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Redraft (Noun)

Meaning

A draft for the amount of a dishonored draft plus the costs and charges of drafting again.

Classification

Nouns denoting possession and transfer of possession.

Examples

  • The bank sent the merchant a redraft for the full amount of the payment, plus an additional fee for the service.
  • A redraft was issued for the customer who had a bounced check, charging extra for the inconvenience.
  • In addition to paying the original sum, the borrower was required to settle the redraft amount that included interest and processing fees.
  • The company received a redraft notification from the supplier for the previous order's total cost plus an administrative charge.
  • Due to insufficient funds in the account, a redraft notice was mailed to the client with instructions on resolving the debt.

Hypernyms

  • Order Of Payment
  • Bill Of Exchange
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