what is a bankers draft chq ?

[biglips]

please?

A cheque that is drawn by a bank from cleared funds in your account.

The receiver knows that the money is definitely available, but it will not clear any quicker in his/her account.

hth.

so if i put this chq into my account, should it be available on the same day?

no normal clearance time.

but it's 7 years since I was a banker.

someone more helpful maybe along soon.

thanks Chaos

as ive put the chq in yesterday but its not available until thursday - it takes 3 or 4 working days to clear..hmm

Yep same as a normal cheque, you have to wait for it to go thro clearing.
you didnt give anyone goods on the strength of it did you?

Again its a few years since I delt with one but clears the same time in the normal way and time but they are garanteed so the bank is making sure it wont bounce.

Yep- this is correct.

The only benefit is that the receiver knows the cheque can't bounce, so, say, you buy a second hand car from someone, they let you drive the car away and you give them a BD. Everyone knows they havent been ripped off. They will definitely get the money.

If you just gave them a cheque, the cheque might bounce and then they'd have big problems so they might say "well the cheque needs to clear first" but then you'd say "but then you might not give me the car".

So basically, they're used to simplify transactions so that both buyer and seller swap something with a certifiable value at the same time.

They used to be more common before things like Paypal were invented.

they cost you about £12 IIRC, the bank take the money right away and give you a cheque which you then send to whoever, they pop it into their account like a normal cheque and it takes the same time to clear as a normal cheque. All it means is that it shouldn't bounce.