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is it safe to post a bank draft?

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  • 07-11-2014 1:19pm
    #1
    johnobertie2
    Banned (with Prison Access) Posts: 28 ✭


    i don't have a bank account

    is it safe to post a bank draft by registered mail to a solicitor?,

    and can i go into a bank and purchase one?


    thanks


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    #2
    P. Breathnach
    Registered Users Posts: 12,089 ✭✭✭✭P. Breathnach


    Yes and yes. Tell the bank you intend to post it to the solicitor, and ask them to cross the draft appropriately.


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    #3
    johnobertie2
    Banned (with Prison Access) Posts: 28 ✭johnobertie2


    Will do thanks

    And if they're with bank of Ireland, it doesn't matter if i get the draft from a different bank?


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    #4
    P. Breathnach
    Registered Users Posts: 12,089 ✭✭✭✭P. Breathnach


    johnobertie2 wrote: »
    And if they're with bank of Ireland, it doesn't matter if i get the draft from a different bank?
    Not at all.


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    #5
    mickdw
    Registered Users Posts: 23,356 ✭✭✭✭mickdw


    What happens if a draft was to go missing or get destroyed in the post?


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    #6
    NewCorkLad
    Registered Users Posts: 957 ✭✭✭NewCorkLad


    Most banks will not provide you with a bank draft unless you have an account. You will need to go to the Post Office and get a postal order which is essentially the same thing.


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    #7
    NewCorkLad
    Registered Users Posts: 957 ✭✭✭NewCorkLad


    mickdw wrote: »
    What happens if a draft was to go missing or get destroyed in the post?

    Bank drafts and Postal orders are all crossed account payees only so only the intended can lodge them to their accounts. Just make sure to keep your receipt incase the postal order gets lost.


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    #8
    mickdw
    Registered Users Posts: 23,356 ✭✭✭✭mickdw


    NewCorkLad wrote: »
    Bank drafts and Postal orders are all crossed account payees only so only the intended can lodge them to their accounts. Just make sure to keep your receipt incase the postal order gets lost.

    But can a draft actually be cancelled?


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    #9
    NewCorkLad
    Registered Users Posts: 957 ✭✭✭NewCorkLad


    mickdw wrote: »
    But can a draft actually be cancelled?

    It can but its more difficult than a normal cheque.

    Ask the Solicitor for his account details and tell him you will lodge the money to his account.


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    #10
    mickdw
    Registered Users Posts: 23,356 ✭✭✭✭mickdw


    NewCorkLad wrote: »
    It can but its more difficult than a normal cheque.

    Ask the Solicitor for his account details and tell him you will lodge the money to his account.

    I'm not the op. I just don't think it's a great idea to be posting a draft.


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    #11
    NewCorkLad
    Registered Users Posts: 957 ✭✭✭NewCorkLad


    I wouldnt hesitate to post a draft. They cannot be cashed and if someone else lodges it to their account that is the banks issue to chase up and they will have to refund you.

    But as I said they easiest option is to get the Solicitors details and lodge the money.


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    #12
    coylemj
    Registered Users Posts: 25,437 ✭✭✭✭coylemj


    mickdw wrote: »
    I'm not the op. I just don't think it's a great idea to be posting a draft.

    It's just a piece of paper, what's the risk in posting it? If it has the solicitor's name as the payee and is crossed, it's pretty worthless to anyone else.


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    #13
    mickdw
    Registered Users Posts: 23,356 ✭✭✭✭mickdw


    coylemj wrote: »
    It's just a piece of paper, what's the risk in posting it? If it has the solicitor's name as the payee and is crossed, it's pretty worthless to anyone else.

    I'm not convinced it is that easy to cancel a draft without the physical draft in your hand.
    Perhaps things have changed but there have been cases of drafts for large amounts going missing and the money not being so easy to recover immediately.
    If drafts are now easily cancelled, they are now as useless as a personal cheque in terms of accepting them as payment. I was aware that fake drafts were an issue but cancelled drafts being used in scams etc, I have not heard of - That only strengthens my view that cancelling a draft is not just as simple as contacting the bank.


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    #14
    johnobertie2
    Banned (with Prison Access) Posts: 28 ✭johnobertie2


    NewCorkLad wrote: »
    I wouldnt hesitate to post a draft. They cannot be cashed and if someone else lodges it to their account that is the banks issue to chase up and they will have to refund you.

    But as I said they easiest option is to get the Solicitors details and lodge the money.

    so do i need a bank account to lodge the money to an account?


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    #15
    amen
    Registered Users Posts: 2,781 ✭✭✭amen


    in effect a bank draft is the same is cash except that in theory the draft is only payable and redeemable by the person/entity named on the draft and not some random person.

    Cancelling a draft without having the actual draft in hand especially if it is for a large amount of money can be tricky as in theory once I have a draft I can walk into any bank/branch and I should be able to get cash for the draft and walk out again.

    By the time the bank in receipt of the draft has sent the draft back to the issuing bank(another country for instance) and determined that the draft has been cancelled I am long gone with the cash.

    On this day of electronic transfer drafts should become less common.


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    #16
    P. Breathnach
    Registered Users Posts: 12,089 ✭✭✭✭P. Breathnach


    A bank draft is a cheque drawn by a bank on itself. It is considered better than other cheques because it is drawn against funds that are reserved to meet it.

    If it is crossed, it cannot be exchanged for cash: it must be lodged into an account. A crossing can be quite restrictive, specifying whose account it must be paid into. So if a cheque is made out to "John Smith & Co, Solicitors" and crossed with the words "a/c John Smith, Bank of Ireland, Clonakilty" the chances of sombody making off with it and exchanging it for value are as close to zero as any reasonable person might wish.


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    #17
    amen
    Registered Users Posts: 2,781 ✭✭✭amen


    While that is true there have been instances of drafts for large sums of money going missing in the post and the bank not cancelling. There a court case about this several years ago where the bank in question refused to cancel the draft.


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    #18
    johnobertie2
    Banned (with Prison Access) Posts: 28 ✭johnobertie2


    i can't get a draft without a bank account,only other option is lodgement to account

    can i walk into a BOI branch and lodge cash to their account with a lodgement slip?


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    #19
    who the fug
    Registered Users Posts: 4,041 ✭✭✭who the fug


    johnobertie2 wrote: »
    i can't get a draft without a bank account,only other option is lodgement to account

    can i walk into a BOI branch and lodge cash to their account with a lodgement slip?

    Yes, but if it is a large amount expect questions


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    #20
    my3cents
    Closed Accounts Posts: 9,764 ✭✭✭my3cents


    OP are you a member of a credit union? If you put the money in your CU account then they can write a CU cheque for the amount crossed A/C payee only.


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