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Definition of Commercial draft
Demand for payment.
A draft addressed to a bank.
Short-term unsecured promissory notes issued by a corporation. The maturity of
The risk that a foreign debtor will be unable to pay its debts because of business events,
An unconventional order in writing - signed by a person, usually the exporter, and addressed to the
Short-term notes with maturities up to 360 days that are issued by companies in
A method of making payment that is used to maintain control over payments made
Demand for immediate payment.
Demand for payment at a stated future date.
A draft addressed to a commercial enterprise. See:draft.
Money owed to the bank in a cheque account where payments exceed receipts.
Short-term unsecured notes issued by firms.
A privately owned, profit-seeking firm that accepts deposits and makes loans.
A loan made on real estate collateral, other than a residential property, in which a mortgage is given to secure payment of principal and interest.
The amount by which a check or other payments exceeds the funds on deposits.
Is 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.
System whereby a depositor may write cheques in excess of the balance, with the bank automatically extending a loan to cover the shortage.
Personal Overdraft Facility
A 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.
A guaranteed form of payment which is issued in amounts over $5,000.
A guaranteed form of payment which is issued in amounts over $5,000 (also see bank draft).
A 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.
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.
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