Bank draft

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Revision as of 10:33, 10 February 2017 by Doug Williamson (Talk | contribs) (Add note of alternative name 'banker's draft'. Source: ACMF October 2016 p73.)

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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 it to the payor’s bank for reimbursement.

Also known as Cashier's cheque or a banker's draft.

See also