Bankdraft

MrWenger1982

Hi,
I need to take out 10K for a car from my BOI Bank Account. Can any BOI branch issue me a bankdraft for that amount or does it have to be my local branch?

Is there a lot of paperwork involved? I have never used a bankdraft before!

MrPudding

Five minutes should do it. I have gotten them in the past from NIB. ONe form which the bank person filled out, I just signed it. I would imagine that any branch would be able to do it for you. Unlike NIB proper banks can access your account regardless of which branch you go to.

MrP

chuckles30

I would imagine it should be possible from any branch of BOI if you have your account there. Bring id - drivers licence or passport as they have to check you are who you say you are. You only have to fill in a form similar to a lodgment/withdrawal form. Basicallly all you have to put on it is the name of who you want it made payable to, the amount, your name (& address I think). Then there's just a section to fill in with where the money is coming from i.e. cash/cheques or withdrawal from one of your own accounts. It's very simple really. It costs €2.20 for the actual bank draft then.

vector

Achtung, if you lose the draft you lose the money.
I suggest you get 5x 2000 drafts to minimise you potential loss.

This is just what I would do, please no flames, you can do what you want.

gerrycollins

vector wrote:

Achtung, if you lose the draft you lose the money.
I suggest you get 5x 2000 drafts to minimise you potential loss.

This is just what I would do, please no flames, you can do what you want.

this is incorrect
the draft is made out to a person or company and if u report it lost or stolen usually 30 days have to pass to ensure no one tries to cash it either the company,person or another, then the money will be refunded to ur account also 5 drafts cost u more money to "buy" them off the bank

vector

30 days, sounds good, but what bank allows that?

redman

Watch out for Bank Drafts if you loose them, remember this story?

http://archives.tcm.ie/irishexaminer/2004/06/21/story158191367.asp

HelterSkelter

I got one from AIB before but it was a lot of hassle. They don't usually give them out in a branch that is not your own. The branch has to get my branch to fax a copy of my signature even though I had a drivers licence with me. I was taking the money from my account to pay for the draft.

*edit: Actually now that I think about it, the problem was I was trying to withdraw too much from my account to pay for the draft. There is a limit that they will allow you take out in a branch that is not your own.

Capt'n Midnight

gerrycollins wrote:

this is incorrect
the draft is made out to a person or company and if u report it lost or stolen usually 30 days have to pass to ensure no one tries to cash it either the company,person or another, then the money will be refunded to ur account also 5 drafts cost u more money to "buy" them off the bank

Anyone remember AIB and the couple who lost their Mortgague bank Draft - it was a LOT longer than 30 days, 3 years or something !

And a good while back AIB had Genuine Blank Bank Drafts stolen, so there was no way you could tell they wern't valid unless you rang up the bank during banking hours to cross check them, needless to say they didn't honour any of them. Also didn't warn the public either.

gerrycollins

Capt'n Midnight wrote:

Anyone remember AIB and the couple who lost their Mortgague bank Draft - it was a LOT longer than 30 days, 3 years or something !

And a good while back AIB had Genuine Blank Bank Drafts stolen, so there was no way you could tell they wern't valid unless you rang up the bank during banking hours to cross check them, needless to say they didn't honour any of them. Also didn't warn the public either.

well a mortage amount is somewhat different and why use a bank draft for that amount anyways inter bank it lot easier less hassel no chance of the money going missing anyways dont know the full details of the story so cannot comment plus when "blank" drafts go misiing then its the bank at fault not the customers its the same as a cheque book been stolen licence to print money, bank drafts are still the 2nd best option in paying for goods of large money value

AIB has a 30 day waiting period and the people who as mentioned above with their mortage thingy sounds real funny as the draft has to be made payable to a person or a company and they have to prove who they are to cash the draft plus any draft has to be cashed through a bank account to allow it to clear over 3 to 5 days so thats why i find the story a bit odd!!If someone were to turn up and lodge it to their account it would be noticed in a few days and stopped something about the whole story from both sides sounds a bit off to me

Capt'n Midnight

http://www.emigrant.ie/article.asp?iCategoryID=177&iArticleID=16079

A lost bank draft for €417k has seriously inconvenienced a couple who moved from Dublin to England on their retirement. Laurence and Annette Power used Royal Mail subsidiary Parcelforce to deliver the bank draft to their solicitor in Dublin but it never arrived and Parcelforce has offered compensation of Stg£250. AIB, the issuing bank, showed some sympathy for the couple and advanced sufficient funds to enable the Powers to complete the purchase of their new home in Ipswich. It is, however, refusing to release the remaining Stg£105k. Although a stop has been placed on the bank draft, it is still possible that someone will manage to cash it. The matter could be resolved if Powerforce sign an indemnity form agreeing to make up any losses should the bank draft be cashed. Unless the bank draft turns up the Powers will have to wait six years for their money and their house will remain under the control of the bank for the same period, until the draft expires.

AIB showed sympathy after the case was all over the media, and because they had the house as collateral . Note the 6 year time frame - not 30 days.

gerrycollins

Capt'n Midnight wrote:

http://www.emigrant.ie/article.asp?iCategoryID=177&iArticleID=16079
AIB showed sympathy after the case was all over the media, and because they had the house as collateral . Note the 6 year time frame - not 30 days.

exactly this is what i dont understand, a bank draft is endless ie no date like a cheque but when its not presented after a certain amount of time its cancelled it happened to me and i had to wait 30 days got my money back afterwards im only speaking from experience and what i was told by AIB im not defending them in any way im sure there are many drafts lost every year just like mine that dont have to wait 6 years thats why i find this situation a bit funny,because it went via royal mail maybe it was a sterling draft for which different rules apply???