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How do they work?
Is it like a cheque?
Are there charges?
Tell meeeeee! Pleeeeaaase!
Is it like a cheque?
Are there charges?
Tell meeeeee! Pleeeeaaase!
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That's because it's like a guaranteed cheque - which also can't be cancelled.
I think its worth mentioning that a bankers draft, unlike a cheque, cannot be cancelled.
Ah excellent.
Mystique wrote:
> And Banker's drafts?
Like a guaranteed cheque. You go into your bank to get one - most banks make a charge for it but this usually depends on your account type - the bank preprints the entire cheque and takes the money from your account straightaway so as to guarantee that cheque.
Say you had £1000 in your account and got a draft for £500, your account balance would go straight to £500 so that the bankers draft could be honoured.
> And Banker's drafts?
Like a guaranteed cheque. You go into your bank to get one - most banks make a charge for it but this usually depends on your account type - the bank preprints the entire cheque and takes the money from your account straightaway so as to guarantee that cheque.
Say you had £1000 in your account and got a draft for £500, your account balance would go straight to £500 so that the bankers draft could be honoured.
Icarus is the fountain of all knowledge.
No problem.
Heh, I'll ask me Dad.
Most excellent Icarus, Ithankyou
Most excellent Icarus, Ithankyou
Mystique wrote:
> And Banker's drafts?
Erm, google it.
> And Banker's drafts?
Erm, google it.
Oh, charges.
I once got £110 in PO notes, had to pay around £8. So roughly 5-10%. Correct me someone if I'm wrong.
I once got £110 in PO notes, had to pay around £8. So roughly 5-10%. Correct me someone if I'm wrong.
And Banker's drafts?
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