Any card reader experts around, please?

PaulRainbow said:
These days, you'd have to be a raving lunatic to accept a bankers draft Neal. BACS is the way to go, bu phone, app' or online banking, no need for a card reader.

Be very, very careful.
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I'm an accountant, Joscelyn is a solicitor.

Being careful (as in very, very) is deeply ingrained in both of us, after decades in our respective professions.

We've met the buyers, and know a fair bit about them. They've paid a serious deposit. They've taken other serious steps.

I'd be happy to accept a banker's draft: they are still very safe, except in a few, very unlikely, circumstances.

Anyway ...... a banker's draft couldn't be raised in time.

I certainly have to use the card reader for my own online banking.
 
NealB said:
I'd be happy to accept a banker's draft: they are still very safe, except in a few, very unlikely, circumstances.
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A banker's draft can be cancelled. I would NOT accept one. A banker's draft is not guaranteed funds. I believe that the funds are essentially ring-fenced when the banker's draft is raised, but the draft can be cancelled at any time until it's been cashed. A banker's draft is really no safer than a cheque. Given the new faster cheque clearing time, I'm not really sure why they still even exist (unless the banks charge for the privilege of issuing one - I'm a cynic, I know :)).

Your buyer might be very honest and trustworthy, but what if the engine develops a fault 20 minutes after handover? Unfortunately it does happen.

Accept cleared cash in your bank account (or that of a mutually trusted third party, broker, solicitor, etc.) only.
 
anoccasionalyachtsman said:
Very good point. I get round that by sending the seller £1 the day before (or vice versa). @NealB you need to get him to do that.
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I do a £1 test payment before I transfer large amounts for the first time, just to make sure that I have put the details in correctly and that it goes to the correct person or company.
 
syvictoria said:
A banker's draft can be cancelled. I would NOT accept one. A banker's draft is not guaranteed funds. I believe that the funds are essentially ring-fenced when the banker's draft is raised, but the draft can be cancelled at any time until it's been cashed. A banker's draft is really no safer than a cheque. Given the new faster cheque clearing time, I'm not really sure why they still even exist (unless the banks charge for the privilege of issuing one - I'm a cynic, I know :)).

Your buyer might be very honest and trustworthy, but what if the engine develops a fault 20 minutes after handover? Unfortunately it does happen.

Accept cleared cash in your bank account (or that of a mutually trusted third party, broker, solicitor, etc.) only.
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Banker's drafts cannot be cancelled, "at any time until it's been cashed".

They can only be cancelled in certain exceptional situations (eg theft or loss).

They are considerably safer than a personal cheque.

She is leaving on the back of a huge hiab, not under her own power.

And a banker's draft is not on the table anyway!
 
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syvictoria said:
A banker's draft can be cancelled. I would NOT accept one. A banker's draft is not guaranteed funds. I believe that the funds are essentially ring-fenced when the banker's draft is raised, but the draft can be cancelled at any time until it's been cashed. A banker's draft is really no safer than a cheque. Given the new faster cheque clearing time, I'm not really sure why they still even exist (unless the banks charge for the privilege of issuing one - I'm a cynic, I know :)).

Your buyer might be very honest and trustworthy, but what if the engine develops a fault 20 minutes after handover? Unfortunately it does happen.

Accept cleared cash in your bank account (or that of a mutually trusted third party, broker, solicitor, etc.) only.
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Do cheques still exist?

When I said 'do it by phone', I was really suggesting the payee uses the telephone to converse with a person at his bank to enquire how he might make the payment.
There are ways and means.

Different banks have different, and sometimes multiple, additional security they can invoke.
I'm with FD, where first line of defence is a code generator gadget or an app on your phone.
But previously I bought a boat for a 4 figure sum and they phoned me to check it was kosher before letting the internet transfer go through.

I've not had an account with acard reader. Are we talking chip and PIN or contactless?
 
I have just bought a boat. I transferred funds from other accounts into my Nat West account to make a series of deposits into the brokers client account.
My Nat West card reader didn't work even with a new battery installed, so I used the one issued from Nationwide.
An hour later the broker emailed me back to say the funds had arrived.
 
NealB said:
Banker's drafts cannot be cancelled, "at any time until it's been cashed".

They can only be cancelled in certain exceptional situations (eg theft or loss).

They are considerably safer than a personal cheque.

She is leaving on the back of a huge hiab, not under her own power.

And a banker's draft is not on the table anyway!
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Sorry, I didn't mean to antagonise. You said that you would be happy to accept a banker's draft (time allowing). I pointed out that they are not guaranteed funds (a common misconception).

Re my bold above, is it the bank's job to question what is lost or stolen? Surely they will just act on their client's instruction, thereby making banker's draft's arguably no more secure than a personal cheque which can also be cancelled upon request.
 
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Wing Mark said:
Do cheques still exist?
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Yes. DVLA are a pain for those. I SORN the car when we go sailing and they repay with cheque through the post so I have to either do a 12 mile round trip to my nearest bank branch or post it to them. I can pay by card but they won't repay by crediting it.

My Barclays and Nationwide card readers are interchangeable but IIRC there's a £10k limit on each payment and maybe a daily limit.
 
syvictoria said:
Sorry, I didn't mean to antagonise. You said that you would be happy to accept a banker's draft (time allowing). I pointed out that they are not guaranteed funds (a common misconception).

