Bank draft: Difference between revisions
From ACT Wiki
Jump to navigationJump to search
imported>Doug Williamson (Linked to The Treasurers Handbook - Payments and payment systems) |
imported>Doug Williamson (Add note of alternative name 'banker's draft'. Source: ACMF October 2016 p73.) |
||
| Line 1: | Line 1: | ||
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. | 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. | Also known as Cashier's cheque or a banker's draft. | ||
Revision as of 10:33, 10 February 2017
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.
