Bank draft: Difference between revisions
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imported>Doug Williamson (Clarification - draft is presented to payor's bank) |
imported>Doug Williamson (Classify page.) |
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A draft drawn by a bank on itself. The draft is purchased by the payor and sent to the payee, who presents it to its bank for payment. That bank presents the draft to the payor’s bank for reimbursement. | A draft drawn by a bank on itself. | ||
The draft is purchased by the payor and sent to the payee, who presents it to its bank for payment. | |||
That bank presents the draft to the payor’s bank for reimbursement. | |||
Also known as Cashier's cheque or a banker's draft. | Also known as Cashier's cheque or a banker's draft. | ||
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* [[Draft]] | * [[Draft]] | ||
* [[Payments and payment systems]] | * [[Payments and payment systems]] | ||
[[Category:Cash_management]] | |||
[[Category:Financial_products_and_markets]] | |||
[[Category:Liquidity_management]] | |||
Latest revision as of 13:23, 27 June 2022
A draft drawn by a bank on itself.
The draft is purchased by the payor and sent to the payee, who presents it to its bank for payment.
That bank presents the draft to the payor’s bank for reimbursement.
Also known as Cashier's cheque or a banker's draft.
