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1stTimeCaller
4/5/2006, 01:17 PM
Otay folks. I have in my posession a bank draft. These things are new to me. It's just an 8 1/2 x 11 sheet of green paper saying how much it's worth to me.

Do I just take it to the bank and then 15 days later they credit my account the amount on the draft?

What do I do with this thing?
Osce0la
4/5/2006, 01:27 PM
I work at a bank, I should probably know the answer to this right?
crawfish
4/5/2006, 01:28 PM
I think the bank just hires its employees.
crawfish
4/5/2006, 01:29 PM
Someday, they'll get that door fixed.
Hamhock
4/5/2006, 01:29 PM
Mail it to me.
crawfish
4/5/2006, 01:29 PM
The "free beer" promotion has been a huge success!!!
crawfish
4/5/2006, 01:30 PM
OK, I'm done now. Please move on, nothing to see here.
BeetDigger
4/5/2006, 02:03 PM
<sigh>
slickdawg
4/5/2006, 02:05 PM
I work at a bank, I should probably know the answer to this right?

As the Chief Farker, you should have no clue about this. :texan: :D
NormanPride
4/5/2006, 02:11 PM
Do they have a Bank Lite? I'm trying to watch my figure.


I got nuthin'... :O
1stTimeCaller
4/5/2006, 02:15 PM
I am loading up my negspekker as we speak.
NormanPride
4/5/2006, 02:19 PM
http://www.investorwords.com/404/bank_draft.html

It looks like you just cash it like a check?
Dio
4/5/2006, 02:21 PM
Take it to your bank. Once they collect on it, they'll credit your account- it could take 30-45 days, depending on the type of draft and the date on it. Get them to give you a copy of it for your records.

YWIA
1stTimeCaller
4/5/2006, 02:22 PM
hell if that's the case I can just make my own. These look to be much easier to forge than checks. It it just a plain sheet of paper with my name, an amount, the authorized signature and the bank which it being drawn against.
Hamhock
4/5/2006, 02:22 PM
hell if that's the case I can just make my own. These look to be much easier to forge than checks. It it just a plain sheet of paper with my name, an amount, the authorized signature and the bank which it being drawn against.


Hence the ..."once they collect on it".

Why do you hate cash?
1stTimeCaller
4/5/2006, 02:23 PM
Take it to your bank. Once they collect on it, they'll credit your account- it could take 30-45 days, depending on the type of draft and the date on it. Get them to give you a copy of it for your records.

YWIA

Originally it was a 30 day sight draft but I didn't want to wait 6 weeks so I had them change it to a 15 day sight draft which should be 3 weeks or 21 calender days. Am I on the right track here?
Mjcpr
4/5/2006, 02:26 PM
Where do you bank anyway, the 1960's ?
Dio
4/5/2006, 02:28 PM
hell if that's the case I can just make my own. These look to be much easier to forge than checks. It it just a plain sheet of paper with my name, an amount, the authorized signature and the bank which it being drawn against.

When you get to the joint, say hi to Ben Dover.

It takes a lot longer than a check because the person/company paying out on it has to approve it after it's presented to them by your bank, as opposed to your average check that is processed by a machine, allowing Leo DiCaprio to be halfway accross the country before anyone figures out it's fake.
Dio
4/5/2006, 02:32 PM
Originally it was a 30 day sight draft but I didn't want to wait 6 weeks so I had them change it to a 15 day sight draft which should be 3 weeks or 21 calender days. Am I on the right track here?

IIRC, it's 15 days from when the drawer's bank gets it, not your bank, so factor in a few extra days for your bank to process it and get it to their bank.
1stTimeCaller
4/5/2006, 02:41 PM
IIRC, it's 15 days from when the drawer's bank gets it, not your bank, so factor in a few extra days for your bank to process it and get it to their bank.


The guy that sent it to me told me to send it back to him. I'm cornfused.
1stTimeCaller
4/5/2006, 02:42 PM
Where do you bank anyway, the 1960's ?

you know that I ask weird questions because weird shat happens to me. Remember when I had that check made out to me in Canadian dollars?
Dio
4/5/2006, 02:56 PM
I suppose it could work, if you trust the guy. You send him the signed draft- he sends you a check.
Osce0la
4/5/2006, 02:57 PM
Why didn't they just give you a check to begin with?
Skysooner
4/5/2006, 03:03 PM
If this is concerning a lease, they send in the bank draft for payment once they receive the signed lease back. I believe you have to sign the bank draft as well to authorize payment. The last one I sent in was credited to my account within about a week.
OUinFLA
4/5/2006, 03:04 PM
Is it for $42.30 ?
1stTimeCaller
4/5/2006, 03:13 PM
If this is concerning a lease, they send in the bank draft for payment once they receive the signed lease back. I believe you have to sign the bank draft as well to authorize payment. The last one I sent in was credited to my account within about a week.

It is but I don't see where to sign the draft. I've never met the guy. He's a landman that I've just talked to on the phone.
Skysooner
4/5/2006, 03:14 PM
Okay then you don't have to sign it. I remember that I had to send it back with the lease.