Social Sciences and the Law

What are bank drafts used for?

Link to this answer

CloseClose

Link to this answer

Share this credible answer with others. Simply paste this code into your blog or Web page:

<a href="http://qanda.encyclopedia.com/question/bank-drafts-used-102838.html" >What are bank drafts used for?</a>
E-mail this answer Link to this answer

A draft is sometimes known as a bill of exchange. It was originally devised to give credit to a customer who intended to pay in the future, but it came to be used to pay foreign debts (see foreign exchange ) because it obviated the bother, expense, and risk of transmitting money. Drafts are usually used in commercial transactions in which buyer and seller are distant from each other.

Answer verified with
Get more facts and information about draft . Or, view the full encyclopedia entry from The Columbia Encyclopedia, Sixth Edition.

Similar questions: What are the uses of a bank draft? When do you use a bank draft instead of a check? When do banks use drafts? [ Hide these questions ]

Related research questions

Related research articles

Great system, great beer: innovations in draft beer dispense technology,...
Magazine article from: Cheers Draft beer is great stuff...Bottom line: cold draft is the hot ticket to...Maybe the cold box is used for everything, so...As bars get bigger, draft lines get longer and...accounts manager Richard Banks is pushing the company...
Telemarketers' phony drafts hard to combat. (Analysis: Follow-Up on the News)
Magazine article from: American Banker ...that is stinging banks and consumers is...mechanism that can be used to siphon money...equipment often used in the crimes...quickly pay these drafts. Who's at Fault...Rep. Wyden's draft legislation does...fraudulent use of demand drafts since the crime...Owens. Because banks' ...
Big things expected from rookies; Last season, the Vikings received limited...
Newspaper article from: Star Tribune (Minneapolis, MN) ...fans, the term "impact draft" was an oxymoron in...Vikings had on Dallas' draft. Thanks to Lynn's...history, the Vikings' drafts of 1990, 1991 and 1992...selection. The Vikings' draft fortunes improved dramatically...fourth-rounder Antonio Banks on injured reserve and...Stalin Colinet will ...
Lowe, Draft create consultancy, merge some functions; Aim to slash costs, spur...
Magazine article from: Advertising Age ...Partners Worldwide and Howard Draft, chairman-CEO, DraftWorldwide...opportunities. Lowe and Draft will retain their individual...to Messrs. Judge and Draft. ``First is to develop...quantitative analysis tools used to allocate marketing...for marketers such as Bank of America, Burger King...
Fed to Mull Demand Draft Rule Changes.(Federal Reserve Board)
Magazine article from: American Banker ...fraudulent demand draft to the bank that deposited...bank. Demand drafts are paper checks...the fraudulent draft to make the account...include demand drafts drawn on business...connected to demand drafts nor the number...pharmacycards.com, was used to divert ...
See all results at HighBeam

HighBeam gives you access to newspaper, magazine, and trade journal articles plus press releases, facts, information, and biographies from thousands of sources.