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Bank draft.

  • 01-04-2013 11:15pm
    #1
    aujopimur
    Registered Users, Registered Users 2 Posts: 3,953 ✭✭✭


    Can I cash a bank draft, or must I lodge it in a bank acc. ?


Comments

  • #2
    GerardKeating
    Registered Users, Registered Users 2 Posts: 7,815 ✭✭✭GerardKeating


    aujopimur wrote: »
    Can I cash a bank draft, or must I lodge it in a bank acc. ?


    Depends if it crossed or not?


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


    If crossed "Account Payee Only", then no. If its crossed with anything else its possible but it would be down to the teller on the day etc. Chances are you will have to lodge it. Plus it can only be cashed at the issuing branch as stated on the draft.


  • #4
    aujopimur
    Registered Users, Registered Users 2 Posts: 3,953 ✭✭✭aujopimur


    .It has "Not Negotiable" printed between two lines on the top, is this considered as crossed ?.


  • #5
    P. Breathnach
    Registered Users, Registered Users 2 Posts: 12,089 ✭✭✭✭P. Breathnach


    aujopimur wrote: »
    .It has "Not Negotiable" printed between two lines on the top, is this considered as crossed ?.
    Yes.

    Banks will deal with crossed cheques by accepting them for lodgement, but not necessarily to an account in the payee's name. You could endorse a crossed cheque and use it with a retailer, who can then lodge it with the day's takings.

    The words "not negotiable" remove some protection from a person who accepts a cheque from you, so businesses would be particularly careful about accepting such a cheque.

    In short, the most convenient thing is to lodge the cheque.

    [Edit: I forgot you are talking about a bank draft; it doesn't change my answer, because a bank draft is actually a cheque.]


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