Difference between revisions of "Bank draft"

From ACT Wiki
Jump to: navigation, search
(Add note of alternative name 'banker's draft'. Source: ACMF October 2016 p73.)
(Clarification - draft is presented to payor's bank)
 
Line 1: Line 1:
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 it 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.

Latest revision as of 11:40, 15 February 2017

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.


See also