So I mean what is the real solution to the bank draft problem?
Because calling around from bank to bank seems to me like I’m trying to cash a cheque in the 50’s. It’s borderline ridiculous.
Basically why do retail banks suck so hard?
So I mean what is the real solution to the bank draft problem?
Because calling around from bank to bank seems to me like I’m trying to cash a cheque in the 50’s. It’s borderline ridiculous.
Basically why do retail banks suck so hard?
Originally posted by Thales of Miletus
If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
Originally posted by Toma
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Banks are brutal. Retail banking and business banking. Banking is brutal.
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I feel like I can at least understand the motivations of most commercial bankers.
Retail I have no clue.
Originally posted by Thales of Miletus
If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
Originally posted by Toma
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Selling a car today. Buyer got a bank draft for me from ATB but I'm with RBC, last time I did this RBC told me they couldn't verify the draft as it's from a different institution. What's my best bet in the case? Meet at an ATB and have them cash the draft for me right there or just do what I've always done, cross check the bank draft, the bank draft receipt and the drivers license?
Last few I've just asked the buyer to wire funds into my account.
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This is how I know your story is BS.This quote is hidden because you are ignoring this member. Show Quote
When I bought my Jeep Wrangler on here, I paid the Reputable Beyonder via e-transfer until fully paid. Did not even see the Jeep in person other than ad pics, and told him to park it in my condo parking stall until I was able to get home to take possession.
Also told him to leave it unlocked and key hidden somewhere in the car. Fully car transaction done without even seeing the guy face to face.
When the mechanic drives that same car for the inspection, what makes you think they wouldn't notice a slipping clutch? If anything they would probably be more qualified to notice.This quote is hidden because you are ignoring this member. Show Quote
That’s strange as CIBC for me have called the issuing branch of the bank even if it’s a different institution. I really don’t worry too much about the fraud as I take a photo of the buyer’s drivers license and plate. If the draft is fraudulent he’s not going to get too far.This quote is hidden because you are ignoring this member. Show Quote
My last sale buyer went and got a draft from his bank (RBC) and brought the card of the manager who made out the draft, met me at TD where they accepted the draft, contact teller to confirm draft details, then contacted their loans division to get me a letter clearing the lien. Buyer then sent me an e transfer for the net difference (couple k). Letter was key as it was on a truck to Oklahoma the next morning.
Seemed like kindof a cluster fuck but it worked out. There just has to be a better way as it was ridiculously time consuming and neither institution could really give me a clear answer about how to proceed aside from “well you can wait 21 days for the draft and loan to clear”.
For the C63 I went into the bank (TD) with the buyer and watched him bring out the draft (he had flown in from Vancouver that AM ) and then we went to RBC (my bank) to deposit.
Originally posted by Thales of Miletus
If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
Originally posted by Toma
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RBC is the least helpful bank ever with drafts. If it isn’t their own then enjoy your 5 day hold to verify because “there’s nothing we can do”.
Yea they also refuse to verify their drafts over the phone, we accomplished it by setting it up in advance to email the manager.This quote is hidden because you are ignoring this member. Show Quote
Again. For all the fucking effort, we are talking between the 4-5 people involved a couple of hours of time set on fire, shouldn’t there be some verified escrow service the bank offers for this situation?
If lawyers weren’t so fucking expensive that’s almost the way I would go.
Originally posted by Thales of Miletus
If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
Originally posted by Toma
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As far as I can remember, I've been really lucky with the buyers always having the same bank as me which has made things easier to verify.
Sounds right.This quote is hidden because you are ignoring this member. Show Quote
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Yah RBC is useless. I've always taken a picture of the drivers license but never the plate, will do that this time also.This quote is hidden because you are ignoring this member. Show Quote
Thanks again for your tip on calling the branch that issued the draft to verify!This quote is hidden because you are ignoring this member. Show Quote
Drafts are the right, if imperfect, tool for the this job. Meet at the purchasers bank and witness the draft being made, get a copy of the transaction receipt and take that along with the full copy of the draft (both slips, or parts of the paper) to your branch, where they'll call to verify the funds anyways.This quote is hidden because you are ignoring this member. Show Quote
When I buy a car long-distance, I always got a draft and used the seller's wiring instructions to deposit it to their account at a local branch. They'll call my bank to confirm and the money is deposited / cleared immediately
Wires are archaic, process on their own time and a general pain in the ass... I can't wait for consumer ACH payments to become mainstream.
At the upper levels of the market, escrow via an attorney is how the majority of transactions happen, but generally cost ~$1,000 or ~.25% of the transaction, whichever is greater...
I did a project which was escrow via an attorney. What a pain in the dick.
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When I sold my tundra (it went directly to the states) I went to the bank with the buyer, he got a bank draft and we parted ways.
I went and deposited the draft and paid off the remaining balance of the truck the next day. Weeks later sent proof from Toyota to the buyer it was lien free.
One of the most painless vehicle transactions I've ever had.
And, completely illegal.This quote is hidden because you are ignoring this member. Show Quote
Or perhaps invalid is a better term.
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I didn't have any issues with the process and the buyer was a wholesaler, I'm sure he has his process down pat.
Illegal?This quote is hidden because you are ignoring this member. Show Quote
Originally posted by Thales of Miletus
If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
Originally posted by Toma
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