Bank Draft Question

kop77

I've done a deal to sell my car and the guy wants to give me an Ulster Bank bank draft for €9,400 on Tuesday evening after work,

for peace of mind should I ring Ulster Bank with the draft number and amount before he arrives, will they confirm it?

if so do I need to contact the branch it came from?

thanks

bennyx_o

Even if the draft is verified by Ulster Bank, it can still be cancelled. They also take time to clear. I'd look for cash or a bank transfer, much safer IMO

kop77

That was going to be my second question.. can he drive away with my car and cancel the draft the next day!!

Toots

The only time I'd be taking a bank draft for a car purchase is if you're actually going into the bank with him when he buys it, and then going straight to your own bank and lodging it. Otherwise cash or bank transfer is the best way. He could always go into his bank and claim the draft was lost or stolen, and then it could be cancelled.

Where do you bank?

kop77

BOI...

I'm going to ask for cash!

Toots

Probably best. If they have time to go down to get a bank draft they'll have time to get cash. A transfer would take 24 hours to go through.