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Bank Draft

  • 01-09-2008 4:13pm
    #1
    ogy
    Registered Users, Registered Users 2 Posts: 616 ✭✭✭


    Hi

    I have been paid by bank draft issued by BOI in sterling (its not a UK draft)

    My bank and credit union say it will take six weeks to clear

    Any way to speed this up or way around it?

    Do bank drafts always take this long to clear?

    Thanks

    ogy


Comments

  • #2
    unclebill98
    Registered Users, Registered Users 2 Posts: 3,816 ✭✭✭unclebill98


    ogy wrote: »
    Hi

    I have been paid by bank draft issued by BOI in sterling (its not a UK draft)

    My bank and credit union say it will take six weeks to clear

    Any way to speed this up or way around it?

    Do bank drafts always take this long to clear?

    Thanks

    ogy

    Yes, six weeks is the normal clearing time for UK chq's. Get your bank to send it on collection. That can be done as quick as 2 weeks depending on the banks its to get sent too.

    Normally with the process the bank uses its clears right away, but I can come back to you unpaid for up too 3 weeks, so obviously the bank is just making sure it can recover the costs if that happens. If you have that balance already clear then you could take the money out, but if the draft comes back unpaid you'll out of pocket, so depending on how sure you are of the source of the draft you should wait.


  • #3
    ogy
    Registered Users, Registered Users 2 Posts: 616 ✭✭✭ogy


    yes but this isn't a UK cheque, it was issued by an Irish Bank and trying to cash it in an Irish Bank, its just that its made out in sterling.


  • #4
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,957 Admin ✭✭✭✭✭Toots


    BOI sterling cheques are drawn on Lloyds TSB, so even though it's being drawn on an Irish bank, AFAIK it will go through the UK bank on the way through clearing, which would add to the clearing time. If it's a large amount the bank may well send it on for collection. Is there any way the person who gave you the draft would pay you another way?


  • #5
    unclebill98
    Registered Users, Registered Users 2 Posts: 3,816 ✭✭✭unclebill98


    ogy wrote: »
    yes but this isn't a UK cheque, it was issued by an Irish Bank and trying to cash it in an Irish Bank, its just that its made out in sterling.

    Afraid it still is classed as a UK chq....
    Toots85 wrote: »
    BOI sterling cheques are drawn on Lloyds TSB, so even though it's being drawn on an Irish bank, AFAIK it will go through the UK bank on the way through clearing, which would add to the clearing time. If it's a large amount the bank may well send it on for collection. Is there any way the person who gave you the draft would pay you another way?

    What toots said....


  • #6
    ogy
    Registered Users, Registered Users 2 Posts: 616 ✭✭✭ogy


    thanks for the info guys, guess i'll just live with it:)


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