Bank Draft

What is Bank Draft?DefinitionA bank draft, also known as teller’s check, is a check provided by a bank to the customer of the bank to remit funds to a specified account. It is drawn on a bank’s funds and guaranteed by the issuing bank. A bank draft is more suitable for large payments, and the bank customer must have sufficient account balance to be able to use this option.Understanding a Bank DraftRather than use personal checks for specific kinds of payments especially large payments, it is best to use bank drafts. Personal checks permit that a specified sum of money…
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