Can a Bank Draft not cashed out?

tara73

I went to the bank today and asked for my bank draft to be cashed out. they said it's not possible to cash a bank draft out. Is that correct?
thanks for answers

GerardKeating

tara73 wrote: »

I went to the bank today and asked for my bank draft to be cashed out. they said it's not possible to cash a bank draft out. Is that correct?
thanks for answers

Depends on what you mean by "my bank draft to be cashed out".

Is this a Bank draft someone gave you and you want to exchange it for cash?

They used to cash them, but they are so many forgeries now, many banks insist that you lodge them.

gerard

tara73

thanks for answer.
the bank draft is in my name, it's my money. but I guess it is as it is, and as you said, they don't do it anymore, because there was much forging going on. just wanted to make sure there's no possibility.

unclebill98

A bank draft/Chq can only be cashed in the issuing branch. It must not have any crossings on it. If it does contain a crossing only the person whom issued it can remove it. Any crossing removes the bearers right to have the Draft/Chq cashed.

If its made payable to you, in date, no crossings, real, you've got valid ID and your in the issuing branch then they simple can not refuse to cash it for you. You may have to make arrangements with the branch so they have sufficent cash avalible. This is simply a security issue and varies from bank to bank.

That's it in a nutshell.

tara73

thanks for your reply as well.
so why did the guy then tell me it's not possible?
if it's possible, I go back tomorrow and ask to cash it out, I don't care if it takes a day.
where can I refer to, legally, when I go back tomorrow, to show the guys that I know my rights?

unclebill98

Is the Draft crossed?

There should be no legal jargan needed. They should simply know there job.

Refer it to the manager.

tara73

what does crossed mean?
they might have changed the policies? How do you know it is possible, any recent experience with that? I mean, if I insist at the counter tomorrow that it's possible, I have to know the facts.

GerardKeating

tara73 wrote: »

what does crossed mean?
they might have changed the policies? How do you know it is possible, any recent experience with that? I mean, if I insist at the counter tomorrow that it's possible, I have to know the facts.

A "crossed cheque" can only be lodged into a bank account.

Are you trying to cash your Bank draft in a branch where you are known?

Also is it issued by an Irish Bank?

tara73

where can i see it that it's a crossed draft? it possible is, it tells:not negotiable on it.

yes, I went to my branch, bank of ireland, the draft is as well from bank of ireland.

unclebill98

Well if its say "Not Negotiable" on it, then your right to have it not cashed has been inforced by the crossing. The draft must be lodged unless the person whom issued it removes the crossing.

tara73

hey,

just went to another branch and yes, they said the same, it can't be cashed out.
thanks for your help!