Bank Draft (Noun)
Meaning
A draft drawn by a bank against funds deposited in another bank.
Classification
Nouns denoting possession and transfer of possession.
Examples
- The company issued a bank draft to pay for the imported goods, ensuring a secure and guaranteed payment method.
- To avoid any potential issues with personal checks, she opted for a bank draft to pay her tuition fees.
- A bank draft was used to transfer the large sum of money from one account to another, minimizing the risk of fraud.
- The seller requested a bank draft as payment for the property, providing an added layer of security for the transaction.
- The business owner used a bank draft to pay the supplier, taking advantage of the draft's irrevocable nature.