Bankers Draft

redpin_2

I'm worried sick for some reason I had a bankers draft (20k) written out when I just asked for a cheque, which I needed to put money into a new account I set up. I sent the draft through the post, something I wouldn't done if I knew what it was. If it did go missing, and got in the wrong hands would I lose the money even though I sent it to myself?!Am I worrying too much?

MoneySaverLog

redpin wrote: »

I'm worried sick for some reason I had a bankers draft (20k) written out when I just asked for a cheque, which I needed to put money into a new account I set up. I sent the draft through the post, something I wouldn't done if I knew what it was. If it did go missing, and got in the wrong hands would I lose the money even though I sent it to myself?!Am I worrying too much?

You had a bankers draft made out to yourself, and you put this in the post to yourself. Why?

Sailmakers

Relax. Someone would find it very hard paying something in in your name. Also bankers drafts are old fashioned. Quite often they are given same clearance time as a standard cheque.

innovate

MoneySaverLog wrote: »

You had a bankers draft made out to yourself, and you put this in the post to yourself. Why?

Agree, this is hard to understand.

Moreover, why is redpin worried that a bankers draft made out to redpin would be paid to anyone but redpin?:doh:

redpin_2

Yeah I suppose In that sense :j The letter got sent to AA savings. AA needed it to be wrote to myself

redpin_2

I'm getting more scared the more I read about bankers cheques. If the worse happens, the cheque don't turn up, is there no chance I can get this money back

ses6jwg

Bankers drafts and counter cheques are pretty much the same thing nowadays. They still have clearance times.

JuicyJesus

redpin wrote: »

I'm getting more scared the more I read about bankers cheques. If the worse happens, the cheque don't turn up, is there no chance I can get this money back

Most likely not. Drafts are guaranteed payment and cannot be stopped, even if lost or stolen.

redpin_2

Do the banks that cash in a bankers draft do strict checks to make sure the person recieving the funds is the same name as on the cheque I.e. passport, driving license? So no one else could use it apart from me

Macca83_2

redpin wrote: »

Do the banks that cash in a bankers draft do strict checks to make sure the person recieving the funds is the same name as on the cheque I.e. passport, driving license? So no one else could use it apart from me

I really wouldn't worry about it. If the cheque goes missing then you just cancel it. They can only pay the cheque into an account with the same name. If someone has washed it, then any alterations will show up under uv.

JuicyJesus

redpin wrote: »

Do the banks that cash in a bankers draft do strict checks to make sure the person recieving the funds is the same name as on the cheque I.e. passport, driving license? So no one else could use it apart from me

If it's being paid in, probably no more than that for any other cheque, but considering the amounts most drafts are for you'd expect there to be a lot of scrutiny given.