bank draft

Popular Terms
Bill of exchange drawn by a bank on itself, or on a correspondent bank in another city or country. Bank drafts are commonly used by banks in dealings with other banks, or when a creditor or seller is unwilling to accept an ordinary check from a debtor or buyer in another city or country. (In local transactions a certified check or a cashier's check serves the same purpose.) When a customer (the drawer) requests a draft, the bank withdraws the amount of the draft from his or her account and holds it to honor the draft on its presentment by the drawee. Because, in normal circumstances, a draft is certain to be paid, it is generally accepted as a cash equivalent.
Also called banker's draft.

Use 'bank draft' in a Sentence

The bank draft was issued and we were then able to move forward in the process of finalizing the new deal.
17 people found this helpful
If two banks are making a deal between each other instead of exchanging cash it is easier to use a bank draft.
16 people found this helpful
I have never done a bank draft before, so I made sure to call my bank and ask them how it all worked.
15 people found this helpful




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