Bankers cheques / Drafts !!!!!!

[Guest guest569]

Just to let you all know they are not worth the paper they are written on here in Adelaide !!!

Unlike in the uk where they are as good as cash when you buy and sell things. here in Adelaide they take 3 working days to clear !!!!!

I sold my car this week and the people paid me with a bankers cheque. No drama's off they go with my lovely car. Yesterday i signed up on a used car at the local dealer and arrange to collect tonight only to be told the bankers cheque does not clear until tues !!!! What is the point of that !!!! BLOODY BANKS !!!!!!

[Guest me123]

nothings a rush here a day=a week

[Guest Jim Scott]

In both UK or Australia, bankers cheques or drafts do not constitute cleared funds as it's just a piece of paper that gets presented back to the issuing institution by the recipient in a swap for cash.

 

Behaviourally people tend to treat bankers cheques or drafts as cleared funds (both in UK and OZ) because the institution will not produce the draft unless there is enough money for it to clear (and will usually debit the accountholders account with the amount immediately).

 

However, there is always a risk that the draft will be rejected on presentation (both UK and OZ) as it may be fraudulant or could contain an error such as incorrect or insufficient signatures, dates, could be stolen and can possibly be stopped by the accountholder.

 

It is down to the goodwill of the vendor to decide if they will accept the draft bearing in mind that they are handing over valuable goods, that might be difficult to recover (if required) in exchange for a piece of paper that could be worthless. Most vendors will accept a draft, but as you have unfortunately found, some won't.