Get Lgs_returnform

A bank draft is obtained by a buyer, from their own bank, either by handing over cash or by having the bank deduct the amount of the draft from the buyer's account. It is this fact that makes it difficult to cancel or stop payment on a bank draft since the buyer has already paid out the funds that the draft represents.

All you need is the recipient's name and account information. A great alternative to cheques with instant access to funds, no holds, and no risk of lost or stolen cheques.

Unlike other forms of money transfer, bank drafts don't have a maximum amount, so they can be used to easily send a large sum of money to a recipient. Currency options. Many financial institutions offer bank drafts in a number of currencies.

All you need is the recipient's name and account information. A great alternative to cheques with instant access to funds, no holds, and no risk of lost or stolen cheques.

Here's how: Go to your financial institution. ... For businesses, some institutions accept emailed or faxed orders for bank drafts. The bank teller will withdraw the money from your account and transfer it to one of the bank's accounts. They will then prepare the draft and give it to you.

All you need is the recipient's name and account information. A great alternative to cheques with instant access to funds, no holds, and no risk of lost or stolen cheques.

Automatic bank drafts are part of the electronic banking system, as automatic bank drafts permit two parties to exchange funds through a paperless process. No check or even a debit card is needed to complete the transfer.

As the name suggests, you can typically pick up a bank draft at your local bank or credit union branch. Some financial institutions also allow clients to request bank drafts online.

The draft facility is available for people regardless of them having a bank account or not. Anyone who wants to pay a certain amount to an institution or to someone with a proof of payment can issue a demand draft. Individuals can visit the bank and ask for a draft form or they can also fill the form online.

Make sure you: Write the name of the person or organisation you're paying. Draw a line through any blank spaces on the cheque so people can't add extra numbers or names. Add details (such as a reference or account number) to the payee line. ... Keep the cheque stub that contains the details and reference.