Bank Draft form for TransACE, TransTERM, and Trendsetter 2025

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If youre worried, all you need to do is phone the bank and check that the draft is genuine before you formally accept it. You could do that when you actually see it or you could get a scan sent to you in advance and use that scan to do your checking.
The easiest way to secure a bank draft is by requesting one from your bank. But many banks allow you to obtain a draft even if you dont have an account. In this case, youll have to pay upfront, using cash or a debit card, but the bank can issue you a check once they have these funds.
What Documents are Required for Demand Draft​? Name and Address of the Payee. Amount Payable to the Drawee (in Figures) Name of the City Where DD is Payable. Exchange (Fee Charged by the Bank) Name and Address of the Drawer (Your Name) Total Amount Payable by the Drawer to the Bank (in Figures)
Bank drafts are a guarantee of payment for sellers, protecting them against the risk of insufficient funds. They are a safer and more secure method of payment than personal checks because the bank issues the draft and guarantees the funds. Sellers are therefore assured that they will be paid in full.
Since a cheque or bankers draft is a piece of paper, it could be lost, stolen or tampered with. These alternatives are made electronically, and the money is usually sent immediately or on the same day: Bank transfer usually available via mobile or online banking, in branch and over the phone.
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When you request a bank draft, the bank ensures you have enough money in your account to cover the amount requested. It then withdraws the money from your account and moves it to the banks reserve account. The bank then prepares the draft with your name and the amount you are paying the third party, the payee.
Guaranteed availability of funds Unlike a personal check, a bank draft is guaranteed by the bank. It means that the payee is guaranteed the availability of funds. In such a way, bank drafts are safer than personal checks, which might bounce if there are no sufficient funds in the payers account.