Information on Banker`s draft

[Rose23x]

Hi I`ve sold an item over the net and the person wanted to pay me with cash through the post.I have asked them to pay with banker`s draft but don`t know much about them.Will my bank charge me for cashing it?? my bank`s natwest.or will they charge me for paying it in? Is it a secure mean`s of payment?? Please could anyone let me know how banker`s draft work`s Thank`s

[kjn2]

A Bankers Draft is like a personal cheque but drawn on the bank itself and signed by the bank, in other words the money comes out of the client account into the banks account and then paid over to you, it is the safest way of obtaining payment in the UK (apart from an electronic money transfer,) no charges should be made for paying in the cheque to your bank account they will however make you wait 3-7 days for clearance, due to the fact that Bankers Drafts can also be forged, (has happened in the past) BUT this is very rare.I suggest you hold on to the goods until your bank confirm that the funds have cleared if you are worried about it.You can ask your bank to send the cheque for special clearance i.e. quicker payment but there will be a carge involved usually about �25, trust this helps.

[furrycheeky]

I agree with kjn2 treat is like a cheque. Don't let go of the item until you are assured by your bank the money is cleared and not just showing on your account.
At work we had 1 guy try to fraud with a draft he got one made out and then told the bank he had lost it and got another one which cancelled the original. He tried to pay us with the cancelled one, but got found out when he tried to recash the second one.