about a Bank Draft

EZ26 · 15-11-2017 08:26PM #1

Hi,

I have some questions regarding Bank Drafts.

I've never done one but apparently is the preferred method of payment when it comes to pay a deposit or at closing when purchasing a property.

Searching online I've found something terrifying: if you lose a bank draft you have to wait 6 years before to get the money back!!!

Here we are talking of big money and it's already difficult to accept, but my question is: when I go to the solicitor with the bank draft under the vendor's solicitor name and I hand it over to him, will he give me a receipt?
Because if it's the solicitor that loses it I'm in trouble, right?

Thanks for your help

coylemj · 15-11-2017 10:07PM

EZ26 wrote: »

Searching online I've found something terrifying: if you lose a bank draft you have to wait 6 years before to get the money back!!!

If you search the internet long enough, you'll find plenty of terrifying stuff. That lump on your hand is probably a terminal case of melanoma

Photocopy the draft, if it gets lost, report it to the issuing bank immediately and they will issue a replacement.

If it's made out to a specific individual and is crossed 'a/c payee only', it's of no use to anyone.

juke · 15-11-2017 10:31PM

Agreed. Also, the preferred and most efficient method is EFT to the solicitor's account as a bank draft takes 3-5 days to clear.

EZ26 · 16-11-2017 08:10AM

Thanks for your replies.

AIB has a daily limit of 10k, I would have preferred the EFT for sure.

Do you think I'm entitled to receive a receipt from the solicitor?

Also, do you know if at the time of closing I have to request another bank draft (even bigger) or if the bank and the solicitor will handle that without my involvement?

Thanks

amber2 · 16-11-2017 08:18AM

Doesn’t take six years to get your money back, go back to where draft was issued sign an indemnity and get a replacement, your liable should the original lost draft draft show up & be cashed though. The only ones that can do this is the solicitors.

That being said EFT is the way to go.

EZ26 · 16-11-2017 09:17AM

Signing the indemnity is what scares me the most. I couldn't leave thinking that if for some reason the Bank fails to control I would be liable for hundred of thousands of euros.

EFT is the way to go how? AIB has a limit of 10k. Is there another way to do the EFT?

Thanks

Cushie Butterfield · 16-11-2017 09:39AM

EZ26 wrote: »

Signing the indemnity is what scares me the most. I couldn't leave thinking that if for some reason the Bank fails to control I would be liable for hundred of thousands of euros.

EFT is the way to go how? AIB has a limit of 10k. Is there another way to do the EFT?

Thanks

It would be unusual for a solicitor to lose a bank draft, so don’t overthink things.

With regard to an EFT, Go in to your bank & fill in one of these forms:
http://business.aib.ie/content/dam/aib/business/docs/products/payments/AIB600F401-CROPPED.pdf

Or print it out, fill in the details & give it to them.

It can be used for both business & personal accounts.

juke · 16-11-2017 12:07PM

EZ26 wrote: »

Signing the indemnity is what scares me the most. I couldn't leave thinking that if for some reason the Bank fails to control I would be liable for hundred of thousands of euros.

EFT is the way to go how? AIB has a limit of 10k. Is there another way to do the EFT?

Thanks

You could always make a €10k transfer daily over a few days.

Pat Mustard · 16-11-2017 12:41PM

EZ26 wrote: »

EFT is the way to go how? AIB has a limit of 10k. Is there another way to do the EFT?

Mod:

This is your third thread on matters to do with your house purchase, where you have retained a solicitor to give you professional advice but you still ask here.

Please refer your questions to your solicitor and stop opening threads in this forum.

about a Bank Draft

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