Personal Finance

Bank Draft for the First Time!

  • Last Updated:
  • Dec 1st, 2011 7:25 pm
[OP]
Member
Jun 17, 2009
491 posts
34 upvotes
Vancouver

Bank Draft for the First Time!

Grr, I bought into a pre-construction condo in Lower Mainland. For the remainder of the 5% deposit, the builder is asking for a bank draft. This is stupid since I wrote them a personal cheque for the first 5%.

Anyways, I'm transferring money from ALLY to either ING or PCF.

Bank Draft fee for ING is $10, which can be received in 2-3 business days with courier service that requires a signature. But I'm usually at work, so I can't sign it when they deliver.

Bank Draft fee for PCF is cheaper at $7.50, which takes 5-7 business days with Canada Post that will be popped into my mail slot with no signature requirement. What are the chances of it getting lost?

Anyways, which one is a better choice for me with weighing in delivery method vs fee vs money sitting in account?
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3 replies
Deal Addict
User avatar
Dec 16, 2008
2653 posts
1119 upvotes
Calgary
pchi wrote: Grr, I bought into a pre-construction condo in Lower Mainland. For the remainder of the 5% deposit, the builder is asking for a bank draft. This is stupid since I wrote them a personal cheque for the first 5%.

Anyways, I'm transferring money from ALLY to either ING or PCF.

Bank Draft fee for ING is $10, which can be received in 2-3 business days with courier service that requires a signature. But I'm usually at work, so I can't sign it when they deliver.

Bank Draft fee for PCF is cheaper at $7.50, which takes 5-7 business days with Canada Post that will be popped into my mail slot with no signature requirement. What are the chances of it getting lost?

Anyways, which one is a better choice for me with weighing in delivery method vs fee vs money sitting in account?

If I were you, I would go with PCF. Cheaper and if it did get lost, they can cancel the draft and send me a new one.
Deal Addict
User avatar
Dec 26, 2010
1736 posts
773 upvotes
Calgary
Courier from ING without a doubt. We're talking $2.50 in difference here.
Deal Addict
Feb 5, 2009
2404 posts
367 upvotes
PCF will courier to a CIBC, and then you can pick it up at your leisure. Adds $20 to the price, but it's an option.

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