2007-02-15 02:03:04 · 2 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
you have to literly go to the bank with all the copies of purchases that the person gave the draft to you. You go to that bank which the draft came from and you sign your name in and explain you have a draft. They take the information and within minutes to an hour wait, you have your check to cash!
A draft is just so the bank can have proof of purchase.
2007-02-15 02:07:51 · answer #1 · answered by DrPepper 6 · 0⤊ 0⤋
It is a document issued by a bank for a specified amount of money to be paid to the person or company named on the draft.
Usually, it is used for sending payments to someone by mail.
If you need to send a payment to someone who does not accept cheques/checks then you go to the bank and ask for a draft. They make it out in the amount needed, show the name of the person/company you wish to pay the money to, and they charge you that amount plus a handling fee.
The bank draft is guaranteed by the bank, in the same manner as they guarantee payment against a certified cheque/check, and, in use, it is really not much different than a postal money order.
2007-02-15 02:10:41 · answer #2 · answered by Ef Ervescence 6 · 0⤊ 0⤋