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Can the payee be changed on a sterling bank draft?

  • 06-06-2008 8:47pm
    #1
    sug1
    Registered Users Posts: 7 ✭


    Hi

    I got a sterling bank draft last week to buy a car in northern ireland but the deal feel through. I have now found another car that Iwould like to buy. I went into the bank today to get the draft changed but was told that I would have to lodge it into my account and get a new one issued. The problem is that I will lose €400 :( due to a change in exchange rateand the fact that they buy back sterling at a different rate. Can anyone advise of a way around this?


Comments

  • #2
    Lizzykins
    Closed Accounts Posts: 637 ✭✭✭Lizzykins


    That's a huge amount to lose. The draft must be for thousands. I used to work in Foreign Exchange and I would have just torn the thing up and issued another. Presumably it's for the same amount?


  • #3
    ircoha
    Closed Accounts Posts: 2,290 ✭✭✭ircoha


    normally in a case like this they will buy back at same rate as it was issued, ask to see the manager

    they wont give u the old rate on the new draft


  • #4
    sug1
    Registered Users Posts: 7 ✭sug1


    The draft is for GBP 7,000 and i need to change it for another draft of GBP 7,000 just made out to a different person.

    As I already have the sterling I need I dont see why I have to change it back to euro (by lodging it back into my account) and buy the draft again and lose 400 euro in doing so. Can they not just issue a new draft made out to a different person?

    Any suggestions to get around this would be appreciated.


  • #5
    unclebill98
    Registered Users, Registered Users 2 Posts: 3,816 ✭✭✭unclebill98


    sug1 wrote: »
    The draft is for GBP 7,000 and i need to change it for another draft of GBP 7,000 just made out to a different person.

    As I already have the sterling I need I dont see why I have to change it back to euro (by lodging it back into my account) and buy the draft again and lose 400 euro in doing so. Can they not just issue a new draft made out to a different person?

    Any suggestions to get around this would be appreciated.

    No no no no......

    You simple ask for a replacement draft with the new name on it and ask them to change to Cover(Banking term) from the last draft to the new draft. DO NOT LODGE THE DRAFT!!!! They will then simple give you a new draft and cancel the old one.

    Switching cover means, they fill in a form that will allocate the money you paid for the original draft, lets call it draft number 1111, over to cover the new draft 1112. There F/x draft dept now knows that the older draft's funds are for the newer draft and they will then pay out on the new draft.
    What bank is it?


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