Bank draft an oxymoron?

[runner]

Lodged a couple of grand bank draft last week to personal account. It was drawn on local branch of AIB. Asked if it was cleared immediately, and told it takes 5 days!
Surely its time the banks stopped calling them drafts since they treat them as cheques?
I know there is fraud etc etc, but thats not my problem.
Any views out there on this.

 

[WizardDr]

A draft to be technical about it is drawn on a Bank.
It can only be stopped if Lost or Stolen.
If its in your name and if its your account then:

- ask the Bank whether its 'lost' or 'stolen' ?
- if they answer that it could be lost, clearly it isnt and if its stolen sue them for slander if anybody is in earshot.

The reality is that there are fraudulent drafts around, and the banks systems dont cater for the technicality of a mere draft.

I did write to Department of Finance on the matter of 'clearing' cycles as it is a farce, as 99.6% of cheques DONT bounce. Despite having the background in these matters, I was amazed when Finance trotted out what I would could only describe as patent nonsense.

Given IFSRA follow every dog fight in town - regardless of merits - you could stick in an official complaint. You have a case.

 

[Bank Manager]

Runner - Dr Wizard is correct - a draft is a cheque drawn on a bank. That's the technical piece - leaving that aside, as long as I'm happy with the 'bona fides' of my customer we'll let the vast majority of our customer draw on the lodgement (in this case the draft) before same is technically cleared. I'll only hold the line in instances where the customer doesn't have either a track record with us or is not known to a staff member personally.

Working on the basis that you are a long standing customer of your own bank you should raise the issue with a member of management who should be able to facilitate you on this occasion and clear the way for the future.

Hope that helps.

BM