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Lodging cheque, getting a draft??

  • 21-09-2008 10:17pm
    #1
    angeldelight
    Registered Users, Registered Users 2 Posts: 5,175 ✭✭✭


    I'm wondering if someone can fill me in on this as I don't really know the process...

    I have a credit union loan made out in my name which I intend to lodge to my UB account - from the website it says it takes 2 working days to clear the cheque so ideally the money should be available on Weds morning if I lodge it first thing tomorrow... I need to get a draft to pay for a car from that money so if I go in Thursday morning and ask for the draft for 13500 they'll just give it to me? If I give the draft to the garage do they have to wait for it to clear or can I get the car straight away??

    Thanks!


Comments

  • #2
    x in the city
    Closed Accounts Posts: 7,134 ✭✭✭x in the city


    Id be amazed if anyone took a draft for over 13k for a car.

    get a bank cheque, and it would probably be possible to drive away on the day, they might want to call the bank to verify the cheque or call to the bank with it.


  • #3
    gogo
    Registered Users, Registered Users 2 Posts: 1,452 ✭✭✭gogo


    x in the city wrote: »
    Id be amazed if anyone took a draft for over 13k for a car.

    get a bank cheque, and it would probably be possible to drive away on the day, they might want to call the bank to verify the cheque or call to the bank with it.


    A draft is a bank cheque, and its the most secure way of paying for a large item like car. I'd ring the ub to see if the credit union cheque will clear in 2 days, as everyone's account is different, some people will have to wait a few days, others can 'draw' on the funds straight away.(standard clearing time is 3-5 working days)
    Any draft over é500 has to go through an account, so yes they will give it to you straight away as you are debiting your own account for the money (ie, not paying cash). Might have to provide some id tho, and as x in the city said, the garage-if your not known to them - might phone the bank to verify the draft (unlikely, but does happen).


  • #4
    unclebill98
    Registered Users, Registered Users 2 Posts: 3,816 ✭✭✭unclebill98


    Just to clarify, with UB any draft amount must come from an account. UB's clearing time is 6 days regardless of account held. Of course your bank manager can draw a draft on the chq before this time, normally with CU chq's they will do this.


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