Does bank need notice for large bank draft?

wayne0308

Hi,

I was just wondering would my local branch of bank of ireland need to be notified in advance if I'm taking out a large bank draft?

I'm going buying a car tomorrow and I've arranged to meet the dealer in the bank and I am looking to get a bank draft of 9,500euro.

Thanks,

Wayne.

Nervous Wreck

No.

wayne0308

Nervous Wreck wrote: »

No.

Thanks for your quick reply. I didn't want to drag the dealer on a drive across the city and then get refused at the counter. This is the first time I've taken out a bank draft so I'm not sure on the procedure involved.

D3PO

why would you drag the dealer anyway. Seems very very strange behavious by a legitimate car dealer to go to the bank

coylemj

D3PO wrote: »

why would you drag the dealer anyway. Seems very very strange behavious by a legitimate car dealer to go to the bank

The car dealer may be legitimate but if he doesn't know the OP then it seems like a sensible thing to do with all the fake drafts that are out there.

If I was selling a car to a private buyer, that's the way I would do it - go to the buyer's bank, he asks for the draft drawn from his account whereupon the teller hands the draft across the counter to me.

OP, as advised you do not need to give notice regardless of the size of the draft.

wayne0308

The dealer seems above board. I've been to the dealership when I made the deal and talked to a few people about them. They're a large dealership and have been around a few years.

I was surprised he offered to do this myself too. I was searching a number of threads before I started this one and bank draft forgery seems to be common. So it may just be that he doesn't trust me.

I'm swamped with work at the moment and haven't got my car anymore, he offered to meet me there after I mentioned this so it may just be that he wants to get the deal done quickly and get all paperwork signed. This suits me too as the sooner I get the car the better, but I'll be on my guard. I'll ring my branch this morning to let them know what I'm planning to do.

Anatom

I'd still give the bank a shout in advance though. Just in case there's a potential problem. Presuming there are sufficient funds in the account, its still never any harm to give them advance notice...

coylemj

wayne0308 wrote: »

I'm swamped with work at the moment and haven't got my car anymore, he offered to meet me there after I mentioned this so it may just be that he wants to get the deal done quickly and get all paperwork signed. This suits me too as the sooner I get the car the better, but I'll be on my guard.

'On your guard' for what? Isn't he saving you time by meeting you in the bank instead of you going to the bank and then going to him? Sound like he's doing you a favour and you did point out that he offered to do it this way after you said you were swamped at work so why are you so suspicious?

Heroditas

A few years ago I needed a bank draft for 9k from Bank of Ireland to buy a car. Can't remember the details at this stage but I think they said they couldn't give it to me at such short notice and gave me the cash instead.
Best to ring ahead to make sure.

wayne0308

coylemj wrote: »

'On your guard' for what? Isn't he saving you time by meeting you in the bank instead of you going to the bank and then going to him? Sound like he's doing you a favour and you did point out that he offered to do it this way after you said you were swamped at work so why are you so suspicious?

That's the thing, I'm not suspicious... but the poster above (D3PO) seems to be for a reason he/she didn't explain, but he didn't have the full story either. I haven't done this before so I'd be a bit nervous and careful anyway.

Same as you I think he's doing me a big favour which I explained, certainly making it a lot handier for me in the end.

P. Breathnach

wayne0308 wrote: »

That's the thing, I'm not suspicious... but the poster above (D3PO) seems to be for a reason he/she didn't explain...

The likely explanation for DP30's cautious note is that there are people who trade in cars without an established place of business, and who are untraceable if (as often happens with such dealers) problems arise.

It's a different scenario if the dealer has an established place of business and a history.

coylemj

wayne0308 wrote: »

That's the thing, I'm not suspicious... but the poster above (D3PO) seems to be for a reason he/she didn't explain, but he didn't have the full story either. I haven't done this before so I'd be a bit nervous and careful anyway.

I think you are being too suspicious about the deal. That poster referred to the arrangement as 'very very strange behaviour' but that was before you informed us that it's an established dealer. I think 'unusual' would have been more appropriate to describe the arrangement given that we're not talking about some shady part-time dealer selling cars from home or an indy operating out of a portakabin.

Given that new car sales are up significantly, I'd imagine that there's now plenty of trade-ins clogging up the dealer lots so the sales guys are probably under pressure to shift them, hence I can see why that sales guy is going to meet you in the bank, he's probably worried that work pressure means there's a chance that you'll put off going to him to close the deal and find a different car to buy elsewhere.

wayne0308

coylemj wrote: »

I think you are being too suspicious about the deal. That poster referred to the arrangement as 'very very strange behaviour' but that was before you informed us that it's an established dealer. I think 'unusual' would have been more appropriate to describe the arrangement given that we're not talking about some shady part-time dealer selling cars from home or an indy operating out of a portakabin.

Given that new car sales are up significantly, I'd imagine that there's now plenty of trade-ins clogging up the dealer lots so the sales guys are probably under pressure to shift them, hence I can see why that sales guy is going to meet you in the bank, he's probably worried that work pressure means there's a chance that you'll put off going to him to close the deal and find a different car to buy elsewhere.

I realise that now that it's all done, you will have to excuse my lack of experience here.

Everything is now done and it went fine. No notice was needed at all and in total it took less than 10mins from when I walked in the door to getting the draft.

Marcusm

I got a draft for 410k a few years ago in a country branch without notice, the only issue is whether the relevant signatory is available.