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What is a bank cheque?

4 replies

littlelamb · 03/04/2006 17:22

At the risk of sounding very stupid, can anyone tell me what a bank cheque is? SOmeone is sending me one instead of a personal cheque so I can send something he's bought from me quicker. Is this safe and legit is what I really need to know.
Thanks

OP posts:
SoupDragon · 03/04/2006 17:23

If it's similar to a building sociey cheque I think it means they're guaranteed (eg you can't get a building society cheque without having the money in your account - you draw it out instead of cash)

helsi · 03/04/2006 17:32

when I took out a loan for a car afew years ago I got a bank cheque and paid that to the car dealership. Its basically a cheque signed by a rep of the bank that you will cash as normal through your bank.

littlelamb · 03/04/2006 17:35

Thank you. So basically it is guaranteed to clear? Does it take the same ammount of time as a regular cheque? I am quite paranoid, as it was quite an expensive item and I can't afford to be duped, iyswim

OP posts:
Saggarmakersbottomknocker · 03/04/2006 17:42

It's a Bankers Draft - drawn on the bank itself instead of a person. IIRC still takes as long to clear as a normal cheque though.

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