Bank Cheques - please help

[Boost King]

Hi,

I am selling my skyline tommorow and the guy picking it up wont give the cheque until I give and sign the car over.

The guy is paying by a bank cheque, not a personall cheque. From my readings I understand a bank cheque is a cheque drawn on the bank and not on a individual. In order ot get a bank cheque the money must come out of the individuals account and move to the banks account. It is then drawn on by me (or my bank), and transfer is complete. Apparantly when I bank this cheque, they still take 3 days to clear the cheque.

I can speed this process up to 2 days for $15. My concern is should I sign over the vehicle registration papers and give him the car when I get the cheque?

I am very worried about this, despite readings that the cheques are safe.

I will however be holding his drivers licence and passport for the 3 days until the cheque clears.

ANy advice or responses would be greatly aprpeciated.

[Guest RedLineGTR]

Bank cheques are money that is there in the banks account that has been transfered from the users account or a loan.They are usally stamped or something as well (not sure exactly). But with the signing over of the vechicle get him to come down to the Registration office with you while your changing car names over. Get him to take the cheque with him and ask for it before you sign your name or his for the transfer papers.

[Guest RedLineGTR]

Sorry for posting again..but i thought bank cheques clear the same day since they are specified by the bank not just a personal cheque which can bounce, bank cheques cant.

[BHDave]

Yeah, bank cheques are very safe.

Just make sure you sight the cheque before you sign over the car.

Another good thing is that you have to get all his details to fill out the transfer of ownership so just ask to see his licence and take down all the details, including licence number. That way if in the unlikely event that something does go wrong you have the details. Just call up the cops, quote the lic number and name, address and rego on the car and all will be good. You can also follow up with the bank on the drawer of the cheque in the first place.

Nothing to worry about really

[jake32]

Bank cheques are money that is there in the banks account that has been transfered from the users account or a loan.They are usally stamped or something as well (not sure exactly). But with the signing over of the vechicle get him to come down to the Registration office with you while your changing car names over. Get him to take the cheque with him and ask for it before you sign your name or his for the transfer papers.

BE careful check with bank that issued cheque is valid (by phone when your customer is present) not STOLEN ,if theres any problem bank will tell you & so will customers face if something is dodgy

I once accepted building society cheque that bounced ..had to take st geo to court to get it but it was supposed to be Rock solid safe....but ST Geo had issued there cheque`s on a bank cheque that was deposited which later bounced because it was stolen....also note registration papers do prove title (ownership)

don`t give a receipt untill funds are cleared.

[Brody]

You might want to verify the cheque with the bank before going further. Theres always the chance they could be forged/stolen etc etc, so call the bank, valiacdate the number and the amount.

[Mundi]

The best way to make sure is to be with the person buying the car when they make the bank cheque. I work in a bank, and almost every week we get security notices telling us that bank cheques have been lost or stolen from banks. Bank cheques can and have been forged easily, and there is still three working days on cheques. Especially be aware of CBA bank cheques stamped from Brighton Le Sands branch. There was a hold up last week, and there were many bank cheques and tellers date stamps taken.

[LastTemptation]

The best way to make sure is to be with the person buying the car when they make the bank cheque. I work in a bank, and almost every week we get security notices telling us that bank cheques have been lost or stolen from banks. Bank cheques can and have been forged easily, and there is still three working days on cheques. Especially be aware of CBA bank cheques stamped from Brighton Le Sands branch. There was a hold up last week, and there were many bank cheques and tellers date stamps taken.

mundi, i to work at the CBA here down at Vic.

Bank Chq's are pretty safe and I make a chq for a purchase of a car about 20 times a week. Just pay the 15 bucks to clear it. Make sure bank chq is signed, if over 20k make sure it have 2 sigs on it from staff at the bank it was purchased from. Bank chq's cleared on the same day as deposit but after digital scanning and the magic that computers do our days, the banks decided to use 3 days to process the chq. When the bank chq is purchased it has a carbon copy, Mundi should know about this, we write down the name and account number of the person making the purchase. After the chq gets deposited it meets up with the Carbon copy in order for it to clear.

