bankers draft

[patriciather]

has anyone taken a bankers draft instead of cash for an expensive item they have sold?is it cleared immediately or does it take time-thanks

[Oneeyedvic]

A lot of banks will still take 5 days to clear it - it depends on whether it is a banker's draft or banker's cheque.

I have taken these as payments on cars (last one was �12,000). It is pretty much guaranteed money.

[stevie21]

Agreed, but I'd still wait the 5 days or so unless the account that the cheque is drawn from is at the same bank as the one that you're paying it into so that the bank can look at both accounts.
I'd also ask at the bank how likely it is that the draft is dodgy/fraudulent and what they'd recommend : is there a date after which they can guarantee that it won't bounce or be found to be dodgy?? I'm stunningly suspicious by nature!

[Didwot]

Banks will generally treat Bankers Drafts as if they were cleared funds, and let you draw against the funds taht htey represent immediately, but nonethless a Bankers Draft still has to be formally cleared.

[KJN]

There are forged Bankers Drafts/Bankers Cheques doing the rounds so to be on the safe side wait for clearance, and confirm issuance with the bank.As Stevie 21 says, I endorse all he has stated.

[patriciather]

Thanks everyone for the good advice. I am going to get the bankers draft and wait till its cleared before i let the item im selling go-thanks again