Quote:
Originally Posted by Auld Yin
A bank draft, by definition, is cleared funds or the bank would not issue it. What you are suggesting is only complicating what is a very simple task. Not all money in the world is moved electronically. I just do not understand the reluctance of the OP's bank to issue a guaranteed funds instrument vs cash or withdrawal from his account.
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I'm sorry I beg to differ on the issue of a bank draft it is not any longer cleared funds as I had this discussion not long ago with my banks business manager and I have had Gordon for 10 years when I was talking about selling a camper van and accepting a bankers draft which is when he informed they are no longer guarenteed funds I am with Lloyds TSB I do not know if this varies from bank to bank but it is in the last three months that I had this conversation. As I said they issue it from the funds you have in your account but it clears just like any other cheque and you can withdraw that money before the cheque is presented for clearance - like you I was surprised to learn this.
Chris