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How long before a bank draft expires

28-07-2008 5:29pm

#1

The_Minister

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As it says on the tin.

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#2 28-07-2008 5:30pm

The_Minister

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Oh, we have a banking forum. Thats new.

EDIT: Reported to the mods.

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#3 28-07-2008 5:34pm

Terry

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Moved from AH.

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#4 29-07-2008 10:33am

aoraki

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To the best of my knowledge, a bank draft never expires. It is purchased by cash or cleared funds, so it's as good as cash (even though you still have to wait for it to clear when you lodge it, and you can't cash it because it is essentially a crossed cheque). When I worked in a major Irish bank, they had to keep a record of the drafts outstanding, and some drafts could be years outstanding but they still needed to honoured if presented for payment.

A normal bank cheque is valid for 6 months.

Disclaimer - This information is the best part of a decade old, as that's the last time I worked in a bank branch! So I don't know if the situation has changed in the interim.

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#5 29-07-2008 6:13pm

bills

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strictly speaking , it is meant to never expire but where i work, we would not accept after 6 months.

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