Cancelling a bank draft

You should be able to either call the issuing bank or call into them and have them cancel it - I know PTSB can cancel them over the phone

Correct. A bank draft is a guaranteed prepaid money instrument between the financial institution and the payee.

You cannot cancel over the phone. If you are in possession of the draft and you are the person who purchased it , you can lodge it back into your account.

If it gets lost and you wish to cancel you need to sign an indemnity form , more or less covering the bank against loss should it be presented at a future date.

Yes, I am sure, at least it was the case when I worked there (that's a few years ago now, though)

What you read was when the draft has been handed over. In that case it is very difficult/near impossible to cancel.

As you still have it, simply go into the branch you purchased it from and assuming you used funds in an account to purchase the draft, it can be cancelled.

There might be a small fee.

As far as I recall, a bank draft is a "bearer instrument", so no ownership details are included on the draft and therefore it can be recashed to the bearer (he/she who physically holds it). Banks prefer to do this to an account these days.

That's not the point. What I was referring to is the apparent ability of the drawer to phone the issuing bank to get the draft cancelled. Which you would have thought would not be possible via a phone call. The bank can't tell if goods have changed hands or not.

It's an entirely different situation if (as in this case) the drawer still has the draft and brings it back to the branch where it was issued to get it cancelled.