Bank draft

From ACT Wiki
Revision as of 11:40, 15 February 2017 by Doug Williamson (Talk | contribs) (Clarification - draft is presented to payor's bank)

(diff) ← Older revision | Latest revision (diff) | Newer revision → (diff)
Jump to: navigation, search

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