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How long for Bank Draft to clear?

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  • 04-02-2010 9:33am
    #1
    dogbert27
    Registered Users Posts: 4,926 ✭✭✭


    Lodged a BOI bank draft in AIB account Monday afternoon. It's now Thursday morning and it still hasn't cleared. A direct debit has pushed my account into the red since yesterday so I'm going to be paying penalties on this! Anybody know how long it takes to clear?


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    #2
    carbsy
    Registered Users Posts: 2,082 ✭✭✭carbsy


    dogbert27 wrote: »
    Lodged a BOI bank draft in AIB account Monday afternoon. It's now Thursday morning and it still hasn't cleared. A direct debit has pushed my account into the red since yesterday so I'm going to be paying penalties on this! Anybody know how long it takes to clear?

    I would have thought there would no waiting time on a bank draft as it's like cash? Someone correct me if I'm wrong? Seems like an unusual long time to wait.


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    #3
    dogbert27
    Registered Users Posts: 4,926 ✭✭✭dogbert27


    Yeah, that's what I thought too and was expecting to see it in my balance straight away but I checked a few websites on Tuesday and I found that some banks can have a few days of waiting so I figured that was the case being a BOI Bank draft going into an AIB account.

    However I expected to see it there yesterday as the third day but not seeing it there today is really worrying me. Especially when I assumed it went through overnight and used my lasercard to pay for petrol only to have it refused by the machine.

    My "virtual" balance on my online account shows it as being lodged and I'm in the black but my real balance, as checked on an ATM shows that the money isn't in the account leaving me in the red! :(


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    #4
    gigawatt
    Registered Users Posts: 380 ✭✭gigawatt


    3 to 5 working days


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    #5
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,920 Admin ✭✭✭✭✭Toots


    A BOI draft to an AIB account takes 5 working days to clear and vice versa. It will be cleared on Monday.


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    #6
    dogbert27
    Registered Users Posts: 4,926 ✭✭✭dogbert27


    Thanks Toots. At least I know it's on the way! :o


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    #7
    Gearoil
    Registered Users Posts: 22 ✭Gearoil


    If it takes that long to clear which is the same as a cheque what is benefit to the receiver


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    #8
    P. Breathnach
    Registered Users Posts: 12,089 ✭✭✭✭P. Breathnach


    Gearoil wrote: »
    If it takes that long to clear which is the same as a cheque what is benefit to the receiver
    The benefit is that you are sure there are funds there to meet it.

    The clearance time is the same as for a cheque because a bank draft is actually a cheque - a cheque drawn (drafted) by the bank on itself.


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    #9
    Fred Swanson
    Closed Accounts Posts: 21,730 ✭✭✭✭Fred Swanson


    This post has been deleted.


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