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
When performing a bank reconciliation, all outstanding checks go under the list of outstanding checks on the document. The checks remain on the document until they clear the bank, at which time they are removed from the list for that month.Full Answer >
Many banks offer special account options for minor children, including checking and savings accounts. Investopedia explains that parents need to accompany their children when opening a new account, as many banks prohibit accounts for minors without an adult account custodian.Full Answer >
To close a bank account, send a written request to close the account, along with contact information, personal information, account number and any other required documentation, according to About.com. Banks send the remaining account balance and a letter of verification once the request to close the account is finalized.Full Answer >
According to BALANCE, a financial fitness program, when a charge hits your bank account and there are insufficient funds to cover it, either your bank may refuse the charge or allow your account to go into a negative balance. If the bank allows an overdraft, it typically applies a charge for each item that overdraws the account, and these fees can stack up.Full Answer >