A bank draft is effectively guaranteed funds in that it is normally bought, is this correct?
I have just spoken to my bank who have told me that they have to lodge the draft and treat it in the same manner as a cheque and it will take 5 working days to clear.
If the draft is drawn on another bank, they have to send it on to that bank and the normal clearing cycle for a cheque would apply. There is a fundamental issue with fraudulent bank drafts at the minute so banks are being quite cautious.