+2 votes
in Class 12 by kratos

What is a Bank Draft?

1 Answer

+4 votes
by kratos
 
Best answer

A bank draft is a payment on behalf of a payer that is guaranteed by the issuing bank. Banks will review the bank draft requester' account to see if sufficient funds are available, for the check to clear. Once it has been confirmed that sufficient funds are available, the bank effectively sets aside the funds from the person' account to be given out when the bank draft is used.

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