If you've ever used a bank draft or a certified cheque, you probably wonder what the difference is. While both have the same basic functions, certified cheques offer an additional level of comfort and assurance that your payment will be received. As the name suggests, bank drafts and certified cheques are both issued by banks. The main difference between bank drafts and certified cheques is that a bank draft is guaranteed by the bank issuing it.
A certified cheque is a check that is endorsed by an individual. This means that the issuer will be paid if the payment is made. Unlike a bank draft, a certified cheque cannot be cancelled. When the issuer pays a certified cheque, the bank is required to verify the funds to cover the check. This guarantees that the payment will be made and that the recipient will not stop the payment.
Bank drafts are typically used for larger amounts of money. They do not bounce because there is not enough money in the account. You can use the draft within four days of paying. However, bank drafts are not cleared until six working days, so you may have to pay back the money in the interim.
Bank drafts and certified cheques are two forms of payment that banks offer in Canada. Although both are similar in operation, they have important differences. Certified cheques are more expensive, while bank drafts cost a few dollars less. They are both issued by a bank, but they differ in terms of what is on them.
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