Similar to cashing regular checks, a person can cash bank drafts, which are checks issued by a bank, by depositing it into an account. The issuing bank guarantees the availability of funds.Know More
A person asks a bank for bank drafts or cashier's checks. The bank issues drafts by drawing the funds from the person's account. Typical uses include real estate transactions and large purchases like cars.
In some instances, bank drafts are part of fraud schemes. Consumer protection sources recommend accepting bank drafts only from local banks. Also, calling the issuing bank to confirm availability of funds is a good precaution, especially if the bank is unknown, foreign or part of an Internet transaction. Once deposited, the account holder may be responsible for loss of funds.Learn more about Bank Accounts
As of 2015, you can apply for a personal account with Bank of America online, in person or over the phone, according to the bank's website. To apply online, go to BankofAmerica.com, select Apply Now, choose Personal Account, and enter your personal information. To apply by phone, call (844) 375-7028.Full Answer >
A checking account is a transactional bank account through which a person can make deposits and withdrawals of money, according to Investopedia. The money held in checking accounts is considered highly liquid because the account owner can easily withdraw it via checks or electronic debits.Full Answer >
Differences between traditional banks and online banks include online banks usually offer lower fees and better interest rates, while traditional banks offer face-to-face interaction and the ability to deposit money through a teller rather than an electronic deposit, says Business Insider. Both types usually offer the same level of security.Full Answer >
Account numbers are found on the bottom of a personal check where it is generally listed as the second set of numbers after the routing number, according to About.com. A Wells Fargo or Chase account number is also available near the top of an online or paper statement.Full Answer >