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.