Bank drafts are useful for major purchases where a significant amount of money changes hands. For example, you could use a bank draft:. It can take a few days between when the money is withdrawn from your account and when the funds are available. Sign up for our newsletter to get recent publications, expert advice and invitations to upcoming events. Sign up for our newsletter. Your bank draft is irrevocable as soon as you hand it over in payment.
If you need to send a large amount to someone in another country, e-transfers are another good option for sending funds anywhere in the world.
That means that if the person you give the bank draft to loses and then finds it again, they can still deposit it, at your expense, even if you gave them a replacement bank draft. It may be possible to trace the bank draft and buy back the non-negotiable part under certain conditions.
If you change your mind and decide not to make the purchase or if the seller cancels the sale, you can get a refund on your bank draft. All you need to do is bring both parts of the draft to your financial institution. To make sure the document you have in your hands is the real deal, contact the financial institution that issued the draft. All in all, bank drafts are a handy payment method for making large purchases.
Of course, there are other secure forms of payment in use these days, such as Interac e-Transfers. Find a National Bank location near you. Interac e-Transfer is a registered trademark of Interac Corp. Any reproduction, in whole or in part, is strictly prohibited without the prior written consent of National Bank of Canada. The articles and information on this website are protected by the copyright laws in effect in Canada or other countries, as applicable.
The copyrights on the articles and information belong to the National Bank of Canada or other persons. Any reproduction, redistribution, electronic communication, including indirectly via a hyperlink, in whole or in part, of these articles and information and any other use thereof that is not explicitly authorized is prohibited without the prior written consent of the copyright owner.
Become a client Tariffs Savings. The Bank offers a full range of banking and financial services. The Bank aims to provide high quality service at competitive prices.
The Bank offers a wide range of fixed-term deposit schemes. Corporate clients Transactional services Payments and transfers. What can you use a cheque or banker's draft for?
Cheques and banker's drafts offer a convenient way of making payments from smaller amounts, such as those for household expenses, to making payments for significantly larger amounts, such as for payments of real estate purchases. It enables you to carry little or even no cash around with you; Payments can be made for services where Bank cards are usually not accepted; Issuing a cheque to pay for a small amount is typically less expensive than making a bank transfer; A banker's draft issued by RCB Bank Ltd offers the beneficiary the assurance that RCB Bank Ltd will honour the banker's draft when it is presented for payment; Each RCB Bank Ltd cheque or banker's draft meets the issue standards of the Cyprus Clearing House, featuring several security layers, such as high security paper to reveal any tampering and the use of specialised inks.
If you have requested a banker's cheque or draft, the bank will take the money for this draft from your account to pay for it before giving you the draft. The timescales for clearing for value, withdrawal and fate apply.
You can ask for a draft at the branch counter or over the phone, but a period of notice may be required. You should check your options with your bank. It takes the same time as it takes to clear a cheque. The timescales for cheque clearing set a maximum time limit of two, four and six working days for each of the stages after paying in a cheque to a current or basic bank account.
This means that you will start to earn interest by the second working day after paying in a cheque or draft to your account, you can withdraw the money paid in by the fourth working day and, by the end of the sixth working day after paying in the cheque or draft, you can be certain that the money is yours. After this time, the money cannot be claimed back by your bank without your consent, unless you are a knowing party to fraud. For savings accounts, the timescales are , which means that you can withdraw the money at the start of the sixth working day after paying in the draft.
If certainty is important to you, you should not hand over any goods or provide any services until you know for sure that the funds are yours to keep. Alternatively, if you are in any doubt that the draft is genuine because you do not absolutely know and trust the person from whom you are accepting payment, it is better to ask for a Faster Payment or a CHAPS payment.
0コメント