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    Secure Method of Payment-Purchase Bank Draft

    Uploaded by

    Sudershan Thaiba
    Purchase Bank Draft involves a payer depositing funds with a bank equal to the check amount and any fees. The bank then issues a bank draft for that predefined amount, guaranteeing the availability of funds. A bank draft is a secure payment method since the bank, not the individual, is making the payment once funds are confirmed and set aside from the payer's account. It is usually not possible to cancel or stop payment on a bank draft once issued since it essentially transfers the funds to the payee.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Secure Method of Payment-Purchase Bank Draft

    Uploaded by

    Sudershan Thaiba
    85 views12 pages
    Purchase Bank Draft involves a payer depositing funds with a bank equal to the check amount and any fees. The bank then issues a bank draft for that predefined amount, guaranteeing the availability of funds. A bank draft is a secure payment method since the bank, not the individual, is making the payment once funds are confirmed and set aside from the payer's account. It is usually not possible to cancel or stop payment on a bank draft once issued since it essentially transfers the funds to the payee.

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    secure method of payment-purchase bank draft

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    secure method of payment-purchase bank draft

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    Purchase Bank Draft involves a payer depositing funds with a bank equal to the check amount and any fees. The bank then issues a bank draft for that predefined amount, guaranteeing the availability of funds. A bank draft is a secure payment method since the bank, not the individual, is making the payment once funds are confirmed and set aside from the payer's account. It is usually not possible to cancel or stop payment on a bank draft once issued since it essentially transfers the funds to the payee.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    85 views12 pages

    Secure Method of Payment-Purchase Bank Draft

    Uploaded by

    Sudershan Thaiba
    Purchase Bank Draft involves a payer depositing funds with a bank equal to the check amount and any fees. The bank then issues a bank draft for that predefined amount, guaranteeing the availability of funds. A bank draft is a secure payment method since the bank, not the individual, is making the payment once funds are confirmed and set aside from the payer's account. It is usually not possible to cancel or stop payment on a bank draft once issued since it essentially transfers the funds to the payee.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 12

    Purchase Bank Draft

    Techniques and
    Rules
     Bank draft is a payment which a payer
    has to pay to the guaranteed issuing
    bank. Banks will review account to check
    that the sufficient funds are available for
    cheque to clear or not.

     If it is confirmed that sufficient funds are


    available, the bank effectively sets aside
    the funds from the account of the
    concerned person.

     Purchase Bank Draft ensures the payee


    a secure form of payment and the
     Purchase Bank Draft requires that the
    payer has already deposited funds
    equal to the check amount and
    applicable fees with the issuing bank.

     The name of the payer (also known as


    the remitter) is noted on the check, but
    the bank is the entity making the
    payment.
     Money has to be drawn by the issued
    bank; a bank draft guarantees the
    availability of defined funds.

     Buyers know that bank drafts are a


    secure method of payment.

     Once a Purchase Bank Draft, it is


    usually not possible to cancel or stop
    payment on it since it, in effect,
     If draft has been lost, stolen or
    destroyed, it can usually be canceled or
    replaced but we have to proper
    documentation to do this.

     A bank draft is prepaid, with a specified


    amount on it that is predefined and is a
    secure method of payment from a third-
    party.

     The payer does not need to carry large


    amounts of money when purchasing a
     A draft is to be issued by bank only. It
    also works in a very simple manner.
    Bank draft is a bank instrument. Bank
    instrument requires an expansive
    range of bank instruments effectively
    and precisely and usually within ten
    days, and all with a transparency you’ll
    find refreshing.

     We have decades of experience


    monetizing bank instruments. We can
    monetize owned or leased bank
    Before investing collect and
    continue your search about
    learning about bank instrument
    monetization. Purchase Bank
    Draft has two parts.
     1. Negotiable part, this is what you
    give to the person you are paying.

     2. Non-negotiable. It contains all the


    important information related to the
    transaction.

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