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Can credit Union give Bank Draft?

  • 26-01-2006 8:29am
    #1
    easylife
    Closed Accounts Posts: 38 ✭


    Hi - I'm getting money from credit union today but need to get a bank draft before Saturday as I'm buying a car is that time enough for money to clear etc...


Comments

  • #2
    parsi
    Site Banned Posts: 5,904 ✭✭✭parsi


    Yep they do give drafts.


  • #3
    vector
    Registered Users, Registered Users 2 Posts: 1,756 ✭✭✭vector


    AFAIK the piece of paper they can issue are actually cheques drawn on their account at the local bank.

    For example Ballybeg Credit union will have an account at Ballybeg Bank of Ireland. So what you get is a business cheque with the CU logo on it.

    Correct this if you know more!


  • #4
    RainyDay
    Closed Accounts Posts: 6,925 ✭✭✭RainyDay


    They will give you a CU cheque - while not technically a draft, it is generally accepted as being equivalent to a draft - as the risk of a CU going bust is fairly low.

    You might want to get your CU draft for €500 below the expected price you'll be paying and bring the rest in cash - gives you some room for last minute haggling.


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