This is something I've been puzzling over for a while and have yet to read an explanation. Some people use the terms "draft" and "check" interchangeably, but I think they have different definitions.
Can anyone spell this out for me? And I'd be interested in seeing a couple images that show the differences.
Googled: Think of a bank draft as a cheque signed by the bank, instead of by you. Therefore the likelihood of the draft bouncing due to insufficient funds is dramatically lower than a cheque. It's fairly common to open bank accounts in Singapore with bank drafts, even those drawn on overseas banks.Jul 15, 2015
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Posted 01/28/2018 9:47 pm
