Reciving Payment for a Vehicle

[LUCKYSTRIKE]

Hey guys,

Well I am near the finalizing steps of selling my car and had a question that hopefully some of you may be able to answer.

The guy I am selling my car to lives in Edmonton and deals with the RBC Bank. I live in Calgary and deal with TD Bank. I requested a bank draft and he has acquired it and is coming down tomorrow afternoon so we can complete this transaction.

Will the money be cleared when me and him head to my TD branch and deposit the bank draft, or am I required to wait a period of 3 days or something of the sort?

So would I pretty much be able to withdrawal all the proceeds of the bank draft after I deposit it even though he lives in Edmonton and deals with a branch in Edmonton.

I of course wouldn't plan on handing over the keys unless the draft is totally 100% cleared and the money is officially mine and he can not cancel his draft.


Thanks alot fellas.

[max_boost]

Depends on your relationship with your branch.

I thought bank drafts were as good as cash until they put a hold on my mom's account. Certified cheques are another alternative but cost $15 vs the $5 for bank drafts.

[EK 2.0]

Especially with a deposit happening on the weekend.

If you already aren't gonna do this take the draft into the bank on Monday, give it directly to a teller....

[LUCKYSTRIKE]

Are certified cheques guaranteed money directly in? No holds no waiting for it to clear?

I could just withdrawal it right after I deposited it?

[4wheeldrift]

Well with either a draft or a certified cheque the funds are guaranteed, after he'd got the draft or cc there's no way he can spend that money on you. But you may not be able to access all the money right away after it's deposited because the hold is generally from your account while your own bank clears everything and transfers the funds.

Since you're with TD I'd recommend going to a branch that's open on a saturday and talking to them about it. If you deposit through a teller there usually isn't the same hold as you would get through an ABM, and if you talk to the teller they can sometimes deal with the hold right then and there if there is one.

[hukgwai]

Ask for the name and number to his personal banker at the branch that issued the draft and see if it is good.

[The_1]

A draft and a certified cheque is like cash. Just bring it right to the teller

[Weapon_R]

Make sure you ask the teller to verify the funds

[LUCKYSTRIKE]

Thanks for the advice and tips everyone. Buddy of mine said that they will have to wait for the draft to "clear" before I am able to access the funds. If that is the case I guess I will just hang onto the keys until it has cleared.

[slick2404]

What about wiring the funds into your account? It's more expensive about $25 but depends on what your bank charges.

Usually you can depoisit a draft/certified cheque into your account with no holds, but sometimes the tellers or their managers are assholes and hold it saying 'your relationship with the bank doesnt show you depositing large cheques, and were going to hold this even though its guranteed money'. Retarded I know, but its happened to me. You just gotta talk them into it if that happens.

But chances are you'll be able to deposit and have access to the funds right away. Congrats with the sale!

[LUCKYSTRIKE]

Thanks for your help guys.

TD said that becuase RBC branch is not open on the weekend there would for sure be time to clear, I told the guy in Edmonton that I wouldn't be releasing the car until it had cleared and he called the deal off, heh.

[MintRacer]

tell him to bring cash

[bulaian]

Originally posted by LUCKYSTRIKE
Thanks for your help guys.

TD said that becuase RBC branch is not open on the weekend there would for sure be time to clear, I told the guy in Edmonton that I wouldn't be releasing the car until it had cleared and he called the deal off, heh.

After what happened to a couple other guys on the boards, that might be the best thing that happened to you.

[Team_Mclaren]

If it was a regular weekday, what they can do is call the branch where the draft was purchased to verify the draft right away and therefore there wouldnt be a hold. shitty that the deal is off. but its better to be save than sorry.

[Maddog55]

Originally posted by LUCKYSTRIKE
Thanks for the advice and tips everyone. Buddy of mine said that they will have to wait for the draft to "clear" before I am able to access the funds. If that is the case I guess I will just hang onto the keys until it has cleared.

A Bank draft doesn't need time to "clear". That money is already taken OUT of his bank. A draft or certified cheque is as good as cash.

The only "delay" would be if you deposited it thru an ATM. Even Cash ATM deposits have to be cleared.

But as long as you deposit the draft at a teller..those funds will be available immediately. You would've been quite safe accepting a draft..thats the whole reason behind it. I don't blame the guy for calling it off if he's gone to the hassle of getting a bank draft. It's like him giving you cash and then you saying "okay..but I'm not releasing the car until the cash is cleared".

Thats why dealership always ask for "drafts" or "certified cheques"..then they let you drive the car away immediately. I just did that on the weekend with my new (used) vehicle. Gave him a bank draft and he said "here's the keys".

[LUCKYSTRIKE]

Originally posted by Maddog55


A Bank draft doesn't need time to "clear". That money is already taken OUT of his bank. A draft or certified cheque is as good as cash.

The only "delay" would be if you deposited it thru an ATM. Even Cash ATM deposits have to be cleared.

But as long as you deposit the draft at a teller..those funds will be available immediately. You would've been quite safe accepting a draft..thats the whole reason behind it. I don't blame the guy for calling it off if he's gone to the hassle of getting a bank draft. It's like him giving you cash and then you saying "okay..but I'm not releasing the car until the cash is cleared".

Thats why dealership always ask for "drafts" or "certified cheques"..then they let you drive the car away immediately. I just did that on the weekend with my new (used) vehicle. Gave him a bank draft and he said "here's the keys".

Alright well I talked to the bank and they told me I wouldn't have any money until they can confirm with the RBC that it is a good draft (which would have been next week).

All becuase of people making fake drafts apparently.

[Maddog55]

Originally posted by LUCKYSTRIKE


All becuase of people making fake drafts apparently.

