Selling a boat privately - Getting the money

[rivalranger]

Hello,

After reading about all the various scams where money appears in your bank account and then disappears later, what is the safest way of ensuring any money paid into you account stays there ? I used to think that bankers drafts were safe, however a friend has just told be how he lost his car due to fake ID and a forged bankers draft. Any advice from them that have been there and done that ? (getting the money not the forging!)

Thanks in advance.

 

[Guest]

Hi

I work in various places in the world,for differents companies,and the best way I find to get paid is by direct transfer to my bank account from my client bank !!
Do not accept faxes from bank with transfer references as it means that the transfer has not been done yet and can be cancelled !!
Some guy try that with me once !!!
When your bank tells you the money is there you can release the goods !!

Lannig

www.mavourneen-mary.com

 

[TigaWave]

Just wait for cleared funds...get them to do telephone/internet transfer (BACS) and check with your bank once its cleared. You can express clear a cheque but they charge for it. Don't release anything until you have cleared funds. Usually takes 2-3 days but can be 5 working days.

I've done house conveyancing and boat purchase/sale myself.

 

[MYStargazer]

Use an escrow service.

 

[scarlett]

I would warn against trusting a bank when it says the funds are cleared. Even if the money is written on your statement it is not yours yet. It is not unknown for them to change their minds and retrieve the money from your account. I would allow at least three weeks. Banks are less trustworthy than the boat buyer where money is concerned.

 

[bluevelvet]

I would agree with scarlet even if a cheque has cleared the bank can reclaim the money months later if it turns out the cheque has been fraudulently issued.the best way is pound notes next to that is bank transfers after you get the bank to confirm funds are cleared both ends.boat buyers story has also got to stack up

 

[Doug_Stormforce]

Pound notes are not much use unless you live in Scotland

 

[dk]

I got the buyer to do a direct transfer from his bank to mine - then i rang my bank and asked them to guarantee when i could draw on the money with no danger of it not clearing. This only took two days!

 

[pragmatist]

May also depend on the currency - deposited a Euro cheque into a sterling account (from a client who was themself a merchant bank so had plenty of money to honour it). Was told it would take 6 weeks to clear and even then the funds might not be safe to draw against. That's banks for you !

 

[David_Jersey]

A bit late on this thread.

Agree that cheques and drafts should never be trusted 100%. I would go for either a direct transfer to your bank account (and if you were paranoid, get them to transfer the money to a deposit style account opened speifically for this purpose and when the money arrives get the bank to transfer it another account at another bank. Why? So the Bank cannot change it's mind and reclaim the money if it is simply not their - and cannot in the absence of funds instead overdraw a deposit account - also I would be paranoid about giving out my usual bank details to anyone I did not know. Having said if I was a buyer I would NOT do this!

Depending on the Amounts involved I would complete the transaction in cash, at your (or even their) High Street Bank Branch. Plenty of Security cameras, the cash goes straight into your account, and if it is dodgy you know about it straightaway and it gives you an excuse to make sure that the buyer has ID on him to give over to the Bank to support the large cash transaction, plus all the boat sale / purchase docs. Plus his / her fingerprints will be all over the Banks documentation if push comes to shove.

Should also make the buyer equally comfortable about YOU!