How long for a bankers draft to clear please help?

Question

i paid it into my account yesterday.today i went to an atm and the funds display in my account but i cannot withdraw.my bank told me its 6 workings days,is this how long i have to wait now? or will it be quicker? thanks

Answer 1

I thought that bankers drafts were instant - they represent cleared funds already - that is why you have to pay for them!  I would check again with your bank...  

Answer 2

A Bankers Draft is still a cheque.

It is generally considered as guaranteed payment as it is drawn on the bank issuing it not the customer who ordered it, therefore car dealers etc will usually release a car to you when you give them a draft.

As it is possible for drafts to be stolen, forged and occaisionally stopped by the issuer the receiving bank will usually insist on their usual clearing cycle (3 days for a clearing bank. 6/10 days for a smaller bank or building society). If you are a good customer your bank may grant you a temporary overdraft against the draft, to be repaid when the draft clears.

Your bank can't do anything to speed up the clearance of a draft as it is still a cheque. If ou need immediate payment to your account in future then you need to insist on an electronic transfer (EFT/CHAPS) which will credit your account as cleared funds the same day.

Answer 3

I agree with abbeysam,you pay upfront for a bankers draft,therefore it cannot bounce, but the banks will probably use the old chestnut of "clearing time" to extort interest from your money.