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What are the duties and responsibilities of bank teller?
he is the point of the customer,so he has to clear their issuing bank drafts and cheques.
What is difference between a check and a draft?
How bank drafts are different from checks.Any business can create a bank draft. A bank draft, is also called a demand draft, or check draft. It is a legal copy of the check that is created by the merchant, and authorized by the account holder, but not created by the account holder.Examples of bank drafts are anything that does not have the original signature. An insurance draft is signed by a machine, not the actual treasurer, a money order has a pre-printed signature and is also a draft. A cashier's check is often considered a draft because it is signed by the cashier, and not the bank president - so it is created on behalf of the ture signer on the account. Tax refund checks are drafts, and so are rebate checks when you buy products and get money back.A regular check is created by the account holder, and signed (authorized) by the account holder. A regular check is then given to the merchant and is considered an original item. Checks have certain requirements as to how they are printed, what ink is used, and require the signature of the authorized signer on the checking account.A bank draft is created by the merchant, and the signature is not required. The account holder must authorize the merchant to create a bank draft, and this can be done by phone, fax, by contract, implication, or online.Authorization is indicated on a bank draft in the signature blank, usually by a statement such as the following: "This draft is preauthorized by your depositor, no signature required." It can also have a signature stamp or preprinted signature likeness of the account holder.Demand Drafts are often called checks by phone, checks by fax or online checks because authorization can be obtained this way. The actual draft is the physical item that is printed by the merchant.How to create a bank draft if you are a business:Accept checks by phone, checks by fax or take checks online from customers, just like you would take credit cards. Using an existing shopping cart, secure web form, or third party payment form online will allow, you to gather all of the information you need to accept checks online and create a draft of the check, called a bank draft.Once you have gathered the information from your customer, software like CheckWriter, will print a physical draft of the check for deposit into any bank the same day.Demand drafts, or bank drafts are For Deposit Only items and typically cannot be "cashed" like a regular check. Checks can be paid to a third party, cashed at the grocery store or check casher, or presented for payment at the issuing bank for cash.Unlike a check, a demand bank draft is for deposit. This is one way banks cut down on fraud. You must deposit a check draft into a bank account, creating a paper trail.Because once they are deposited, banks treat your draft just like a regular check, your funds should credit to your ledger balance the same business day. There are almost never fees associated with check drafts, and a draft will clear just like a regular check. The account holder will get back the physical item you deposit, or image per the terms of their account statement.Benefits to creating drafts:Check drafting is a fantastic way to take payment. The benefits go on and on with taking drafts over any other eCheck solutions like ACH.- Bank drafts are treated just like a check you get through the mail.- Bank drafts credit to your ledger balance the same banking day.- Bank drafts have no fees associated with them.- Bank drafts are created onsite with no third party processor.- No merchant account is required to create bank drafts.- Strict ACH regulations published by N.A.C.H.A. do not apply to drafts.- Any business, including telemarketing, credit repair and others canuse the software to create a valid bank draft.ANOTHER USER WROTE:A check is your personal check, where the money will be taken out of your account.A bank draft can be thought of as a 'bank's check', i.e. money will be paid by the bank who redeems the draft. This is very similar to money-order for practical purpose. The bank therefore takes the money in advance from the person who issues a draft and in return gives a 'bank check/draft' for that amount.Draft is therefore more reliable form of accepting payment as the personal check may bounce, but the draft will not.
What is the difference between a debit card and a cash ard?
A cash card isn't connected to a bank account ( apex) Hopefully I worded it correctly
What types of accounts does Yorkshire Bank offer?
Yorkshire Bank is a bank that is located in Europe. It offers many different services. The types of accounts that Yorkshire Bank offers are savings accounts and checking accounts.
What are aims and objectives of opening various types of bank accounts?
a report on procedure are opening vrious types of bank accounts aims and objectives
Are bank drafts safe?
Yes they are. (Provided you do not lose them)
What are the duties and responsibilities of bank teller?
he is the point of the customer,so he has to clear their issuing bank drafts and cheques.
What is the definition for collected funds?
Collected funds in banking are funds collected by the depository bank. These may be checks or drafts paid by the drawee bank.
How do you convince the judge you dont have the money to pay back?
your honour please see my bank drafts
I heard that there is cease & hold at the bank,Is this true?
Yes there is in the cases of over drafts and taxes withholdings
What are the types of bank reconciliation?
types of bank reconciliation
How can you tell what your issuer bank is?
Usually in all financial instruments like checks, demand drafts etc the name of the issuing bank is imprinted in bold colors.
What are the different types of door weatherstripping available for improving energy efficiency and preventing drafts?
The different types of door weatherstripping available for improving energy efficiency and preventing drafts include foam tape, felt strips, door sweeps, and rubber gaskets. These materials are used to seal gaps around doors to keep out drafts and save energy.
What is the purpose of cashier check?
Cashier checks are also called bank checks, banker's checks, official checks, demand drafts. They are checks guaranteed by a bank, drawn on a bank's own funds, and signed by a cashier.
Is issuing a bank draft cheaper than a check?
No, because banks charge a fee to issue bank drafts, but if you have a checking account, and don't care about fancy options, your bank will probably issue you a book of checks for free.
A bank draft is guarenteed to be there by whom?
Bank drafts are cheques drawn by a bank usually on its own Head Office and may require two signatories such as bank managers. They are guaranteed to be there by your bank and by the customer doing the purchasing. Before a bank draft is guaranteed they make sure that you have enough money to cover it before they grant you a bank draft.
What are the types of reconciliation?
types of bank reconciliation
