BOI bank draft, secure?

Mrs McSweeney

If I am given a BOI draft.....

1. Can I cash it in a BOI branch (not the branch that issued the draft)?
2. If I can't cash it in a branch, can I lodge it to my own account (PTSB)? If so, how long will it take to clear?
3. If I lodge the draft to my own account, is there any way that the person who bought the draft can cancel it or put any kind of stop on it?

Bank of Ireland: Billy

Hi Mrs McSweeney, 

Thanks for your post. 

1. No - a draft can only be cashed at the branch that issued it however this would depend on whether it is crossed or 'account payee only'. If you need to check this, you can call the branch who issued the cheque and they can check it for you. A full list of branch contact numbers can be found here

2. You can lodge the draft to your PTSB account and it will clear in 5 working days. 

3. A draft can be cancelled however there is paperwork to be completed and the process would not be as straightforward or quick as cancelling a cheque.

I hope this helps.

Billy

Mrs McSweeney

Bank of Ireland: Billy wrote: »

Hi Mrs McSweeney, 

Thanks for your post. 

1. No - a draft can only be cashed at the branch that issued it however this would depend on whether it is crossed or 'account payee only'. If you need to check this, you can call the branch who issued the cheque and they can check it for you. A full list of branch contact numbers can be found here

2. You can lodge the draft to your PTSB account and it will clear in 5 working days. 

3. A draft can be cancelled however there is paperwork to be completed and the process would not be as straightforward or quick as cancelling a cheque.

I hope this helps.

Billy

Thanks Billy, unfortunately this info came after we had agreed to accept the draft.  
The week (5 working days) it takes to clear is really inconvenient, and seems unnecessarily long.  Especially when you know that the drawer of the draft can subsequently cancel it (even if it's not terribly easy to do so).   We had thought that it would take a day or so to clear, given that the draft is a paid-for item, unlike a cheque that can be written regardless of whether or not the funds are available.

Anyway, fingers crossed there's no hiccups with it, and thanks for the info.

Bank of Ireland: Billy

Hi Mrs McSweeney, 

We're online from 9am - 5pm Mon - Fri as per our Forum Charter. 

The 5 working days is standard clearance time for a 3rd party domestic draft for all Irish banks.

Just looking back on the response I initially posted - I mentioned that a draft can only be cashed by the issuing bank if it's not crossed - all drafts are treated like a crossed cheque so cannot be cashed. Apologies for the misinformation.

Thanks

Billy