Personal Finance

Wrong initial on bank draft | closing home tomorrow

  • Last Updated:
  • Dec 14th, 2017 2:33 pm
[OP]
Deal Addict
Sep 12, 2017
2041 posts
208 upvotes

Wrong initial on bank draft | closing home tomorrow

Hi,

Was organizing my documentation for lawyer signing tomorrow morning. Just noticed on the bank draft the lawyers initial is wrong it's "S" on the draft and it should be "F.". The draft is large almost $200K. On the phone with simplii bank, just wondering if I'm going to have to get a new draft or if it can still go through. Signing is first thing tomorrow morning though.
5 replies
Deal Addict
Apr 2, 2008
1126 posts
206 upvotes
not a big deal..... don't worry and sort it out tomorrow.
[OP]
Deal Addict
Sep 12, 2017
2041 posts
208 upvotes
We'll see. It definitely won't go through though. Guess this is where is would pay to have a regular bank account vs. simplii.

1. Have to go to CIBC tomorrow and ask if they can change the name on the draft. If they can't
2. Ask a supervisor to speak to a simplii supervisor via phone, to have the issue corrected. If they can't
3. Have to deposit the draft back to my account and issue a new draft.

The issue is that signing is tomorrow, and lawyer does not work on Friday. House closes on Tuesday, Dec, 19th. Worst case scenario there is Monday. Can lawyer papers be signed 1 day before closing? Is that enough time, to transfer the funds to the builder from the lawyers account / mortgage issuer?
[OP]
Deal Addict
Sep 12, 2017
2041 posts
208 upvotes
Lawyers office said it should go through, they will sign off with a different initial.

Forgot to ask, but wondered if a bank draft for $200K should be signed and endorsed on the back?
Deal Fanatic
Jul 4, 2004
9103 posts
2096 upvotes
reggyDeal wrote: Lawyers office said it should go through, they will sign off with a different initial.

Forgot to ask, but wondered if a bank draft for $200K should be signed and endorsed on the back?
I've never had to do this in the past. The only important information is on the front and as long as it's complete that's it. A bank draft is treated just like cash, to a certain extent. Just don't try telling the teller that you'll take it all in hundreds.
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[OP]
Deal Addict
Sep 12, 2017
2041 posts
208 upvotes
The draft went through. Guess it's not a big deal for initial to be different, or they just signed of on it via a different middle name initial.

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