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Buying a sterling draft

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  • 07-04-2008 12:54pm
    #1
    Colonel Sanders
    Closed Accounts Posts: 7,669 ✭✭✭


    just wondering why banks will only sell sterling drafts to customers of the bank?

    Needed to get one this morning so went to the closest bank (Bank of Ireland, I'm a PTSB current account customer). Wouldn't sell me one as was told the money has to come out of my account. Went to PTSB and the first question I was asked was if I was a PTSB account holder.

    Just wondering what the logic is and are all banks the same?


Comments

  • Options
    #2
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    Paper trail. Its a Money Laundering Regulation.
    Every bank is the same.


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


    As above.... Makes sence TBH and if I have to explain it to one more customer I'll have to stick a pen in their eye!!!!

    Imagine going into a bank and trying to cash a cheque with no ID. Same principle. Know your customer and all that.


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    #4
    Davy
    Registered Users Posts: 19,340 CMod ✭✭✭✭Davy


    stepbar wrote: »
    if I have to explain it to one more customer I'll have to stick a pen in their eye!!!!

    customer service technique ? :D


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    #5
    BargainHunter
    Registered Users Posts: 94 ✭✭BargainHunter


    stepbar wrote: »
    Imagine going into a bank and trying to cash a cheque with no ID. Same principle. Know your customer and all that.

    No it isnt the same principle. If the purchaser has paid cash for the draft, then no one can subsequently be out of pocket.

    The reason for the rule is because drafts could be used to launder dirty cash.

    My local AIB does not apply the rule to low sterling amounts and allowed me to purchase a £50 draft without an account there.


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    #6
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    BargainHunter wrote: »
    No it isnt the same principle. If the purchaser has paid cash for the draft, then no one can subsequently be out of pocket.

    The reason for the rule is because drafts could be used to launder dirty cash.

    My local AIB does not apply the rule to low sterling amounts and allowed me to purchase a £50 draft without an account there.

    Well they broke the regulators rules. They should not have done it. As for the other bit of your post i'll let Stepbar respond to you.


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


    BargainHunter wrote: »
    No it isnt the same principle. If the purchaser has paid cash for the draft, then no one can subsequently be out of pocket.

    The reason for the rule is because drafts could be used to launder dirty cash.

    My local AIB does not apply the rule to low sterling amounts and allowed me to purchase a £50 draft without an account there.

    It's the same principle. Know your customer!!!!! If he or she is a bank customer then it satisfies that rule and you can pin it back if necessary. If you cash a cheque with ID then you aren't money laundering. However, you cant stop someone from laundering dirty money if they really wanted to. But you can report your suspicions. It's a very grey area TBH.


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