Bank Draft - validity period

[kmelvin]

Hi,

I had a bank draft made up on in April - I have not sent it to the person it is addressed to yet.

How long is the bank draft valid for? Can I go into my branch at any time and cancel the draft (and get the money back)?

Thanks

K

 

[gotsomenow]

I don't know the first part of your question, but I do know that when I asked my bank could I cancel a bank draft, they said I could if I withdrew it from my account. It was over a weekend period though, not a couple of months. A quick call to your bank should tell you what you need to know!

G

 

[vector]

If you buy a draft, and then decide it was a mistake
you can bring it back to the branch and tell them it is "not required" and you'll get a refund, however you might lose the commission fee and some more money due to the banks exchange rates. The crucial point above is you must surrender the draft, if you have already sent it to someone a refund is more difficult.

 

[Mpsox]

Drafts don't really go out of date as such, although a bank may query it after the normal 6 months when they usually unpay a cheque. Therefore you can still give it to whoever you intended to give it to. If you hand it back to the bank, you may be charged a fee