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A banker's draft (also called a bank cheque, bank draft in Canada or, in the US, a teller's check) is a cheque (or check) provided to a customer of a bank or acquired from a bank for remittance purposes, that is drawn by the bank, and drawn on another bank or payable through or at a bank. [1]
Under UCC 3-104, a draft has been defined as a negotiable instrument in the form of an order. [2] [3] The person making the order is known as the drawer and the person specified in the order is called the drawee, as defined in the UCC 3–103. The party who creates the draft is called the maker, and the party who is ordered to pay is called the ...
A payee that accepts a cheque will typically deposit it in an account at the payee's bank, and have the bank process the cheque. In some cases, the payee will take the cheque to a branch of the drawee bank, and cash the cheque there. If a cheque is refused at the drawee bank (or the drawee bank returns the cheque to the bank that it was ...
Pay to the order of line: The payee line designates who you wrote the check to and who can receive the money. Dollar amount box: This is the box with a dollar sign in it where you fill out the ...
Write the check amount in numeric form There are two places on a check for stating the amount you’re paying. The first is a small box to the right of the line for the recipient’s name.
In a case where the payee and drawee of a time draft are distinct parties, the payee may submit the draft to the drawee for confirmation that the draft is a legitimate order and that the drawee will make payment on the specified date. Such confirmation is called an acceptance — the drawee accepts the order to pay as legitimate. The drawee ...
A cashier's check is not the same as a teller's check, also known as a banker's draft, which is a check provided to a customer, drawn by the bank (the drawer), and drawn through another bank or payable through or at a bank (the drawee). [5] A cashier's check is also different from a certified check, which is a personal check written by the ...
Cheque clearing (or check clearing in American English) or bank clearance is the process of moving cash (or its equivalent) from the bank on which a cheque is drawn to the bank in which it was deposited, usually accompanied by the movement of the cheque to the paying bank, either in the traditional physical paper form or digitally under a cheque truncation system.