What Is a Bankers Draft and How Does It Work?


A banker's cheque is a form of financial document that authorises the transfer of money from the drawer's account to the payee's account. The funds are taken directly from the financial institution giving rather than an individual's account.
Q&A Related to "What Is a Bankers Draft and How Does It Work"
banker's draft: a draft drawn by a bank against funds deposited in another bank
You don't. Only the bank will be able to tell. Even so, DO NOT release any goods until the draft has been 'given value' or you are able to 'draw on the funds' Clearing means something
Are you buying or selling? A banker's draft is like a cashier's check in that the person bearing the check will have already given the money to the bank, so it's more safe than a
You will need to know the exact amount you have to pay and the name of the Payee. Go into the Abbey and tell them you want to order a Bankers draft. They will ask you for identification
2 Additional Answers
A banker's draft is useful for larger purchases. It is secure because only the named payee can use the draft. To get a draft, go to any branch and speak to a cashier or Personal Banker. You can also call Telephone Banking and arrange for your details to be faxed through to the branch of your choice for collection. You'll need to tell us who the banker's draft will be paid to (the 'payee') and the amount. When you collect the draft you'll need to provide two forms of identification. A member of staff will then sign the draft and the funds will immediately be debited from your account. The charge is £15 for Personal Banking customers.
A banker's draft is a cheque drawn by a person's bank, usually used when making large purchases or payments. It does not bounce because the bank takes money from your account before drawing the cheque, unlike a normal cheque. It is also called a banker's cheque.
About -  Privacy -  Careers -  Ask Blog -  Mobile -  Help -  Feedback  -  Sitemap  © 2014 Ask.com