Reference Entry

bank draft

Edited by Jonathan Law

in A Dictionary of Accounting

Fifth edition

Published in print July 2016 | ISBN: 9780198743514
Published online November 2016 | e-ISBN: 9780191803147
bank draft

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A cheque drawn by a bank on itself or its agent. A person who owes money to another buys the draft from a bank for cash and hands it to the creditor who need have no fear that it might be dishonoured. A bank draft is used if the creditor is unwilling to accept an ordinary cheque....

Reference Entry.  65 words. 

Subjects: Accounting

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