Bankers Draft...

Pickchee

Hi,
Just wanted to check (and i KNOW one of you guys will know the answer...)

Is a Bankers Draft instantly cleared as soon as you put it into your account?
That's how I *think* it works, but want to check...

Just for info, the Bankers Draft came from a Barclays bank, and I'll be deopsiting it into my Barclays account - don't know if this makes any difference?

Just wanna be sure before I go posting the goods out tomorrow, 5 mins after I deposit the cheque....

Thanks! :beer:
Amanda

soolin

They used to clear instantly but most banks say that nowadays due to them being stolen and /or fraudulently used they still have to go through the clearing system.

Personally I would check with your bank and ask them when it fully clears, ie, not just clears for funds.

Soo

Pickchee

Ok, will do, thanks for your help!

x

soolin

Ok, I found this on a google search:

http://www.bba.org.uk/bba/jsp/polopoly.jsp?d=263&a=654

If someone offers me a bank draft, what should I do?
Bank drafts are cheques drawn by a bank usually on its own Head Office. Payment is guaranteed provided the draft is genuine and has not been lost or stolen. If it is fraudulent or conterfeit it will not be paid.

Drafts go through the normal clearing process like any other cheque and if you are offered a bank draft in payment, don't release the goods until you are sure the draft is genuine and has been paid.

If you are selling a car or similar expensive item, beware of the "buyer" who turns up without notice after the banks have closed - usually a Friday. If the "buyer" offers a bank draft, already made out in your name for the full asking price and wants to take the item straight away (usually he/she says that they live at the other end of the country and are travelling back home that night or the next day), it is highly likely that you could be the potential victim of a fraud attempt.