Re my bold above, is it the bank's job to question what is lost or stolen? Surely they will just act on their client's instruction, thereby making banker's draft's arguably no more secure than a personal cheque which can also be cancelled upon request.
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All I can say is that I have never, not once, experienced any problems with accepting payment by banker's draft, but have experienced many 'bounced' personal, and business ,cheques (for clarity, I have never had a cheque drawn on either my personal account, or my business account, that has 'bounced': the shame would too much!).

The only case I can find (with a very quick google) of a bounced banker's draft sounds very dodgy:

HETHERINGTON: Why no one should rely on a Halifax banker's draft

So, I'd think twice if offered a Lloyd's or Halifax draft, and I'd be very willing to challenge any bank that reneged on a banker's draft for any reason.
 
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Graham376 said:
Yes. DVLA are a pain for those. I SORN the car when we go sailing and they repay with cheque through the post so I have to either do a 12 mile round trip to my nearest bank branch or post it to them. I can pay by card but they won't repay by crediting it.

My Barclays and Nationwide card readers are interchangeable but IIRC there's a £10k limit on each payment and maybe a daily limit.
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If you use the Barclays mobile app you can pay cheques in by photographing them. Nationwide don't do it yet.
 
I'm not trying to be argumentative, and this further post is just intended to be of assistance to anyone finding themselves in a similar position in the future.

Following advice from my own bank many years ago, a banker's draft cannot bounce (the funds are ring fenced for payment at the point of issue), but they can be cancelled, and hence they should not be relied upon as guaranteed funds. Like a personal cheque, they should be allowed to fully clear before the item being sold physically changes hands.
 
anoccasionalyachtsman said:
If you use the Barclays mobile app you can pay cheques in by photographing them. Nationwide don't do it yet.
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I still have a cheque book! (The last cheque I drew was in 2005)

Just for a joke I'm thinking of fronting the young female teller and asking her to cash my cheque! I bet she wouldn't know what to do with it.

The local boat-builder built a boat for a guy who lives locally. He let him have the boat expecting immediate payment. Guess what?
 
syvictoria said:
I'm not trying to be argumentative, and this further post is just intended to be of assistance to anyone finding themselves in a similar position in the future.

Following advice from my own bank many years ago, a banker's draft cannot bounce (the funds are ring fenced for payment at the point of issue), but they can be cancelled, and hence they should not be relied upon as guaranteed funds. Like a personal cheque, they should be allowed to fully clear before the item being sold physically changes hands.
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Agreed. The most common reason was that bankers drafts are very very easy to forge, so it may be a false one. In theory the advice was to phone up the issuing bank and check it is a genuine draft, but trying to get through to anybody who would know that in a big bank would be nigh on impossible (perhaps other than a corporate customer with a relationship manager on standby)
 
And ....... relax.

With some relief, tinged with much sadness (we owned her for over 14 years, living aboard her in London for some of those, she's given us many happy memories), the deal has been done, and all consideration (including the Aston Martin part-exchange), has been received in full.

She's now in very competent new ownership, and we wish them great happiness.

We've just got to get used to owning one boat now.

Thanks, everyone, for your helpful thoughts (on this, and earlier, topics).
 
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Blueboatman said:
Excellent
Change is good ?
Aston-ishingly whizzy Martin—No speeding or that card reader will be coming out again !?
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I might be a teensy weensy bit guilty of hyperbolising there.

On my first phone call with her new owners (just over a week ago), I was asked if we'd had any other interest.

I explained that we'd had several offers, including one from someone who was offering me cash plus a "classic car". It turned out the classic car was a 1960's Austin 1100.

I told the latest enquirer that I might have accepted if the offer had been cash plus an Aston Martin.

When he and his wife came for a look, it was obviously love at sight.

After a while, he said, "Neal, what's the minimum that you'll accept"?

He paused for a second, and, just as I was about to reply, he said "will this help"?, and he reached into his jacket pocket, and pulled out a radio controlled model of an Aston Martin Vantage.

Well ... how could I reject such friendship, and such good humour?

Yes ...... we're convinced she's gone to a really good new home!
 
NealB said:
I might be a teensy weensy bit guilty of hyperbolising there.

On my first phone call with her new owners (just over a week ago), I was asked if we'd had any other interest.

I explained that we'd had several offers, including one from someone who was offering me cash plus a "classic car". It turned out the classic car was a 1960's Austin 1100.

I told the latest enquirer that I might have accepted if the offer had been cash plus an Aston Martin.

When he and his wife came for a look, it was obviously love at sight.

After a while, he said, "Neal, what's the minimum that you'll accept"?

He paused for a second, and, just as I was about to reply, he said "will this help"?, and he reached into his jacket pocket, and pulled out a radio controlled model of an Aston Martin Vantage.

Well ... how could I reject such friendship, and such good humour?

Yes ...... we're convinced she's gone to a really good new home!
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Brilliant.
 
NealB said:
I might be a teensy weensy bit guilty of hyperbolising there.

On my first phone call with her new owners (just over a week ago), I was asked if we'd had any other interest.

I explained that we'd had several offers, including one from someone who was offering me cash plus a "classic car". It turned out the classic car was a 1960's Austin 1100.

I told the latest enquirer that I might have accepted if the offer had been cash plus an Aston Martin.

When he and his wife came for a look, it was obviously love at sight.

After a while, he said, "Neal, what's the minimum that you'll accept"?

He paused for a second, and, just as I was about to reply, he said "will this help"?, and he reached into his jacket pocket, and pulled out a radio controlled model of an Aston Martin Vantage.

Well ... how could I reject such friendship, and such good humour?

Yes ...... we're convinced she's gone to a really good new home!
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Perfect
It’s electric too ?
 
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