www.irishtimes.com/news/politics/new-scheme-to-protect-deposits-of-tenants-1.1663477
It's been two years since this was proposed, what has been done about it apart from the PRTB crowd taking your PPS no.??

The_Conductor

kceire wrote: »

some ATM's are €750 per day and in PTSB automated ATM's at their branches, you can withdraw up t €1500.

BOI is Euro 1,500 a day- or 1,000 Sterling- depending on the type of account you have. Its not necessarily 400 a day........

That said- cash for the *is not a normal standard*
If you get proper receipts for it- fine- but other than that- I'd rather use almost any other method (typically an EFT). You can normally do an EFT to a complete stranger of up to 1,000 without any delayed security confirmations (other than a simple txt message) however, if its not the same bank- it can still take 2-3 days to hit their account.