Question about bankers draft

jackie_w

Mikeyorks wrote: »

It doesn't. It takes a max of 4 (working) days (the 2-4-6 process) if you pay it into a current account ..... but it's 6 if you pay into a Savings account :-

http://www.chequeandcredit.co.uk/246/-/page/113/

Thanks Mikeyorks,

Ive paid it into a current account, so hopefully the money will be available on Thursday.

rb10

jackie_w wrote: »

Thanks Mikeyorks,

Ive paid it into a current account, so hopefully the money will be available on Thursday.

The day you pay it in is called Day 0, so that's Monday (as Saturday doesn't count, only Monday to Friday. So Tuesday is Day 1, and so on, which makes Friday the fourth working day.

natweststaffmember

Mikeyorks wrote: »

It doesn't. It takes a max of 4 (working) days (the 2-4-6 process) if you pay it into a current account ..... but it's 6 if you pay into a Savings account :-

http://www.chequeandcredit.co.uk/246/-/page/113/

I would add the no bank would allow withdrawal against funds until after the 6th working day or cleared for fate since the cheque can be returned up to that date and with the amount of £17000.00 they would certainly not allow that.

You have 2-4-6 for current accounts and 2-6-6 for some savings accounts. After 4 working days you can draw on the cash but it is unlikely you would be able to draw large funds against a cheque paid in until after the 6th working day ie cleared for fate.

jonesMUFCforever

Starrystarrynight wrote: »

Bankers drafts are probably useful when accepting payments from people you don't know, as you can be sure it's not a forged or stolen cheque and can release the goods you are selling, but they take as long to clear as any other cheque.

How can you be sure the draft is not forged? especially if you are dealing with a stranger?

Mikeyorks

natweststaffmember wrote: »

I would add the no bank would allow withdrawal against funds until after the 6th working day or cleared for fate since the cheque can be returned up to that date and with the amount of £17000.00 they would certainly not allow that.

That is absolute rubbish. Whilst a few people may have the clearance period for large cheques extended - it certainly doesn't apply either generally or to most people. I've utilised the proceeds from cheques at £50k and more, without problem on the 4th day.

And as this is a Draft - where the drawer is the Bank - your post is even more inappropriate.

natweststaffmember

Mikeyorks wrote: »

That is absolute rubbish. Whilst a few people may have the clearance period for large cheques extended - it certainly doesn't apply either generally or to most people. I've utilised the proceeds from cheques at £50k and more, without problem on the 4th day.

And as this is a Draft - where the drawer is the Bank - your post is even more inappropriate.

In the branch, ie CASH they will not allow anyone drawing on those funds until it is cleared. If you have transferred cash ONLINE then that is slightly different to hard cash or a bank draft where you have to use the branch. Apologies for the lack of clarification but most garages will usually take bankers drafts or cash and if the OP is buying another car then the branch would not allow withdrawal against fully uncleared funds.