Bank Draft Question!

miccy203

Hi all, I hope I have this in the right section, I am sorry mods if its not. Feel free to move it

I got a Ulster Bank-draft as payment for an item I was selling, I am not familiar with this and was wondering how do I cash it?

Thanks in advance.

Cookie_Monster

simply lodge it at you nearest bank counter.
its straightforward tbh, no hassle at all.

miccy203

Does it have to be Ulster Bank?

Thanks again

Cookie_Monster

No, just whoever your bank is.

A draft is basically a more secure form of cheque. it doesn't matter who its from or what bank, as long as your name is on it your bank will process it for you and there should be no issue. I've used them many times to pay for large items, cars and the like

amen

A draft is basically a more secure form of cheque

actually its more like physical cash and can only be paid to the named person.

In theory the bank should take it and give you the cash over the counter with no need to lodge it.

In practice they will want to check that it is a valid draft and may treat it like a cheque.

miccy203

Could I cash it in a shop like a cheque?

Cookie_Monster

no, can't do that. the shop could not cash it with their bank as it's made out to your name

unclebill98

And its cross A/c Payee only, so it must be lodged.