Bank Drafts - not being lodged as clear funds

[Mers1]

Can someone please clarify.

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.

Can someone please explain this?

 

[Mpsox]

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.