Banker's Draft Advice Needed Urgently!

Mikeyorks

If the drawer's bank is in London (or the post goes via London) ....1st class (which your bank would have used) inward is poor and often takes at least a couple of days.

I'm trusting the draft wasn't drawn on an Irish bank?

PBA

Remember that a bankers draft is only guaranteed if it's genuine. I've seen very good forgeries of bankers drafts being presented. If OP is at all suspicious, it makes sense to pay for special presentation to be 100% sure before handing over goods.

Kairo2911

What a bad few days i have had- on the phone to the bank for hours daily.
I was paid for a car by bankers draft-have seen buyers I.D etc and i went to my HSBC local branch and paid it in over the counter (last friday)
The draft wasmade out by a bank account in Dublin as this is where the family i have sold the car to reside (i have met them!)
anyway:
i put the bankers draft into my account and was told it would clear in 3 days but it was a good idea to leave drawing on it until Monday (6working days!) fine by me..
I then got concerned as it wasn't showing in my account (normally it would but would not show as cleared funds-until it was cleared.)
please note: the buyer will not be picking the car up until the funds are cleared....
so i called the bank and they had no record of me paying it in..
then i get passed from person to person (like you do!) and was told the branch i paid it into would contact me -THEY NEVER DID. I called hsbc again and got fobbed off with "they may just be trying to trace it before they credit it to your account" NOT GOOD ENOUGH FOR ME-AS THEY CAN'T EVEN RECALL RECIEVING IT!

im going mad here.....
I then had a man from their head office call me to say that the bank were not aware it was made out by a "foreign" bank???? and therefore it will take up to 8 WEEKS TO CLEAR???????

THIS CANNOT BE RIGHT!? I HAVE CHECKED EVERYWHERE ONLINE.
the general information i am getting is that they clear in the same way a cheque would 3working days but its best not to draw on them for 6days-if i recieved a cheque fromoverseas the clearing system would be no different right?

Now i have buyer on my case as the original date of clearance was next monday NOW???? god knows because the bank once again are trying to fob me off? or are they????
How long does a bankers draft take to clear??? or to at least show up in your account??

the buyer has the funds in hold until its clear so 8weeks seems a ridiculous amount of time....

someone please give me input on this as i am pulling my hair out.

rb10

A bankers draft is just like any other type of cheque.

Was it written in Euro or Sterling?

If Euro (or any currency other than sterling), then they are correct in that it will take up to 8 weeks to clear, as it has to be sent back to Ireland before the paying bank can agree for it to be paid, as it will not have been drawn on a bank that is part of the UK clearing process.

If it was written in sterling, then it should be showing as part of your available balance within three working days, and cleared for certain after the end of the sixth working day (where the day you pay it in is Day 0). This is because although the bank in Dublin will have written it, it will actually be drawn on their 'partner' bank in the UK, and it will go through their clearing cycle.

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Edit: Sorry, should have said that it will show on your available balance in four working days if it's a sterling cheque. My bank do it in three, so I always forget that most others take 4!