Bankers Draft Question

tranmereforever

Hiya all,

Just a quick one,

My OH did a bankers draft for a payment and she has got home and realised the name on it is wrong-first name wrong on it

Does anyone know if she takes it back can we get it debited back to her account and how long it takes to do so? ie is it back instantly

Many thanks

Westie983

Yes if you take it back it is paid back in as a cleared cheque and the money returned to your account to then reissue a new bankers draft.

The cashier will need to send a note to the task team with the wrong bankers draft number and the new draft number so when you go to bank the new draft it is paid.

The reissue of the draft is done instantly, and the cashiers will have done this many of times, (either their mistake with the typing or the customers)

PBA

This depends on the bank. Certainly at least one bank will only correct a mistake if the draft hasn't left the premises. As soon as it's been taken off site it will have to be processed as a normal cheque, so paid back in to the issuing account and then not withdrawn again until the normal clearing times have passed.

Westie983

PBA wrote: »

This depends on the bank. Certainly at least one bank will only correct a mistake if the draft hasn't left the premises. As soon as it's been taken off site it will have to be processed as a normal cheque, so paid back in to the issuing account and then not withdrawn again until the normal clearing times have passed.

fair enough, I suppose it depends if its a NPA account where the money is processed from, where I work the money just gets paid back to the bankers draft account and reissued, as its cleared funds so no need to wait for clearance, would be different if it was a personal account I suppose it depends on the bank.

Let us know if you are able to return and reissue.

TheBanker

PBA wrote: »

This depends on the bank. Certainly at least one bank will only correct a mistake if the draft hasn't left the premises. As soon as it's been taken off site it will have to be processed as a normal cheque, so paid back in to the issuing account and then not withdrawn again until the normal clearing times have passed.

In a real bank it would clear straight away, not because it's a bankers draft but because if you take it back to the branch you got it from, it is a house cheque.

pinkdalek

TheBanker wrote: »

In a real bank it would clear straight away, not because it's a bankers draft but because if you take it back to the branch you got it from, it is a house cheque.

My thoughts exactly.

By the phrase real bank, you mean a bank with staff who use common sense, see the issue and try to sort it for the benefit of their customer.

They do exist you know......

jonesMUFCforever

A real bankers draft will be drawn on a bank's head office and not a branch - therefore will not count as a house cheque.

pinkdalek

jonesMUFCforever wrote: »

A real bankers draft will be drawn on a bank's head office and not a branch - therefore will not count as a house cheque.

Depends on the bank and their procedures mate.
Some will have bank drafts drawn at a specific branch and can be dealt with in house if you visit the branch it was drawn from.

jonesMUFCforever

pinkdalek wrote: »

Depends on the bank and their procedures mate.
Some will have bank drafts drawn at a specific branch and can be dealt with in house if you visit the branch it was drawn from.

I did say REAL draft.

I am aware that some banks issue 'Managers' cheques' which is drawn on a branch.