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Bank Draft
(redirected from bank drafts)

   Also found in: Dictionary/thesaurus 0.02 sec.
Bank draft
A draft addressed to a bank.

Bank Draft
A check whose payment is guaranteed by a bank. In exchange for a fee, a bank issues a bank draft to a person, who is very often both the payer and the payee. That is, a person gives the bank the amount for which the registered check is written, either in cash or by deducting the appropriate amount from the payer's account; the bank then makes the check payable to that person. The person may cash the check at any bank, or deposit it at a different bank without being subject to a check hold. Alternatively, a bank draft may be payable to a third party, especially when the person drawing the bank draft is making a large purchase. A bank draft is also known as a certified check, banker's draft, or registered check. See also: Traveler's cheque, Commercial draft.


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The corporation began bouncing checks, its creditors started requiring payment by certified bank drafts, and it stopped depositing payroll taxes withheld from employees.
Seems that they've been contacted by con artists overseas who pay for boats with bank drafts written for more than the asking price--with the stipulation that the seller here in the U.
With a special checkbook offered by banks that participate in the program, customers can make bank drafts in any regional currency.
 
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