Bank draft: the guide

Bank draft: the guide

Bank draft: the guide

To properly use a bank draft need to pay attention to the existing provisions regulating the circulation. Here is all the information to avoid mistakes and successfully compile a cashier's check.

Proper use of the check ring

busy: and a very useful tool: it is the bank draft. Its use for making payments, however, is subject to compliance rules and standards, including recent update, which needs to always have as a reference.

Let us set the rules for payment by bank draft.

Our bank and the beneficiary

The bank opened an account from which we can deliver the book by bank draft through which we can only make payments for amounts that are already available at the bank, in our control. Each bank draft is called "payable at sight" or payable to whoever holds it is the beneficiary. For this reason it is having to fill out the check correctly and specify the name of the payee field.

The "non-transfer"

Have you ever wondered why we speak of "non-transferable bank drafts?

In fact, we are faced with a clause of "non-transfer", which is specified in almost all checks in circulation. It implies that the check specifying the exact name or the name of the beneficiary, the only one who can go to the bank for its cash or in exchange for the transfer of the sum on your account. So today, every allowance is non-transferable, and to exclude this clause, but only for amounts less than 5,000, you must make a written request to the bank. You pay, then 1.50 per check.

It 'important to know what to specify on each bank draft. Here's everything you need:

Each check must be explicitly circular (usually specified below).

The payee name and last name, his signature.

The place of issuance and the date.

Data Bank that issued the check (already specified in the table).

The precise amount to be paid is expressed in words than in numbers.

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