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Draft |
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DraftAn order in writing by one party to another party to pay a specified sum to a third party or bearer on a particular date. The party making the order or drawing the draft is known as the drawer. The party to whom the bill is addressed is the drawee (for example a bank). The party to whom the bill is payable is the payee.Similar MatchesOverdraft checking accountOverdraft checking accountA checking account associated with a line of credit that allows a person to write checks for more that the actual balance in the account, with a finance charge on the overdraft. OverdraftOverdraftProvision of instant credit by a lending institution. Overdraft facilityOverdraft facilityThis is a facility on the Bank Account which allows customers to borrow up to a pre determined limit. This limit must be agreed in advance and is subject to status. Bank draftBank draftA draft addressed to a bank. OverdraftOverdraftA facility (usually at a bank or other financial institution) enabling an account holder to borrow up to an agreed amount and often for an agreed time. Further SuggestionsTime draftCommercial draft banker's draft Sight draft Usance Draft Trade draft |
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