Bank of Ireland bank draft?

foxer3640

I'm just looking for a bit of information on bank drafts. I had purchased a set of tyres for a machine in louth (i'm in wexford). The sum is around 3500 euro. I went into my bank (bank of Ireland) today to do a money transfer but the cashier said the quickest way to pay this guy would be for me to get a bank draft and walk down the sreet and lodge it into his Aib account so thats what i did. I then rang his office to tell them that the payment had been made and to send on the tyres. 10 mins later i get a call from their office saying that i had lodged a cheque not a draft and they would not release the tyres for 4-5 working days. i'm pretty annoyed over this as the money has left my account and i need the tyres. Is their any way that the aib branch in wexford can verify that a draft was lodged? Any info welcomed.

roro2

It may be that the transaction looks like a cheque on their statement. If they talk to their AIB branch, I would have thought AIB could confirm that it was a bank draft. I don't think that was the best advice from BOI as a draft still takes time to clear in the recipient's account, it's just that there should be no risk of it being unpaid - so the receiver should then be happy to release the goods against the uncleared draft.

chris85

A draft still needs to clear like a cheque. As mentioned less likely to bounce but clearing time is to ensure not fraudulent draft which there are some floating about these days.

A transfer would have cleared funds in the account the next business day. Drafts do not have cleared funds for three days so you have been told wrong.

Quickest would have been take cash out and go to their account and lodge cash. Cleared in account immediately.

spix

wrong thread

P. Breathnach

Strictly speaking a bank draft is a cheque: it's a cheque drawn (or, in alternative parlance, drafted) by the bank on itself. Because a bank will not issue a draft unless there are funds earmarked to meet it, it is treated in the banking and commercial world as being as good as cash.

The AIB computer was correct in treating it as a cheque, but I am sure that a phone call will unblock the transaction.

onedmc

foxer3640 wrote: »

I'm just looking for a bit of information on bank drafts. I had purchased a set of tyres for a machine in louth (i'm in wexford). The sum is around 3500 euro. I went into my bank (bank of Ireland) today to do a money transfer but the cashier said the quickest way to pay this guy would be for me to get a bank draft and walk down the sreet and lodge it into his Aib account so thats what i did. I then rang his office to tell them that the payment had been made and to send on the tyres. 10 mins later i get a call from their office saying that i had lodged a cheque not a draft and they would not release the tyres for 4-5 working days. i'm pretty annoyed over this as the money has left my account and i need the tyres. Is their any way that the aib branch in wexford can verify that a draft was lodged? Any info welcomed.

I had a similar issue I needed to transfer a large sum of money from my bank of Ireland account to my aib account immediately. I was advised by bank of Ireland to get a draft but when I brought it to aib they needed to get it cleared and it would take up to 2 days. In the end I had to do a swift transfer which cost me 30 euro.

Incredible when you consider that I'd transfer to another country just as easily and the systems to avoid swift are in place.

I complained buy they didn't take a note of my complaint.