How to Cash a Bank Draft

A bank draft is almost as good as cash; the funds are placed on hold in the account of the individual or organization which requested the draft be issued. The person or company which receives the draft can cash it knowing the funds will be made available and the draft will not be returned. There are a few options for cashing a bank draft, all of which might be possible for you depending on your circumstances and how quickly you need the cash.

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Your bank can help you cash a bank draft.

Bring the bank draft to your bank. Present the bank draft to a teller and fill out the required paperwork to make a deposit. This might include writing your account number on a deposit slip and showing photo identification to the teller. If you need the funds quickly, ask the teller how long it will take for the funds to become available for you to spend.

Deposit the bank draft into an automated teller machine. Since a bank draft is as good as cash, you can place the draft into a deposit envelope at your bank's ATM and use your ATM card to complete the transaction. If you need the funds quickly, check with your bank to find out if it puts a hold on deposits over a certain amount. For example, if your bank will not give you access to any deposits of more than $1,000 made at the ATM for five days, and your bank draft is in the amount of $1,500, ask your bank if there's another method of deposit that will release the funds to you sooner.

Visit a check-cashing store. Some companies will give you cash in exchange for signing the bank draft over to the company. The fee for this service might be hefty, depending on the company; also, depending on the source of your bank draft, a check cashing company might not accept it. A bank draft drawn on a foreign bank, for example, might be rejected. Call the check cashing store and ask how the process works before bringing in your draft.