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Bank draft

  • 26-01-2024 9:40pm
    #1
    Registered Users, Registered Users 2 Posts: 189 ✭✭Alerium


    Hello

    I sold my car yesterday and the buyer gave me a bank draft (and I gave him the car). We bank with different banks. I lodged the bank draft today and the amount appeared in my account however I understand I can’t use the funds until they clear which takes up to 5 days. My question is, is there any way the draft can now be cancelled by the buyer of the car or are funds guaranteed to clear? Is it possible for the buyer to go to his bank cancel the draft (keep the money) and the car, effectively stealing it?

    Thanks



Comments

  • Posts: 7,272 ✭✭✭ Albert Angry Instep


    No. they are paid upfront and guaranteed to clear. The buyer can’t cancel it.



  • Registered Users, Registered Users 2 Posts: 85,523 ✭✭✭✭Atlantic Dawn
    GDY151


    I believe the only way it could be cancelled would be if they physically brought it back to their bank.



  • Registered Users, Registered Users 2 Posts: 189 ✭✭Alerium


    Thank you both!



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