Business Terms and Jargon Explained

What is Bankers draft

A bankers draft is a cheque that is issued by a bank on behalf of one of its customers. The money is taken from the customerís account and deposited in the bankís own account. The bank then issues the cheque which is guaranteed to pay the person named on the cheque. The person receiving the cheque is happy as the cheque cannot bounce.

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Term created / updated 2020-09-01 16:57:22

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