A cheque drawn on the bank itself. These are normally required in property transactions.
A Banker's Draft is simply a cheque written by your bank More Bankruptcy - Bankruptcy can severley harm your chances of getting credit More
This is a cheque drawn on the bank (or building society) itself against a cash deposit. A 'bankers draft' is thought of as being a secure way of receiving money from someone you don't know where you fear his/her cheques bounce (may not be honoured) and where it's not convenient or desirable to receive cash. 'Bankers drafts' are commonly used for large purchases such as homes and cars.
a secure way of receiving money from someone you don't know and where a cash is inconvenient
A cheque drawn on the Bank itself against deposit of cash. Normally required in property transactions.
A 'cheque' written by the Bank which is made payable to the recipient. The draft is as good as cash. Banks charge about £10 for this service.
This looks like a cheque, however, it is in fact a cash payment as there is no clearing time when it is presented for payment. The purpose of it is to avoid carrying around large sums of cash and anyone can obtain a bankers draft from their bank.
A cheque signed by a bank manager or a member of bank staff. It is considered to be equivalent to cash, as payment is virtually certain to be met.
This is a method of payment that looks like a cheque, but is similar to cash. It is issued by your bank and is commonly used for large purchases like a car.
A cheque issued or drawn by a recognised bank and treated as cleared funds. You can obtain a draft (or banker's draft) from your bank for a small fee. This is useful for making large value payments where cleared funds are required and where it maybe risky using cash (a personal cheque is not treated as cleared funds you have to wait for the cheque to clear before being able to use the funds).
righttobuymortgages wrote 8 months ago: A method of payment of funds which has all the appearances of a cheque, but in effect is a cash â€¦ more Â» Tags: Mortgage Glossary
It is similar to a cheque, however the money has been debited to your bank account and it means the person receiving this will know it is safe money. You will normally need to give a bank in the UK 24 hours notice. You will normally be charged an administration fee. Block Management: Agents who act for the freeholders and leaseholds for block of apartments and flats. Normally will organise internal cleaning, garden maintenance, arrange the insurance and arrange red-decoration
This is a cheque issued by your bank or building society on your behalf. This means it is guaranteed by them, making it as good as cash.