Bank Draft: Definition, How It Works, and Example

Economy Affairs
Dec 19, 2023

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Bank Draft: Definition, How It Works, and Example
Bank Draft: Definition, How It Works, and Example

Bank drafts provide an alternative payment method similar to checks; their security lies with their issuer bank, which guarantees their stipulated value and amount. Funds are collected from the payer’s account and held until the payee cashes the draft, providing more secure payment than personal checks for the payee.

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Economy Affairs
Economy Affairs

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