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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 MatchesBanker's draftBanker's draftIn situations where a person owes money to a creditor, and the creditor is not prepared to accept a personal cheque because he thinks it might bounce, a banker's draft can provide a solution. It is simply a cheque made out to the creditor by the debtor's bank, and in the eyes of the creditor is much more secure. OverdraftOverdraftProvision of instant credit by a lending institution. Trade draftTrade draftA draft addressed to a commercial enterprise. See: Draft. 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. Commercial draftCommercial draftDemand for payment. Further SuggestionsOverdraft facilityBank draft Overdraft checking account Time draft Usance Draft Sight draft |
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