[Mundi]

Yep, above is correct. Unfortunately someone i know has sold a motorbike and was paid via a stolen bank cheque. Apparently it was stolen out of bank cheque bulk storage by a staff member, so no one knew it was stolen until it was presented. The offender was caught and bike returned, but others might not be so lucky. Another way to cheque is to call the actual bank that made the bank cheque. Sometimes they can ring their respective department that handles them and can verify whether it is genuine or not. Unfortunately, not everyone these days is honest, and if would be bad for someone to lose an expensive car and only be left holding a piece of paper worth jack.

[Boost King]

Yep, above is correct. Unfortunately someone i know has sold a motorbike and was paid via a stolen bank cheque. Apparently it was stolen out of bank cheque bulk storage by a staff member, so no one knew it was stolen until it was presented. The offender was caught and bike returned, but others might not be so lucky. Another way to cheque is to call the actual bank that made the bank cheque. Sometimes they can ring their respective department that handles them and can verify whether it is genuine or not. Unfortunately, not everyone these days is honest, and if would be bad for someone to lose an expensive car and only be left holding a piece of paper worth jack.

Thankyou to everyone who responded so quickly to my query. We are going to the bank together today (my bank) to deposit the cheque. I will also be taking and holding his drivers licence and valid passport for the 3 days till the cheque clears. I will be signing the registration papers this morning and will let him take the car. WHile I am at the bank I will ask for a "Special Answer". They will confirm the Cheque and the amount. Once I have the cheque in my hand, he can no longer cancel it apparantly without a police report saying it was lost or something. I am worried because $25,000 is a lot of money. Then again, when I bought my car from the dealer, he accepted the bank cheque, gave me the car and rego papers, and I was away. I hope and pray my experience today is the same and safe as well.

It feels so wierd driving my car today for the last time. Its very upsetting to go through, especially when I never wanted to sell my car, my house just had to come first.

Paul.

PS: I will also pay $15 or so to have the cheque clear quicker, like in 24-48 hours the bank lady said to me.

[Boost King]

BE careful   check with bank that issued cheque is valid (by phone when your customer is present) not STOLEN ,if theres any problem bank will tell you & so will customers face if something is dodgy

I once accepted building society cheque that bounced ..had to take st geo to court to get it  but it was supposed to be  Rock solid safe....but ST Geo had issued there cheque`s on a bank cheque that was deposited which later bounced because it was stolen....also note registration papers do prove title (ownership)

don`t give a receipt untill funds are cleared.

I saw that on the internet about St George cheques. His is a ANZ cheque and no recent bulletins that ANZ bank cheques have been stolen.

Another thing, is we dicsused all this btw us for like a day, he is just as worried with me running off with his money, without a car.

I guess we are in the same boat.

Paul

[Warpspeed]

I would arrange to do two things.

First go with the guy to your bank, and check with your bank manager that the check is genuine and o/k. Phone through first and make an appointment. If its o/k give the guy back his check.

Then both of you visit motor reg, and transfer the registration. He will then be sure you own the vehicle, and that side of things is o/k.

If you are still nervous about this, take a large friend along with you.

[Boost King]

I would arrange to do two things.

First go with the guy to your bank, and check with your bank manager that the check is genuine and o/k. Phone through first and make an appointment. If its o/k give the guy back his check.

Then both of you visit motor reg, and transfer the registration. He will then be sure you own the vehicle, and that side of things is o/k.

If you are still nervous about this, take a large friend along with you.

Not a bad idea.

All is complete. We went to my bank, and they said, go to a CBA next to his bank (ie city). For a fee of $60 they walked the cheque to the bank, checked the signatures, validated it and then cleared it instantly at my bank. I went to ATM, checked funds were there, and gave him rego papers and keys. We were both happy.

I called Motor rego and lodged my side of the form on the phone so I no longer own that car. Its completely his, along with anyfines he may incurr after 10am.

Thanks everyone for your help.

Paul

[Guest RedLineGTR]

Good that it worked out well..and u learnt some usefull things in the process.

[Boost King]

Good that it worked out well..and u learnt some usefull things in the process.

Yes it all worked out and I learnt something too.

I also learnt that I am upset my Nissan is gone.

Will take a long time and a lot of healing to get thru this.

Paul

[OSH13T]

if its a st george bank chq, theres a 3 day hold ... if it helps