I am selling my car and was going to accept a cheque/bankers draft, wait for it to clear and then hand over ownership of the car - But I now understand that even a cleared cheque can be rejected at a later date for being a forgery!
...I have been told that CHAPS is the only way to 100% securely receive money. Is this true?
If so then how do I set up a CHAPS payment? or is it something that the buyer does and I just hand him my acc num?
Is the proceedure the same for all banks? I dont want to agree a sale on my car only to have the buyer pull out as he/she wanted to pay by cheque and is confused about how to set up a CHAPS payment.
I had never heard of CHAPS before I started looking into this, do many people insist on CHAPS for this kind of funds transfer, or will people think its a bit odd and assume I am scamming them? Thanks
David Bevan