Tradefair & Financials
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It used to be cleared funds right away. Not anymore, it takes five working days to clear the same as a cheque. Anyone know the reason for this? I should add that I've phoned three different banks and they all have the same policy.
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The point of a bankers draft is that it is guaranteed by the bank. That means that it won't bounce.
It used to be possible to get a personal cheque cleared in a few days if you paid a fee. I don't know if that facility is available with a bankers draft. |
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Ms stew worked for the RBS for twenty two years and in her time there if someone came in with a bankers draft the funds were cleared immediately and the person could withdraw the whole sum. It's been ten years since she left so no idea why that policy has changed.
I only found out this because I tried to 'cash one in recently' and was told I would have to wait four working days. A bankers draft I could have been done without I may add as it came from her bank out of her small estate. |
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*My late mother's estate.
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It's because there are stolen bankers drafts out there. If you cash one immediately you can't do anything about it. The clearance time allows a check that it's a valid draft.....
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They still have some advantage over a cheque if they're genuine.
A simple check is to contact the bank that bears the name of issue on it and ask them if it's genuine. They'll tell you if it's okay or not before you accept it in payment for stuff. |
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It's because there are stolen bankers drafts out there. If you cash one immediately you can't do anything about it. The clearance time allows a check that it's a valid draft.....
Surely if you cashed one immediately you would need identification? In Ms stew's time with the RBS if you had one for say £3000 and you were a regular customer it was treated more or less as a £3000 note. |
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Last time I cashed a Bankers Draft, I don't think I had to prove who I was, that was the Beauty of them, Anonymity, No such thing now with Big Brother.
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