A bank draft, also known as a banker's cheque or banker's draft, is a cheque drawn by a bank on itself or its agent. It is commonly used when a creditor needs assurance that the cheque will not be dishonoured.
A banker's draft, also referred to as a bank draft, is a payment on behalf of an individual that is guaranteed by the issuing bank.
A blank cheque is a negotiable instrument with the amount left unspecified by the drawer. It can be used when the drawer wishes to permit the bearer to fill in the amount of money they choose up to an authorized limit.
A cash buyer is a customer who pays for goods or services by submitting cash, a check, or a money order with the order they make. Unlike credit transactions, the payment is made upfront.
A cash order is an order accompanied by the required payment at the time of the order. It differs from other types of orders where payment may be made at a later date. This ensures the vendor receives payment immediately upon the placement of the order.
A depositor's check certified by a bank, promising that the account holder has sufficient funds for the amount, ensuring that the recipient will receive the payment.
A cheque is a preprinted form on which instructions are given to an account provider such as a bank or building society to pay a stated sum to a named recipient. It's a common method for paying debts of various kinds.
COD is a versatile acronym used in finance and business, referring either to 'Cash on Delivery' or 'Cancellation of Debt.' Cash on Delivery is a transaction method where the buyer pays for goods upon receipt, while Cancellation of Debt involves forgiveness of a borrower's obligation to repay a loan. This article will explore both definitions in detail.
COD or 'Collect on Delivery' is a financial transaction where payment for goods is collected at the time of delivery rather than at the time of purchase. This term is often used interchangeably with 'Cash on Delivery'.
A credit card is a plastic card issued by a bank or finance organization allowing the holder to make purchases in shops, hotels, restaurants, petrol stations, etc., on credit.
A crossed cheque is a cheque that has two parallel lines drawn across its face with the purpose of instructing the bank that the cheque should only be deposited directly into a bank account and not immediately cashed by the bank over the counter.
A payment of the entire amount of retirement benefits due at one time rather than in installments.
An abbreviation that can refer to different terms such as Money Order or Modus Operandi, depending on the context.
A money order is a financial instrument that can be easily converted into cash by the payee named on the money order. It provides a secure way to transfer a specified amount of money.
Pay can refer to the compensation given to personnel for services performed or the act of exchanging money for goods or services.
