Andrew
Member
Registered: 5th May 04
Location: Skoda Octavia Estate, Ford Puma
User status: Offline
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I know it is a stupid wuestion but what is a Bankers Draft 
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Dan B
Member
Registered: 25th Feb 01
User status: Offline
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A banker's draft is similar to a cheque with the exception that the money has already been debited from your account - thus giving the creditor satisfaction that they will be paid the amount required.
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Nath
Member
Registered: 3rd Apr 02
Location: MK
User status: Offline
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I think its a cheque but its more instant. i.e. there is no chance of it bouncing. Not entirely sure though.
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Paul H
Member
Registered: 11th Aug 03
Location: Lincoln.
User status: Offline
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it's a cheque that has been written out by the bank so you deffo get your money
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mav
Member
Registered: 19th Jun 01
Location: Scotland
User status: Offline
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bankers draft is AS GOOD AS CASH.....................100% safe m8
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Dan B
Member
Registered: 25th Feb 01
User status: Offline
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As above......you have to arrange it with your bank. They remove the funds from your account, and write a "banker's draft". You then give this to the recipient, and they pay it into their account.
Works similar to the way a normal cheque would, but where a cheque has to clear over the next few working days, you've already cleared a banker's draft because the bank removed the money to issue you with the draft.
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Andrew
Member
Registered: 5th May 04
Location: Skoda Octavia Estate, Ford Puma
User status: Offline
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Cheers guys! Always wanted to know what it was 
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Colin
Member
Registered: 4th Apr 02
User status: Offline
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its like a cheque made out by the bank instead of personal.......safe as fuck
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