RE: [ot] how do I verify a bank draft

["Rob Mouser" <groups@xxxxxxxxxxxx>]

Hi Dean

Drafts and b.soc cheques are NOT guaranteed and cleared forms of payment
(This is a common misconception). Both can be stopped by the issuing banks
in certain cases.

As an earlier post said DO NOT hand over your car without having got your
bank to check the payment. What is often called an "If in your hands
and in
order" check. Its called this because they will ask the issuer
"If this
cheque was in your hands and in order, would it be paid?"

However, many banks no longer offer this service (Barclays don't.) and will
only do a special clearance which takes 24 hours and will cost you a fee.

The other alternative is to phone the issuing bank yourself. Normally they
issuer will ask to talk to the presenter (For identification purposes.) and
then tell you that its OK. This is a procedure accepted by many issuers
these days (Woolwich for definite.)

............and yes I worked for a high street bank for 7 years and have
also been a consultant to Auto Trader in a past life. Autotrader have some
advise on this issue on their web site.

Many thanks,

Rob

-----Original Message-----
From: Dean Barrett [mailto:dean@xxxxxxx]
Sent: 21 October 2004 08:48
To: ukha_d@xxxxxxx
Subject: [ukha_d] [ot] how do I verify a bank draft


I've got a guy coming to pickup my car and wants to pay with a bank draft
or
building society cheque.

I hear these stories of fake drafts etc., so was wondering how you check
that its authentic.

Any suggestions appreciated - he did also suggest 25k in cash :) - I think
I'd be more worried about that !!

Dean.