What is a bank draft?
We have a special computer program that converts your banking information into a bank draft which we deposit in our account, just like any other check. Since you sent us the banking information we have your authorization to issue this draft. Do banks accept bank drafts? Most larger banks are aware of this process and are probably receiving this type of deposit now. There is no additional processing required by your bank. They are frequently used by insurance companies and others who have recurring charges. Is a bank draft safe to submit over the Net? It is probably safer than a credit card transaction. If you are skeptical about sending this information via the Net, fax it to us at (770) 828-0640. Keep in mind, there is no difference to you whether you mail us the check or fax the information to us. What do I get for my records? You receive the original draft from above returned to you from your bank in your bank statement at the end of the month.
A Bank Draft is a bank issued check that can be cashed or deposited only by the person, to whom the check is made payable. If you choose to withdraw by bank draft, a check will be mailed to your address. Since it takes additional time for the banks to issue a bank draft after it was processed, as bank drafts are sent from abroad, please allow up to a month for the delivery of your check to the address submitted by you during registration. If your address has changed, please notify us immediately. We charge no fees for handling bank drafts, but cannot be responsible for any fees charged by your bank.
A bank draft, also called a cashier’s check, bank check, official check, teller’s check or treasurer’s check, is a form of check that is guaranteed by a bank. It is usually considered as cash since most banks can immediately clear them without any delays. However, banks are also allowed to get back the money that has been ‘cleared’ in case it has been found out that the transaction is tainted or fraudulent. Although bank drafts can be issued locally, you can also send international bank drafts. Make Sure Funds are Available When sending international bank drafts, banks usually will review first if the person who would like send international bank drafts has sufficient funds in his account. Once the bank determines that the requestor has enough funds to send international bank drafts, the banks will then automatically set aside the funds from that person’s account which will be released when the bank draft is used. Sending international bank drafts are usually utilized in transactions t
If you have to make a large purchase, and do not carry credit cards or cash with you, a private or public seller may ask you to pay by bank draft. This term is more commonly used in the UK than it is in the US, where it is roughly equivalent to the word cashier’s check. Essentially, up to a certain amount of money, a genuine bank draft or cashier’s check is guaranteed. When you withdraw funds from your account to get a cashier’s check, you are essentially purchasing the bank draft. Once you’ve purchased the cashier’s check, or money order, the money in your account is gone and can’t be spent on other things. This can add extra security to the person selling you something, because it can guarantee that your check will not bounce. The same cannot be said of personal checks, which offer no guarantee that money exists in the account to cover the check. The face of the bank draft, cashier’s check or money order is changing with so many people now banking with ATM cards. Further, software cu
