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Financial Terms | |
draft |
Information about financial, finance, business, accounting, payroll, inventory, investment, money, inventory control, stock trading, financial advisor, tax advisor, credit.
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Definition of draftdraftA guaranteed form of payment which is issued in amounts over $5,000 (also see bank draft). DraftAn unconventional order in writing - signed by a person, usually the exporter, and addressed to the
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 draftDemand for payment. 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. Bankers AcceptancesA bill of exchange, or draft, drawn by the borrower for payment on a specified date, and accepted by a chartered bank. Upon acceptance, the bill becomes, in effect, a postdated certified cheque. CashCurrency, coin, and funds on deposit that are available for immediate withdrawal without ![]() Current liabilitiesAmounts due and payable by the business within a period of 12 months, e.g. bank overdraft, creditors and accruals. Related to : financial, finance, business, accounting, payroll, inventory, investment, money, inventory control, stock trading, financial advisor, tax advisor, credit. |