If I pay it into my bank will it be creditied straight away - Halifax BD into Nat West account
2007-06-27 21:09:15 · 9 answers · asked by gaviscon 4 in Business & Finance ➔ Personal Finance
A bankers draft I believe acts the same as cash as if you dont have the money in the account you cant draw on it.
2007-06-27 21:11:46 · answer #1 · answered by Ace Auntie 2 · 0⤊ 1⤋
A cheque is a promise to pay funds and aren't taken from the issuers account until it's banked, whilst a bankers draft is effectively cash as the money is taken from the issuers account at the point of issue. However, most banks will scam you on the basis that it still needs to clear. Barclays even claim cash needs three days to 'clear'.. It's just the way they make even more money out of us. I doubt Nat West will do you any favours either. I did a telegraphic transfer into my wifes Nat West account once and they claimed it had to 'clear'. Your best bet is to check with your bank.. In my experience the building societies are much better than the banks at this sort of thing..
2007-06-27 21:17:56 · answer #2 · answered by Peter B 4 · 0⤊ 1⤋
When you ask for a Banker's Draft your bank ( The Halifax) take the money from your account and pay it into their draft account, the draft is then drawn on their account. A banks draft account is only used for this purpose so there is no chance of a draft bouncing. This is why a draft is really handy if you are buying a car etc...
Whether or not the draft clears will depend on NatWest's procedures.
2007-06-30 04:16:24 · answer #3 · answered by vera-ann 2 · 0⤊ 0⤋
A bank draft is a gaurenteed form of payment but still takes 3-4 working days to clear.
In the mean time the person who gave you the draft can have it stopped by reporting it lost or stolen so its best to wait for it to clear before releasing any goods if its a payment for such.
Some false bank draft can clear and it takes the banks months to find out it was fraudelent.you will then go into the red
2007-06-27 23:02:06 · answer #4 · answered by ghetto_kartel 1 · 0⤊ 1⤋
They might do cuz a bankers draft is issued by the bank and guaranteed by the bank. Unlike a cheque thats guaranteed by the issuer and not as safe.
2007-06-27 21:12:40 · answer #5 · answered by Anonymous · 0⤊ 0⤋
It is not like a cheque, but it still needs to be confirmed with the issuing bank that it is a bona fide draft as they can be forged too. How long it takes depends on the banks involved. I'm afraid there's nothing like cash.
2007-06-27 21:22:08 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Probably take the usual five working days to clear - but actually a bankers draft is more secure than a cheque as it can't be stopped or cancelled.
2007-06-27 21:13:38 · answer #7 · answered by Sal*UK 7 · 1⤊ 0⤋
it may take a week to clear but it is guaranteed.
2007-06-27 21:35:40 · answer #8 · answered by Anonymous · 0⤊ 0⤋
it is a cleared transaction, so no waiting time for it to clear
2007-06-27 21:11:46 · answer #9 · answered by Anonymous · 0⤊ 0⤋