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Lost Bankers Draft?

If I was to lose a banks draft in the Mail, would I be able to get another one from my Bank? :confused:

As I need to send some money (£15,000) to a Solicitor.

Many Thanks

Comments

  • Beanietdc
    Beanietdc Posts: 281 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    I had a feeling that a bankers draft was as good as cash....

    I could be wrong but if you sent £15,000 cash in the post and it got lost I don't think the bank would replace it! :)
    Debt free date - June 2008 :T :T :T
  • whatatwit
    whatatwit Posts: 5,424 Forumite
    As far as I know, if it is lost, then you have lost the money.

    It comes out of your account straight away, whereas a cheque getting lost, would not be cashed.

    Can you not do a money transfer...or send by registered post.
    Official DFW Nerd Club - Member no: 203.
  • whatatwit wrote: »
    As far as I know, if it is lost, then you have lost the money.

    Are you Sure??? :confused:
  • whatatwit
    whatatwit Posts: 5,424 Forumite
    Not 100% no, but that was what I was led to believe by my Building society.

    How has your solicitor asked for the money to be paid.

    Personally I would either deliver it in person or, transfer the money into a cheque account and then write a cheque, or ask the bank to do an electronic transfer, this may cost you, but you would know it had arrived.
    Official DFW Nerd Club - Member no: 203.
  • chica_fi
    chica_fi Posts: 77 Forumite
    The Bank could cancel the Banker's Draft but it would require an indemnity to be signed by the payee (the solicitors) to say that if it does turn up they won't cash it. It's a lengthy process and could cost you another charge. tbh i would get a chaps payment done as it's only slightly more expensive than a banker's draft and at least you know the money will be in the solicitor's account that day.
    Unsecured DFD Aug '07 :j
    Bought grown-up house Feb '08
    Mortgage Balance [strike] £165,000[/strike]
    £147,500 :rolleyes:
  • If a bankers draft is lost the bank cannot put a 'stop' on the draft; it remains payable for ever and a day. However drafts do go astray and the solution then is that the bank will consider the risk to itself of reissuing a replacement. In every case, if they agree the risk is acceptable, they will want an indemnity from you. So ...

    1. Bank issues you with draft for £15,000.
    2. Bank draft is lost.
    3. Bank considers if you are good both now, and in the future for £15,000.
    4. If they think you would be able to pay out £15,000 in the future they
    get you to complete an indemnity to the bank for £15,000 (allowing them to claim off you at any time in the future should the missing draft ever turn up for payment); and
    issue you with a replacement draft.

    If they don't think your good for £15,000 you loose. Your only choices are to find the original draft, or pay again for a new one.

    Hope that clarifies how you stand.

    The solution is as others have posted; if the money needs to be received by your solicitor on a set day (as cleared funds) ask your Bank to send it electronically by telegraphic transfer - or at least that was the old name when I worked in a bank as an Admin Manager. It might cost you a bit more but it gives you peace of mind, and you'll know your solicitor has received cleared funds on the day he/she needs them.
  • Would they accept a personal cheque? :confused:
  • bandraoi
    bandraoi Posts: 1,261 Forumite
    Why don't you ask the solicitors how they would like the money to be paid.
  • bandraoi wrote: »
    Why don't you ask the solicitors how they would like the money to be paid.

    :rolleyes: Was just getting some advice over the weekend, before the solicitors Reopened.
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