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Definition of Commercial draft
Demand for payment.
A draft addressed to a bank.
A guaranteed form of payment which is issued in amounts over $5,000.
Money owed to the bank in a cheque account where payments exceed receipts.
A privately owned, profit-seeking firm that accepts deposits and makes loans.
An agreement between a creditor and a borrower, where the creditor has loaned an amount to the borrower for business purposes.
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.
Short-term unsecured promissory notes issued by a corporation. The maturity of
Short-term unsecured notes issued by firms.
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
A guaranteed form of payment which is issued in amounts over $5,000 (also see bank draft).
Short-term notes with maturities up to 360 days that are issued by companies in
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.
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.
System whereby a depositor may write cheques in excess of the balance, with the bank automatically extending a loan to cover the shortage.
Payable through drafts
A method of making payment that is used to maintain control over payments made
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.
Demand for immediate payment.
Demand for payment at a stated future date.
A draft addressed to a commercial enterprise. See:draft.
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