What is a bank draft

Dear sommer83-ga
Here is the definition of the term ‘Bank Draft’.

"A check drawn by one financial institution against funds deposited to
its account in another institution. Drafts are commonly purchased for
making remittances to distant places where an institution's check is
more acceptable than an individual's check, or where the payee of the
check has requested that exchange be provided where his place of
business is located. Drafts offer a convenient way for a person
without a checking account to pay bills in other towns or cities at
nominal cost."
Source
http://www.metrobank.com.ph/glossary.asp

"Check drawn by one bank against funds deposited to its account in
another bank authorizing the second bank to make payment to the
individual named in the draft."
Source
http://www.moneyglossary.com/?w=Bank+Draft


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