Bank draft


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Bank draft

A draft addressed to a bank.

Certified Check

A check whose payment is guaranteed by a bank. In exchange for a fee, a bank issues a certified check 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 certified 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. A certified check is also known as a registered check or banker's draft. See also: Traveler's cheque, Commercial draft.
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A BID BOND, BANK DRAFT, CERTIFIED CHECK, OR LETTER OF CREDIT FOR 10% OF
Two other men connected to the company, Raymond Folkes and Christian Obumneme, were convicted of handling forged multi-million dollar bank drafts. The offences happened between February and March 1999.
The bank draft taken from Mr Obumneme, of Prussia Street, Dublin, was part of a five-man conspiracy involving $143 million in forged cheques.
Yesterday he was sentenced to 120 hours community service after admitting theft and obtaining a bank draft by deception.
MOTORISTS have been warned to watch out for bogus car scams after a worrying hike in the number of sellers being duped by fake bank drafts.
Highly expensive watches which could be used for video recording, fancy SUVs, toy pistols, spy equipment and bank drafts are some of the items that have been seized from the possession of the con couple.
The decision to reduce the validity of cheques, bank drafts and other instruments to three months announced by the Reserve Bank of India (RBI) earlier came into effect from yesterday.
He was jailed for six months, which meant his immediate release after he pleaded guilty to four charges of having false bank drafts and cheques in pounds and euros totalling more than pounds 69m.
A MAN has admitted carrying false cheques and bank drafts totalling more than pounds 69m.
Huang then signed off on bank drafts in the company's favour that resulted in losses of 700 million yuan, Xinhua said.
Only postal orders or bank drafts will be accepted.
'Bank of Ireland did not establish adequate systems and controls to monitor the issuing of bank drafts and did not check that its staff understood fully their anti-money laundering responsibilities in relation to the recognition and reporting of suspicious transactions.'