Bank Drafts

kleefarr

How long does it take for bank draft to be checked and cleared???? Surely it just takes a quick phone call to the issuer who is AIB?

I credited one to my account early Monday and it's still not cleared. Going on Holiday Sunday and wanted some cash.

A bloody cheque would have cleared quicker!!! :mad:

highlydebased

Generally they say 5 working days....

Sangre

They have to take 5 working days. The financial regulator said there was too much fraud occurring on them. Banks would much prefer to clear them straight away.

stepbar

It depends, if its the same bank its usually 3 days. Any other its 5 days. However depending on how long you have your a/c they may give you access to the money straight away. However you would want to be fairly sure that the person who gave you the chq is good for it because they can take it back.

unclebill98

Can take up to 6 days for any chq/bank draft to come back to your account unpaid. Normally you can access the funds after 3 days but as stated, be sure its from a trust worthy person....

Draft are more or less 100%, you can cash them at the issuing branch.

drafts will only bounce if stolen, forgery or stopped...But if its stopped and your the right person whom it was meant to go to...it must be honoured.

Rashers72

If you need a draft cleared quickly, either present at issuing branch, or ask your own bank to 'specially present' the draft with the issuing branch. They then settle interbank electronically. This process costs a lot more to clear, but you should receive good value within 1-2 days.