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Financial Terms | |
Commercial draft |
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Definition of Commercial draftCommercial draftDemand for payment.
Related Terms:Bank draftA draft addressed to a bank. bank draftA guaranteed form of payment which is issued in amounts over $5,000. Bank overdraftMoney owed to the bank in a cheque account where payments exceed receipts. Commercial BankA privately owned, profit-seeking firm that accepts deposits and makes loans. Commercial Business Loan (Credit Insurance)An agreement between a creditor and a borrower, where the creditor has loaned an amount to the borrower for business purposes. Commercial MortgageA loan made on real estate collateral, other than a residential property, in which a mortgage is given to secure payment of principal and interest. Commercial paperShort-term unsecured promissory notes issued by a corporation. The maturity of ![]() commercial paperShort-term unsecured notes issued by firms. Commercial riskThe risk that a foreign debtor will be unable to pay its debts because of business events, DraftAn unconventional order in writing - signed by a person, usually the exporter, and addressed to the draftA guaranteed form of payment which is issued in amounts over $5,000 (also see bank draft). Euro-commercial paperShort-term notes with maturities up to 360 days that are issued by companies in OverdraftThe amount by which a check or other payments exceeds the funds on deposits. Overdraft ProtectionIs an agreement with the Bank or Financial Institution to cover overdrafts. This service will typically involve a fee and be limited to a pre-set maximum amount. overdraft protectionA short-term source of credit which allows you to overdraw on your account up to a pre-established limit. For example, overdraft protection spares customers both the cost and the personal embarrassment of NSF cheques. Overdraft protection is attached to your PCF Chequing Account. Overdraft SystemSystem whereby a depositor may write cheques in excess of the balance, with the bank automatically extending a loan to cover the shortage. ![]() Payable through draftsA method of making payment that is used to maintain control over payments made Personal Overdraft FacilityA loan facility on a customers account at a financial institution allowing the customer to overdraw up to a certain agreed limit for an agreed period. Sight draftDemand for immediate payment. Time draftDemand for payment at a stated future date. Trade draftA draft addressed to a commercial enterprise. See:draft. Related to : financial, finance, business, accounting, payroll, inventory, investment, money, inventory control, stock trading, financial advisor, tax advisor, credit. |