# Bank Draft



## Ireland.1 (4 Aug 2009)

After a couple of bounced cheques I asked a customer of ours to issue us with a bank draft for funds owed.

Received PTSB draft today and lodged it with AIB.  Stupidly I thought this was instant cash.  Not so . . . told it would take up to two days to clear.

Is it possible for the customer to stop the bank draft?


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## samanthajane (4 Aug 2009)

I lost a bank draft once, got it stopped but had to wait 5 working days before they would issue me with another one. So I dont think they can, unless they reported it lost of stolen. About an hour after i put the stop on it i found the old one. Still had to wait the 5 days before it was re-issued.


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## AgathaC (4 Aug 2009)

As far as I know a customer may not stop a bank draft except in very specific circumstances e.g the draft is reported lost or stolen. My understanding is that a draft has to 'clear' in the normal way through the clearing systems of the banks which would explain the two days that was mentioned to you.


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## Ireland.1 (5 Aug 2009)

Thanks for the feedback guys.

I seriously need to get with the times!  In my day a bank draft was as good as cash.  You just walked in and cashed it there and then; no questions asked.


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## JQ2002 (5 Aug 2009)

Any time I've got a bank draft the money was taken out of my account, so effectively I was walking around with cash. I assume if the draft is drawn on a different bank and paid into another bank like you say, the clearing will take a bit longer. 

I didn't know you could cancel a bank draft as easy as that, so does that mean one could sell their car on a Friday evening, accept a bank draft as payment and then on the monday discover the draft has been cancelled?


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## Mpsox (5 Aug 2009)

Most banks will only cancel/place a stop on a draft if you report it as missing and they may ask you to sign an indemnity saying that if the orignal draft turns up, you will be liable if it is cashed/lodged


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## Bronco Lane (5 Aug 2009)

There are plenty of forged bank drafts about so they would have to clear before you can draw against them.


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## Ireland.1 (11 Aug 2009)

Update - Draft finally cleared after five (worrying!) days.


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