Sold Bike - Received Draft....WTF!!!!!!!!! | GTAMotorcycle.com

Sold Bike - Received Draft....WTF!!!!!!!!!

PaisaMed

PaisaMed

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I sold my bike this morning. I asked the buyer for 100 bills and he replied that he did not feel comfortable walking around with that amount of cash. So, he gave me a RBC bank draft for the full amount and now I can't get cash for it!! RBC will not cash these instruments and I need 100 bills for my next purchase. Rant over....
 
Is it a fraudulent bank draft? Or is it just be being put "on hold" until it goes through? I didn't think there was a hold period on drafts or certified cheques.

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The draft is completely legitimate! If you want cash and your buyer does not feel comfortable carrying cash then your only way to get cash is to accompany the buyer to their bank!!! What PITA!!
 
PaisaMed said:
The draft is completely legitimate! If you want cash and your buyer does not feel comfortable carrying cash then your only way to get cash is to accompany the buyer to their bank!!! What PITA!!
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TBH this is probably the ideal way to go for any sale. Apparently mortals will never be able to verify that a draft or certified cheque is legit
 
Drafts usually clear within a day, if not instantly. I don't understand what the issue is.
 
Matt Rain said:
Drafts usually clear within a day, if not instantly. I don't understand what the issue is.
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They're easily (and reasonably commonly) forged, that's why there's an issue. Much like a cheque the banks want to wait for them to clear now before considering them good, and it's a Saturday...so yeah, not going to happen until Monday.

Not sure I'd accept a draft anymore honestly...I agree with others, if they don't want to carry that much cash go to the bank and do the money exchange there, or better yet, just do it fully electronically where there's no cash involved.
 
Last bike I sold .I received a certified cheque . The bank wanted to hold it for 5 days . LOL

I had to explain to the manager the whole idea of certified . Is to get the cash right away . That`s why you pay to get them certified . I received the money a few minutes later .
 
pfbmgd said:
Last bike I sold .I received a certified cheque . The bank wanted to hold it for 5 days . LOL

I had to explain to the manager the whole idea of certified . Is to get the cash right away . That`s why you pay to get them certified . I received the money a few minutes later .
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A bank manager that doesnt know what a certified cheque does...good lord no wonder we have monkeys running the system...
 
When I bought all my new vehicles (both bikes and the car), I paid the deposit via Visa/Mastercard, and the remainder via draft on delivery. Dealerships had no issue calling it in and releasing the vehicle (and I just handed them the draft...did not talk to the bank on their behalf at all), although maybe it is different for businesses?

Granted, due to risk of forgery, I'd want to go into the bank and have it transferred before handing over keys.
 
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No title until the money clears


Honesty offends fools
 
certified cheques can and have been faked
bank drafts can and have been faked

the secure options today are electronic fund transfer, cash in hand, or go with buyer to a bank and move the funds.

you often need to be very clear with a buyer what you'll accept, and as a seller what level of inconvenience to yourself to sell the bike.
 
Totally agreed, crank.

I wanted cash cash for various reasons. This is just another reason why private sales involve hoops that must be jumped through to get the deal done. The buyer lives in Pickering so tomorrow, if I can't convince a sympathetic Rbc bank manager to cash the draft, then off I go to Pickering. Again, what a pita!
 
This trust or lack thereof has to work both ways.

It's also very possible to show a vehicle, collect the money, then disappear.
Or even sell someone a wreck, instead of the bike shown.
 
pfbmgd said:
Last bike I sold .I received a certified cheque . The bank wanted to hold it for 5 days . LOL

I had to explain to the manager the whole idea of certified .
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bigpoppa said:
A bank manager that doesnt know what a certified cheque does...good lord no wonder we have monkeys running the system...
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The bank managers know what they are. They also know that they're commonly forged.

So yeah, I don't blame them. Certified cheques and bank drafts are going the way of the horse and buggy - they're basically a piece of paper, and when people started making indistinguishable forgeries of that piece of paper the security they once held went out the window.
 
Don't forget that the receiving bank looks at the recipient's financial status as well when he goes in with the draft/cheque/ other instrument/. Even if you have an account at the same bank and branch, if the bank thinks it would have no chance of collecting if the instrument had to be charged back to your account, you will have to wait for the cheque to be cleared.
The line clerks have such low limits on what they can accept that you may have to go to at least the supervisor or the next up to get to a person who has authority do what has to be done.
 
PaisaMed said:
I sold my bike this morning. I asked the buyer for 100 bills and he replied that he did not feel comfortable walking around with that amount of cash. So, he gave me a RBC bank draft for the full amount and now I can't get cash for it!! RBC will not cash these instruments and I need 100 bills for my next purchase. Rant over....
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I get your annoyed but I don't see what the problem is.
Take the draft to the supervisor of the bank tellers at your bank and ask her to confirm the draft.
They will call the issuing bank and fax them a copy of said draft and confirm it is legit.
Done this before and had no issues.
Another option is to take the draft to the issuing bank and cash it out there (you will need ID).
 
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