Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Clearing a bank draft?

Options
  • 09-08-2005 12:33pm
    #1
    Genghis
    Registered Users Posts: 3,020 ✭✭✭


    Is there any way a bank can use its discretion to allow the release of funds lodged by bank draft. My parents lodged me money last Friday by bank draft (AIB) to my account (BOI). They paid cash for the draft, so it is not as if it is a personal cheque that needs to be 'cleared'.

    I have allowed 3 working days already, now I am being told to call back Friday.

    The situation is ridiculous, a draft is more liquid than a cheque and yet takes much longer to clear. I know this because my work cheques are always processed and cleared in 2 working days, and these are also AIB cheques lodged to a BOI account.

    I have already spoken to a pleb in the branch, who said there is nothing she can do for me. I have arranged to pick up a car this evening, it is embarassing now not to mention inconvenient that I have to call them back to say the money isn't there yet.

    Would there be something a bank manager could do?


Comments

  • Options
    #2
    Oriel
    Banned (with Prison Access) Posts: 5,154 ✭✭✭Oriel


    From what I know, as long as it's the same currency, it should clear automatically. The draft should act as if you have the physical money in your hand.

    S.


  • Options
    #3
    Genghis
    Registered Users Posts: 3,020 ✭✭✭Genghis


    sinecurea wrote:
    From what I know, as long as it's the same currency, it should clear automatically. The draft should act as if you have the physical money in your hand.

    S.

    I thought much the same myself, but my experience today suggests otherwise. Bloody banks.


  • Options
    #4
    GerardKeating
    Registered Users Posts: 7,631 ✭✭✭GerardKeating


    sinecurea wrote:
    From what I know, as long as it's the same currency, it should clear automatically. The draft should act as if you have the physical money in your hand.S.

    The problem is the Banks have been stung with a plague of forged Bank Drafts, so many high value drafts get treated like cheques now.

    gerard


  • Options
    #5
    Genghis
    Registered Users Posts: 3,020 ✭✭✭Genghis


    They could allow you to draw a new draft against a lodged-but-pending draft. That's all I wanted to do. You can, after all, write a cheque against one (which i would've done if I had a cheque account).

    My solution in the end:

    A friend wrote a cheque for me, which I used to pay the garage and take the car.

    Today when my draft cleared I withdrew the 6.5k in cash (a drama in itself) and carried it personally to the AIB where I lodged it (another drama, questions about where I got it, etc).

    In the end I had to rely on my friend to be my bank, on chance for security and on the goodwill of the garage who accepted a risky personal cheque. What role did my bank play - tormentor.


Advertisement