bank draft
Secure payment order
A bank draft is a payment instrument issued by a bank, guaranteed by the bank's own funds rather than an individual's account.
Unlike personal checks, bank drafts cannot bounce—the bank has already set aside the money.
They're used for large transactions where the recipient needs certainty of payment: The seller required a bank draft for the down payment.
Written bank payment order
- drawerSliding furniture compartment
- draweeParty directed to pay
- payeePerson owed payment
- endorsementFormal expression of support
signature · routing number · account number · clearing · presentment · maturity date · face value · crossing
Funds sent elsewhere
- funds transferPayment sent between parties
- payment orderDirective to transfer funds
- wire transferElectronic bank-to-bank payment
- settlementResolved dispute or colony
collection · deposit · encashment · redemption · clearing house · beneficiary · payer · debit
Bank-backed payment promise
- bill of exchangeNegotiable instrument ordering payment
- invoiceItemized billing statement
- foreign exchangeTrading between national currencies
- cross-borderSpanning national boundaries
Officially declared valid
- guaranteedPromised with certainty
- irrevocableCannot be undone
- bondedFastened or emotionally connected
- insuredProtected against loss
escrow · verified · authenticated · stop payment · fraud protection · watermark · honored · underwritten
cheque
Written bank payment order
endorsement · signature · routing number · account number · clearing · presentment · maturity date · face value · crossing · dishonor
remittance
Funds sent elsewhere
- funds transferPayment sent between parties
- payment orderDirective to transfer funds
- wire transferElectronic bank-to-bank payment
settlement · collection · deposit · encashment · redemption · clearing house · beneficiary · payer · debit · credit
letter of credit
Bank-backed payment promise
- bill of exchangeNegotiable instrument ordering payment
- invoiceItemized billing statement
- foreign exchangeTrading between national currencies
cross-border · merchant · accounts payable · accounts receivable
certified
Officially declared valid
- guaranteedPromised with certainty
- irrevocableCannot be undone
- bondedFastened or emotionally connected
insured · escrow · verified · authenticated · stop payment · fraud protection · watermark · honored · underwritten · secure
- Payment Methodscash, credit card, debit card, check, cheque
- check termsstop payment, bounced check, insufficient funds, dishonored check, voiding
- forexforex, exchange rate, currency trading, currency exchange, foreign exchange
- negotiable instrumentsbill of exchange, promissory note, promissory notes, cashier's check, check
- bankingATM, ATMs, account, accounts, deposit
- paymentspayment, monthly payment, cash payment, payment date, credit cards
bank draftrubber check
Insufficient-funds payment
bounced check · bad check · personal check · dishonored check · IOU
bank draftcash payment
Transaction using physical currency
barter · handshake deal · cash · verbal agreement · cryptocurrency
bank, draft, banker, banking, drafted, bankrupt, banks, drafting, bankruptcy