BANKING AFFAIRS

Detailed explanation-1: -(An individual without an account at the issuing bank may request a banker’s draft and pay for it in cash, subject to applicable anti-money laundering law and the bank’s issuing policies.)

Detailed explanation-2: -You usually need to give your bank 24 hours’ notice to prepare a banker’s draft, and they will probably charge for the service. A banker’s draft, also known as a banker’s cheque, is like asking a bank to write a cheque for you.

Detailed explanation-3: -Unlike a cheque, a banker’s draft is prepaid and issued by a bank. In other words, you give your bank an amount of money and they give you a draft for that amount, which you can then give to the person you’re paying.

Detailed explanation-4: -Cash it at the issuing bank (this is the bank name that is pre-printed on the check) Cash a check at a retailer that cashes checks (discount department store, grocery stores, etc.) Cash the check at a check-cashing store. Deposit at an ATM onto a pre-paid card account or checkless debit card account.