Bankers draft/LloydsTSB problem

dannodw

I intend to buy a car tomorrow, around £7000.

I got a bankers draft from barclays for the above amount (no bank card savings account). I was to the understanding that a draft was basically cash and would be credited to my account immediately. Paying £20 odd quid for a bit of paper was a bit steep but i needed access to the funds in my visa debit Lloyds account straight away.

Anyway went to Lloyds, paid it in after being scrutinised due to the amount. Was told it would be credited to my account immediately.

After a bit of shopping got home, checked my account on the online banking facility. My available balance was the £7000 short from my showed balance.

Rang telephone banking, got a abrupt women who said it went through and will be available on Monday. I said what i thought about the bankers draft, she then said it was down as a cheque.

I now really dont know what to do, the car auction is tomorrow morning and i have a 30 minute time gap were i could go to the bank and have a word.

I obviously need the funds immediately but don't know what they would do about it,

Any one know what should happen?

Thanks from a rather distressed Dan!!!

tightbarsteward

I had this problem with the Nationwide. Basically they process bankers drafts in exactly the same way as cheques so they go thru clearing so taking around 3 days. Barclays ripped you off charging you £20 for one. Halifax didn't charge my mam for one. However when I took it to the Nationwide the cashier on the desk told me it would be processed the same way as a cheque, so I didn't bother paying in. Go into Lloyds & kick off. Thats all you can do really. They may give you a temporary free overdraft for the amount.

Mikeyorks

I'm afraid you have a problem.

A Bankers draft is a cheque. You normally get one to pay other people ... not yourself. As it's a cheque .. it still has to go through the Clearing system. It's 'guaranteed' funds ... but it's not 'cleared' funds.

http://www.apacs.org.uk/resources_publications/faqs/cheques_16.html

You could try ringing Lloyds and ask for a temporary o/d until the Draft clears? But you should really have drawn / deposited cash to fund your account

waddy80

Bankers draft is deffo a cheque. The only way you could have done it is to withdraw cash. This is nothing to do with lloyds, but as the previous posters have said, ring lloyds and see if you can get an overdraft.

dannodw

I am quite angry over this £20 charge for the bankers draft, if they told me what i now know why wouldn't i of just used a cheque?

Thanks for the help, will have a look in the bank in the morning but not hopeful.

Dan.

robertjonesuk

i dont belive they charged you 20 pounds as the fee for draft i barclays on personal a/c is £10. it is written in t&c of the personal current acc.

DeepSporran

robertjonesuk wrote: »

i dont belive they charged you 20 pounds as the fee for draft i barclays on personal a/c is £10. it is written in t&c of the personal current acc.

But the OP doesn't say he has a personal current account at Barclays - he has a savings account with no card. His current acount is with Lloyds.