Sold
Hi
My thought reference payment for motorhomes - given in good faith based on 11 years working in a bank and changes to the banking system since.
1) Cash - note however - your bank or building society may want to see "proof" of the transaction. Also, the cash could be fake notes. Could you tell? You could also be fiven the twenty grand and a mugger be waiting to nobble you. Therefore, if you do settle with cash.....
a) Check with your bank that they are willing to accept such a large deposit over the counter
b) Take the motorhome buyer with you to your bank, pay the cash in and wait until every note has been checked.
c) Do not leave the motorhome unattended.
2) Bank draft - THIS IS NOT CLEARED FUNDS. NORMAL CLEARING TIMES APPLY. A bank draft is technically the bank's money as they have "sold" the draft to their customer. If you take a bank draft, insist on a clearance time with your bank. Also, the cheque book may have been stolen. You can however go with your buyer to their bank, watch them collect the draft from the counter staff etc.
3) BACS - avoid - this takes three working days and CAN be recalled. RECALLED means the senders bank can do just that - RECALL it, leaving you without money. (There are limited timscales for recalling - not three weeks on Tuesday etc)
4) Fasterpayments - avoid - this can be recalled like a BACS. Payment is received the same day but AS FAR AS I KNOW, it can be recalled upto 12.00 lunch time the next day (I am checking this today as last time I enquired, no bank knew he answer)
5) CHAPS - use this method as used by solicitors in property deals. This payment can be recalled but only when proved that a fraud was involved. There is a time scale though. The senders bank may need the full instruction by 11.00 (example only - and varies from bank to bank). The funds may leave his account at 11.05 and not land with you until 16.45. Do not accept a receipt saying funds are on the way.
This is not advice - but my experiences. Talk to your bank for advice.
DO NOT CONFUSE THE NEW FASTER PAYMENTS SERVICE WITH A CHAPS.
Russell