Ahh...yeah I could see that as a factor. Never thought of that. Man...can't trust no one today.

Good luck on the sale though.

Funny thing happend to me: When I bought my first house...I needed to make the down payment of $26,000 at the closing date. So I go to my bank and get a draft of 26 grand. Take that to the lawyer and hand it over. The bank takes the money out of my account right away as they make up the draft. BUT..!! The girl when keying in the amount to take out of my account, keyed in $16,000!!!. So the seller got his $26,000...and I only got debited $16,000. There was $10,000 extra dollars in my account for 3 weeks before they noticed it! Talk about dangling a carrot in front of me!! lol I'd like to know if that teller is still working there.

[5hift]

Originally posted by Maddog55


Ahh...yeah I could see that as a factor. Never thought of that. Man...can't trust no one today.



Scammers are getting better and better

I have a friend that got a fake draft when he sold his racing bike that was so legit looking, the bank employees initially thought it was real as well.

I think I've heard of it happening with fake drafts a few times these past few years alone on beyond.

[westbeach70]

Couldn't ya do a email money transfer just as easy too?

[Tik-Tok]

For those who may be wary in the future... I don't know if this still holds true, but years back when I worked for a landscaping company, I could always take their cheques, to their bank, and they would give me the cash instantly, no holding times, nothing.

I would imagine this method could still be used, and it would instantly tell if the draft is a fake or not, as they would instantly see it in their own system, as opposed to your bank finding out a few days later that the other banks draft is forged.

[HRD2PLZ]

I had thought that Bank Drafts were as good as cash. I sold a vehicle last May and had no problems at all depositing the draft. When I sold another vehicle in September the bank put a 5 day hold on the draft, I think because of the amount. The teller said there would be a hold until the draft could be verified by the issuing bank. She said this was standard procedure for bank drafts of this size :dunno:

[Big Dangerous]

Tell him to bring the receipt for the money order too.

[kaput]

.

[LUCKYSTRIKE]

Originally posted by kaput
As a buyer, I would have walked away when you refused to release the vehicle as well. He would have given you a cheque for thousands of dollars of his money and received nothing in return. How is his perspective any different from yours? It would be just as easy for the seller to disappear with the money as it would be for the buyer to disappear with the car. If you are paranoid then get creative and do something like park the car in their locked garage but keep the keys until the cheque clears. Or if your absolutely schitzo leave it in a tow away zone and get it impounded just before transferring ownership so its secure in the meantime.

How am I being unreasonable? Its just proper business procedure, money first then the car. Also I am not the one that shut the door, he said first "Okay deals off bye", I would have been open to wire transfer or him bringing a bag full of cash.

[Bimmer88]

As long as it's not written in pencil :)

[BrknFngrs]

Originally posted by westbeach70
Couldn't ya do a email money transfer just as easy too?

My thoughts exactly. Anytime these threads come up people always leave out the "email money transfer" option, can anyone explain why no one uses them? I've always had good results with them.

[Weapon_R]

Most EMTs are limited to $1000/day

[DarkDream]

I think the best thing to do is just do it during a bank business day and go with him to the bank to get the cheque... then you wouldn't have to worry about it being fake and such......

[tirebob]

Where I used to work in B.C., we got screwed both by a certified cheque for 17g's that was a fake, and also by having money "supposedly" having been put into our account... Be careful with that. it turned out the scammer deposited a bum cheque into our account, and when we called the bank to verify that the money was in our account they said it was, so we released the items. well it turned out the guy deposited a bad cheque so 3 days later the queque bounced and we were screwed...

[Mixalot27]

The problem here is that this transaction is happening on a weekend instead of a weekday. If it had been on a weekday, TD would have phoned royal and verified that the draft is legit, then you would have no problem. The safest way I can think of to do it on a Saturday would be to open yourself an RBC bank account. This is kind of a hassle but it will only take you around 30mins to get an account opened. Once you have an account, yourself and the buyer, can simply go to a teller and have the money transferred directly from the buyers account into your account. I can't think of anyway you would end up out the money doing it this way.



Originally posted by Tik-Tok
For those who may be wary in the future... I don't know if this still holds true, but years back when I worked for a landscaping company, I could always take their cheques, to their bank, and they would give me the cash instantly, no holding times, nothing.

I would imagine this method could still be used, and it would instantly tell if the draft is a fake or not, as they would instantly see it in their own system, as opposed to your bank finding out a few days later that the other banks draft is forged.

This is another possibility. However the Edmonton branch the Draft is drawn on would have to be open also for the bank to call and verify the draft is authentic. Also keep in mind that depending on the amount of cash, involved here the bank might not be willing/able to give you cash for it. Most residential bank branches only keep a certain amount of cash on hand at any given time. Usually anything over around $10 000 and you have to order the money ahead of time. Downtown branches usually have more cash on hand. Also I would be almost willing to bet that most branches will only cash cheques for non clients up to a certain dollar amount.

[calgarycoffee]

do not take a bank draft!!!! as they can be forged with computer and printer, and banks can't tell until the funds clear the account. That is about 10 days after it is deposited. Best bet is wire transfer - directly into your account, and once funds have been removed by yourself, then release the car. Good luck

[shaggin]

What I have done in the past is asked the person to bring a bank draft from their bank with cotact information of the teller that gave it to them, then I take it to that particular bank (not branch) and have them call the branch it was issued at and confirm it is valid. Banks will do this without any problems.

[Ajay]

Originally posted by shaggin
What I have done in the past is asked the person to bring a bank draft from their bank with cotact information of the teller that gave it to them, then I take it to that particular bank (not branch) and have them call the branch it was issued at and confirm it is valid. Banks will do this without any problems.

:werd:

When I bought my car from Centaur they did the same thing. Just to verify everything was good.