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How long before a bank draft expires

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  • 28-07-2008 6:29pm
    #1
    The_Minister
    Registered Users Posts: 10,255 ✭✭✭✭


    As it says on the tin.


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    #2
    The_Minister
    Registered Users Posts: 10,255 ✭✭✭✭The_Minister


    Oh, we have a banking forum. Thats new.

    EDIT: Reported to the mods.


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    #3
    Terry
    Registered Users Posts: 26,061 ✭✭✭✭Terry


    Moved from AH.


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    #4
    aoraki
    Registered Users Posts: 129 ✭✭aoraki


    To the best of my knowledge, a bank draft never expires. It is purchased by cash or cleared funds, so it's as good as cash (even though you still have to wait for it to clear when you lodge it, and you can't cash it because it is essentially a crossed cheque). When I worked in a major Irish bank, they had to keep a record of the drafts outstanding, and some drafts could be years outstanding but they still needed to honoured if presented for payment.

    A normal bank cheque is valid for 6 months.

    Disclaimer - This information is the best part of a decade old, as that's the last time I worked in a bank branch! So I don't know if the situation has changed in the interim.


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    #5
    bills
    Registered Users Posts: 952 ✭✭✭bills


    strictly speaking , it is meant to never expire but where i work, we would not accept after 6 months.


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