Selling Car-Are Bankers Drafts Ok?

I'm selling a little 98 Mazda 323 F GLX (nice looking car), 1.5, 94,000 Miles, NCT until June '08, 5 Door, Manual, Red, Electric Windows,Mirrors,Sunroof,Ariel, Remote Central Locking, Full Service History... It is a good clean car, going like a bomb and I've no doubt it will continue to do so, Mazda's are good cars....

And I'm asking 4,700E or nearest offer for it...

Problem is I'm not sure if I should accept a Bankers Draft or not?

just sold my car yesterday and accepted a draft. I asked the buyer before they called to collect the car to give me the details of the draft (number, bank sort code, branch address, etc) and I called the bank to verify.

2 weeks ago I bought a car private using a draft for a sizeable amount of money (over 20k) and I sent a scanned copy by email with the bank details to the seller beforehand so they could check it out.

If you are that worried about it, you might be better off bringing the draft to the bank at the time of transaction

i wouldnt take a draft ,there are so many stolen drafts out there,some are stolen on the day of use ,i wouldnt take 100,200,500, denominations of notes either,i lodged a few 100 euro notes a year back into my business account after checking them best we could in my shop,bank said 3 days later that they were forged ,i asked to examine them and they refused to return them or inspect them and advised me to stick to 50,20 ,10,5,only as alot of top quality forgeries coming from russia.

tosullivan said:

just sold my car yesterday and accepted a draft. I asked the buyer before they called to collect the car to give me the details of the draft (number, bank sort code, branch address, etc) and I called the bank to verify....

Click to expand...

Exactly what i did the other week on a much higher value car. No problems at all.

i'd prefer a draft to cash....if you ask for small notes, then you will probably get them all in 50's, which can still be forged.
What are you going to do? sit down and check every single note that is handed over?

best thing to do is wait till the last minute to verify the draft is authentic.
Mine was lodged this morning no problems

Be aware as well if you arrive at a bank with a wad of cash you could be asked to provide verification of where it came from in accordance with money laundering regulations, whereas a draft should have already been through this process.

As long as the necessary precautions are taken (as outlined by other posters), a draft would generally be a better option.