Bank Draft

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Bank draft. For both wire transfers and bank drafts the appropriate payment method must be selected and the applicable section completed on the payment request or disbursement voucher document. A bank draft is a check that is drawn on a bank s funds and guaranteed by the bank that issues it. 2 to get a banker s draft a bank customer must have funds or cash available.

A bank draft or banker s draft is a check that it guaranteed by the bank that issues it. A bank draft also called a bank check is a method of payment that involves a document issued by a bank guaranteeing that the amount stated on the certificate will be paid to the recipient of the document. Hence it ensures that the person who the draft is addressed to will receive the money.

In most cases it lists the bank s main office or branch as the issuer and the person or company that is receiving the money as the payee. A bank draft is used as a type of check which is more reliable than a personal check as it is backed by the bank itself on behalf of the payer. The name of the person who requested the draft is often not included.

An employee will withdraw money from your account and transfer it to an account in the bank s name. 1 similar to a cashier s check a legitimate bank draft is safer than a personal check when accepting large payments. A bank draft is a negotiable instrument where payment is guaranteed by the issuing bank.

A foreign draft is a check drawn on a foreign bank in a foreign currency and mailed from ap. Bill of exchange drawn by a bank on itself or on a correspondent bank in another city or country. Banks verify and withdraw funds from the requester s account and deposit them into an internal account to.

Bank drafts are commonly used by banks in dealings with other banks or when a creditor or seller is unwilling to accept an ordinary check from a debtor or buyer in another city or country. Customers with disabilities can contact 800 719 8080 or 855 584 0256 tty to obtain technical assistance. To obtain a bank draft just head to your bank.