Building Society Cheques

[kat2206]

Hi Guys.....

I sold my car tonight, the guy who came and saw it etc is coming back tomorrow evening to pick it up but wants to pay by Building Society Cheque.

Can these cheques bounce?
Do I have to have the cheque cleared before he can collect my car?

Any advice would be greatly appreciated before tomorrow (tuesday) evening if poss!

[Ethel]

Hmmm, depends what is meant by 'building society cheque'.

I have a current account with Coventry Building Society - the cheque can be stopped at any time. They will bounce if over my limit, too.

Does he mean the equivalent of a banker's draft? Even they are not 'safe' if they have been stolen.

I would insist on cash.

[dzug]

Assuming it's a cheque from the Building Society to you, signed by a member of their staff, not him:

It's safer than a personal cheque in that he can't stop the cheque once he has given it to you.

However, it could be a stolen or forged cheque in which case it will bounce.

[PatriciaH]

Dont let the car go till the cheque has cleared and the money is in your account : )

[vehelpfulguy]

I read an article in the paper (Telegraph) a year or so back where a guy was selling a BMW for about �20,000.

He was given some sort of "cheque" that could not bounce (cannot remember exact details).

He let the car go, but when he presented the cheque (issued from a bank in London) he was told it was forged.

Lost the car and got no money for it.

I am afraid there are too many ba5tards around to trust anyone nowadays.

[cascarelli]

Building Society cheques are not the same as Bank Drafts. Don't let the car go until the funds have cleared. Tell him this before he turns up to save a wasted journey. If he's genuine he'll wait a few days till it clears or he'll arrange a Bank Draft. Don't feel pressurised into letting the car go before you've got cleared funds.

[CovKid]

If he can get a cheque from the building society he should be able to get cash. Could be dodgy.

[clanger]

As someone already said..........he has to go into the branch to get the 'cheque' so offer him �50 off for cash to be safe. If he doesn't want to safe himself �50 then don't let the car out of your sight till it is 'available' in your account. Don't just accept your current balance if using phone banking as it can still bounce. Wait until you know the money is available.