Cheques and bank drafts "individually" are provided by your bank, so as to make payments for goods And services "obviously". In many cases people see them as a document similar to one another, but, there are numbers of differences.

One difference is "Bank draft" and cheque �, anyways let's progress to the review of these two important documents.

WHAT IS A CHEQUE
A Cheque is a payment document which allows an individual or business to settle transactions. Example : "Bayo makes and write the payment" I.e "Bayo" is the "Drawer" of the cheque. "Sunkanmi receives and cashes the cheque, in other to obtain funds" I.e "Sunkanmi" is the "payee".
When cashing the cheque, the payee has to present the cheque to the bank, where the payment is to be made. Another thing to know is, "if the cheque is a "bearer cheque", the payment is to be made to anyone who presents the cheque to the bank official".
Otherwise; if the cheque Is an "order cheque" , it means the cheque specifies a person to whom the funds should be paid.
PS: a cheque isn't always a convenient method of payment.

WHAT IS A BANK DRAFT
A Bank draft is a payment "document" issued by the bank at request of the payer.
NB: the drawer is the bank writing out the "bank draft", the drawee is the bank customer who is requesting the draft to make a payment, and the payee is the sole party which receives the payment.

A bank draft doesn't necessarily requires a "signature", having this as the case, it is liable to fraud, on the other hand, Certified bank drafts are signed and "certified" by a bank official, making the draft "secure".

Hope this helps, cause at a point in time, you'll need to make use of either a "bank draft" or a "Cheque". Thanks for reading, and we would be glad if you share �, PS we are back and here to stay... NEWSYB

https://newsyb..com/2019/04/bank-drafts-and-cheques-differences-you.html

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