Banker's draft Watch

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lgs98jonee
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Report Thread starter 13 years ago
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Hi
What is a banker's draft?
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InterCity125
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It's a special kind of check used for high value transactions.
You get it made out for a certain amount by our bank, and then present it to the other party. It will HAVE to be honoured by your bank and can't bounce like a cheque. They normally charge for them (£10) and you won't be able to get one for more money than you have deposited in your account.
They are used for things like cars etc.
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lgs98jonee
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thanks for your help
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Kingspharm
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(Original post by InterCity125)
It's a special kind of check used for high value transactions.
You get it made out for a certain amount by our bank, and then present it to the other party. It will HAVE to be honoured by your bank and can't bounce like a cheque. They normally charge for them (£10) and you won't be able to get one for more money than you have deposited in your account.
They are used for things like cars etc.
Unless they're fake...

There's a lot of scammers faking banker's drafts to buy cars, so if you're offered one in exchange for a car that you're selling, always ring the bank on the draft to authenticate it before handing over the goods.

Most banks charge to issue them. I know that the Halifax did issue them free of charge if you have a savings account with them that doesn't have a cheque book (when I moved house I opened an account specially for the free banker's draft - something like £12 from HSBC).
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