Paper Info

In: Business and Management

Submitted By stmmm
Words 1300
Pages 6

A bank draft is a check drawn on a bank’s funds, similar to a cashier’s check. The funds might be held in the same bank that creates the draft, or the money behind the draft might be held in the bank's account held at a different bank.
The term bank draft is used for other situations, and use varies from country to country. For example, when paying bills electronically, the transfer from your bank account to your service provider (such as an electric utility provider, or an online merchant) might be called a draft. Scroll down for a discussion of that type of draft.
Basic Bank Drafts
A traditional bank draft is a payment used when safety is important. If you need to pay somebody with guaranteed funds, you might use a bank draft. For large transactions and situations where a seller does not want to wait for a check to move through the banking system, a bank draft gets money moved quickly.
Bank drafts are often used for international trade or purchasing a home.
The term “cashier’s check” is sometimes used instead of bank draft, especially in the USA.
Security: bank drafts are a secure form of payment. When you receive a bank draft (and it’s authentic – which isn’t always the case), you can be confident that the payment is good. The funds will generally be available in your account within one business day, and it’s unlikely that your bank will reverse the deposit a few days or weeks later.
To understand the security of a bank draft, consider a standard personal check. When somebody writes a check, they don’t necessarily need the money available in their account – they can write a check for whatever they want, and the recipient does not know if the check will bounce or not. Of course, there are consequences for passing bad checks, but it happens. What’s more, sometimes honest mistakes prevent checks from going through.
With a bank draft, the funds are moved…...

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