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Definition of Sight draft
Demand for immediate payment.
An unconventional order in writing - signed by a person, usually the exporter, and addressed to the
A draft addressed to a bank.
Demand for payment.
A method of making payment that is used to maintain control over payments made
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.
An independent private-sector body that oversees the audit practices
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.
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.
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