Selling Vehicle, Payment from buyer?

[Eff-1]

5 or 10 years ago, bank drafts or certified cheques were never held. Now the rate of fake drafts is much higher-- so yes banks (in most but not all cases) will hold drafts for 5 days while they are verified.

Tip: When you try and cash the draft at your bank, you can ask your bank teller to phone the bank branch that issued the draft to verify the funds immediately. I've done that before.

[tiger_handheld]

Originally Posted by lowside67

Seriously... do you bank with the Bank of Nigeria or something? A normal full service bank operates on the premise that certified funds (a certified cheque, bank draft, wire transfer, etc) is as good as cash.

Mark

never accept a certified check as payment for anything big (ie car). The customer has 10 days to cancel the check. Bank draft is best.

I sold my car couple weeks ago, and the buyer wanted to pay cash - i said no , and request bank draft.

[quasi]

I deposited a large draft a few years ago at my bank of 15+ years and they put a hold on it. It wasn't until I had the bank it was issued from send them a fax with proof I had just got the draft that the hold was released. It was a larger draft mind you, probably larger then most car purchases but at the time it really pissed me off.