BUSINESS ADMINISTRATION
BUSINESS LAW
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Certified Check
|
|
|
Cashier’s Check
|
|
|
Money Order
|
|
|
Teller’s Check
|
Detailed explanation-1: -A banker’s draft (also called a bank cheque, bank draft in Canada or, in the US, a teller’s check) is a cheque (or check) provided to a customer of a bank or acquired from a bank for remittance purposes, that is drawn by the bank, and drawn on another bank or payable through or at a bank.
Detailed explanation-2: -A banker’s draft, also known as a banker’s cheque, is like asking a bank to write a cheque for you. You give them your money and they give you a cheque for that amount, to give to the person you’re paying. For this reason, they do not bounce because of a lack of funds.
Detailed explanation-3: -You deposit bank drafts the same way you would a cheque. That means you can deposit it: At a bank. At an ATM.
Detailed explanation-4: -A teller’s check is usually drawn by a bank on another bank.
Detailed explanation-5: -Bank drafts are also commonly known as bankers’ drafts and bank checks.