Bankers draft

[Miss__Hxx]

Can a bankers draft be cashed the same day?

[stevie21]

Sometimes yes.

[Miss__Hxx]

Can you explain, what do you mean by sometimes.....?  Don't mean to be rude but this doesn't exactly answer the question!

[kempie]

I don't fully understand the question. By 'cashed' do you mean deposited and then drawn upon?

Be aware that bankers drafts also go through a clearing process. If the draft is found to be fraudulent the money will be stripped from your account.

[stevie21]

The answer was as about as informative as your question. I don't know all of the ifs and buts.
If I give a bankers draft to another person who has an account at the same branch as I do then when he/she pays it in, part of the standard security check (to ensure it's not a forged draft) is to look at my account to make sure that it shows the amount being debited.
If all of these checks are fine then some banks will pay the money into my friend's account as cleared funds without making him wait the 3-5 working days.

If it's from a different branch, a different bank, if the recipient account has a history of misuse or various other things that indicate that the customer isn't amazingly deserving of banking favours then it'll go through the clearing system and become available at the same time as any other cheque paid in : perhaps even longer than the normal clearing time if it's a large amount.

Any better?

In summary sometimes yes, sometimes no.

[Miss__Hxx]

Thanks Stevie, that makes perfect sense

[denisegordon]

It might depend on the bank too, i bank with Abbey and in the past I've had bankers drafts to take to the travel agents to pay for currency.  They make you do it in working hours so that they can phone Abbey for clearance.  Even though you can't get a bank cheque without having the money in your account (and presumably Abbey take the money out my account when writing the cheque) apparently the Abbey don't guarantee their cheque!  So it's just like writing your own cheque from an Abbey cheque book.

[Miss__Hxx]

Thanks mate, tipical banks!

[stevie21]

"denisegordon" - I think you misunderstand.  A draft is a guaranteed form of payment but to certain companies (who pay for the pleasure) Abbey will offer a verification service so that they can be confident that the draft you're handing them isn't stolen or forged.
You do look rather shifty after all...


Similarly, look at the back of your own chequebook at the impossible to read section titled "For retailer's use only".
It'll say that retailers can phone a Cheque Helpline or something similar on 0800_i-n-d-i-a-f-r-a-u-d

(Incidentally, it seems that no Abbey accounts were involved in the above tomfoolery.)