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Sterling bank draft?

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  • 06-02-2008 7:08pm
    #1
    doctor evil
    Closed Accounts Posts: 3,114 ✭✭✭


    Hello,

    I sent a sterling bank draft as payment for an item from ebay. It was from Bank of Ireland.

    Now, the seller has said they did not receive it. I got my statement this morning and it said that amount is gone from account.

    Correct me if I'm wrong but I though that the money is transfered when the bank draft is lodged into their own account?.

    If the draft has been lost in the post is there any way I can reclaim the money?.

    Thank you for your time.


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    #2
    jahalpin
    Registered Users Posts: 1,031 ✭✭✭jahalpin


    The money is taken from your account when the draft is issued.

    A draft is basically a cheque drawn on the banks account. If you have the draft number you could get on to your bank and get them to find out if it was cashed. If it hasn't been cashed they may be able to put a stop on it.

    When I was going to uni in UK I sent a sterling draft to be lodged into my STG bank account, it hadn't arrived after a while and the bank was able to cancel it and they issued a new one.


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    #3
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    doctor evil wrote: »
    Hello,

    I sent a sterling bank draft as payment for an item from ebay. It was from Bank of Ireland.

    Now, the seller has said they did not receive it. I got my statement this morning and it said that amount is gone from account.

    Correct me if I'm wrong but I though that the money is transfered when the bank draft is lodged into their own account?.

    If the draft has been lost in the post is there any way I can reclaim the money?.

    Thank you for your time.

    Ask BOI to put a trace on it first to see if it was lodged anywhere. If not, you will have to fill in an indemnity form basically stating that the draft is lost yada yada. There should be no problem reissuing a new draft or refunding your money after that.


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    #4
    DizzyTizzy
    Closed Accounts Posts: 3 ✭DizzyTizzy


    Doctor Evil, Don't forget the charges that you will incur if you go ahead to cancel & reissue the draft or apply for a refund.
    From personal experience it cost me GBP£10 PLUS EUR10, so it may not be cost-effective to bother with the refund unless it was for an amount in excess of E25 approx.
    There's no charge for checking if it has been paid which might suggest that its lost in transit.


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    #5
    ircoha
    Closed Accounts Posts: 2,290 ✭✭✭ircoha


    doctor evil wrote: »
    Hello,

    I sent a sterling bank draft as payment for an item from ebay. It was from Bank of Ireland.

    Now, the seller has said they did not receive it. I got my statement this morning and it said that amount is gone from account.

    Correct me if I'm wrong but I though that the money is transfered when the bank draft is lodged into their own account?.

    If the draft has been lost in the post is there any way I can reclaim the money?.

    Thank you for your time.

    IMO this is an attempt at a fraud because the letter you sign with the bank pending a new draft is valid, AFAIK , for 12 months so if you send a new draft within that period you run the risk of both being cashed.: happened to me for 40 quid on ebay


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    #6
    dudara
    Registered Users Posts: 33,518 ✭✭✭✭dudara


    When the draft is issued, it can be treated the same as cash. You pay for it when it is issued.

    The bank can trace it and see if it has been lodged. If there is no record then they can cancel it, and issue a new one.


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    #7
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    ircoha wrote: »
    IMO this is an attempt at a fraud because the letter you sign with the bank pending a new draft is valid, AFAIK , for 12 months so if you send a new draft within that period you run the risk of both being cashed.: happened to me for 40 quid on ebay

    AFAIK, in the case of sterling drafts (or any foreign currency drafts), the bearer bank is requested to put a stop on the draft. Therefore if an attempt is made to lodge it, it will be picked up.


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    #8
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    Ok, my 2 cent.

    You can only cancel the draft if its lost/stolen. You must contact the branch that issued it and ask them to stop it. They will check to see if its been presented for payment. If not you can cancel the draft. You must sign an indemnity. This indemnity will state that you will be refunded. You can have another draft issued while you wait for you refund, as long as you have the cleared funds to pay for it. So until you get the refund you've payed for 2 drafts.

    NOW, if the 1st draft turns up and it is presented for payment by the person whom was meant to get it you will be recharged for the draft. This means that the draft was never lost in the 1st place or your just un lucky enough for it to have just turned up some weeks later in the persons post.

    This is way most banks will not clear a f/x draft for up to 6 weeks when you lodge one in your account.

    Lesson learnt, reg post anything that is worth money when sending it in the post. Never send anything thats worth money in the post. Get a credit card next time. If they don't do paypal don't buy off them.


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