Bankers' Drafts

1. What are bankers' drafts?

2. How does a consumer get a banker's draft? Do they ask at the counter?  In what instances should they be used?

3. How long does it currently take to process a banker's draft?

4. So when can a consumer be sure that the funds are definitely cleared?  Is there a time limit on this?

5. How can a consumer know that a bankers' draft is genuine?

6. Who is liable for fraud on bankers' drafts?  If a consumer accepts a stolen banker's draft in good faith, will they lose the money?

7. Can bankers' drafts be used for overseas payments?

8. Are bankers' drafts and building society cheques as good as cash? How do they work?