Bank Draft

Double click on any word to get a popup explanation of the word and sample sentences

Warning: file_get_contents(http://en.wikipedia.org/w/api.php?format=php&action=query&list=search&srsearch=Bank Draft) [function.file-get-contents]: failed to open stream: HTTP request failed! HTTP/1.0 400 Bad Request in /home/dict/public_html/complete_special.php on line 402
Dictionary | Wikipedia | Synonyms | News

Dictionary Meaning and Definition on 'Bank Draft'

Wikipedia Meaning and Definition on 'Bank Draft'


A cheque or check (American English) is a document (usually a piece of paper) that orders a payment of money. The person writing the cheque, the drawer, usually has a chequing account where their money is deposited. The drawer writes the various details including the money amount, date, and a payee on the cheque, and signs it, ordering their bank, known as the drawee, to pay this person or company the amount of money stated.

Cheques are a type of bill of exchange and were developed as a way to make payments without the need to carry around large amounts of gold and silver. Paper money also evolved from bills of exchange, and are similar to cheques in that they are a written order to pay the given amount to whomever had it in their possession (the "bearer").

Technically, a cheque is a negotiable instrument instructing a financial institution to pay a specific amount of a specific currency from a specified transactional account held in the drawers name with that institution. Both the drawer and payee may be natural persons or legal entities. Specifically, cheques are order instruments, and are not in general payable simply to the bearer (as bearer instruments are) but must be paid to the payee. In some countries, such as the US, the payee must endorse the cheque first, giving them the possibility to specifying a third party to whom it should be paid.

[See more about Bank Draft at Dictionary 3.0 Encyclopedia]

Words and phrases related to 'Bank Draft'


Bank Draft Sample Sentences in News



How about add your definition to the meaning of 'Bank Draft'


Search for more meaning of 'Bank Draft' on the web