Cashing an English Draft or Cheque

mmch

Hi there.  I have two queries. 
1.  How long does it take to clear a draft or cheque from an English bank once lodged into a bank account?

2.  A person lodges the above mentioned draft into their account in the hope that it clears on time in order to repay a loan, but it doesn't.  The bank offers to pay that loan amount for the customer based on his/her good reputation, in the hope that it does clear.  Am I right in assuming that this carry on is a thing of the past?

Bank of Ireland: Tara

Hi mmch,

Thanks for posting.

We can't cash a foreign cheque however, it can be lodged to your account. It may need to be sent to the issuing bank for clearing, which can take a minimum of four weeks and sometimes more. You'll be advised of this and any charges at the branch when you lodge the cheque. 

Regarding your second question, you would need to discuss this with a Customer Advisor in your branch. This would be very much account specific and they may be able to offer alternatives such as temporary overdraft etc.

Another option would be to request the person sends you an International Transfer. They would need your IBAN and BIC to do this. When the funds are credited to your account they are available immediately and not subject to clearing.

Thanks
Tara

mmch

Thanks Tara.
I meant lodging into account not cashing ,sorry i phrased it wrong.
Also wondering does a draft differ from a cheque with regard to waiting for it to clear?

Bank of Ireland: Tara

Hi mmch,

Drafts are subject to the same clearing time as cheques.

Thanks
Tara

mmch

Thanks Tara