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Bank Draft Multiple Drawers

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  • 25-10-2004 5:03pm
    #1
    vector
    Registered Users Posts: 1,756 ✭✭✭


    It is possible to have a bank draft made payable to multiple persons,
    in the for of "Pay to the order of J Slough OR J Simons OR J Smart"
    where only one actually cashes it

    Is it possible to have a bank draft payable to an incomplete name
    "J.S. OR John"
    I think that a Bank cannot make a draft payable to Cash as that would be like money.

    I must pay someone by draft COD and I don't know his exact name.


Comments

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    #2
    Victor
    Registered Users Posts: 78,273 ✭✭✭✭Victor


    Sounds "dodgy". Ask him his full name. Drafts are more or less cash anyway and should be treated as such.

    Cross it and mark it "Account only".


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    #3
    fintan
    Closed Accounts Posts: 647 ✭✭✭fintan


    A bank draft can only be made out to one person.

    Banks due to a lot of advance fee / bank draft fraud have really tightened up on issuing and cashing bank drafts. Im pretty sure you will need a full name.

    Like Victor saus, cross it and mark it for account only. Which means it has to be lodged to an account which at least provides some sort of audit trail.


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    #4
    Blackjack
    Registered Users Posts: 3,593 ✭✭✭Blackjack


    Draft would have to be made out to an individual, particularly for AML (Anti Money Laundering) purposes.


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    #5
    vector
    Registered Users Posts: 1,756 ✭✭✭vector


    I got the draft today, so that is that.
    Maybe AIB are tightening up their pricedures. Today when I bought the draft, payable to John Smith I had to write my name and address on some cashier retained carbon copy of the draft.

    Previously no handwriting was involved, it was a simple Give Card > Enter PIN transaction, but now maybe AIB are moving over to a more BOI style "please write you name and address" on this way of doing business.

    <side bar>
    Indeed, continuning with BOI has anyone noticed how when making a counter lodgement you must fill in a paper lodgement docket? What is the point, you give them your card and type in the PIN so they know the deails but they make you write them out again, why? AIB don't do that... yet.
    </side bar>


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