Asked by Aline Rugira on May 02, 2024
Verified
The most common type of draft in use today is the bank draft.
Bank Draft
A check drawn by one bank on another bank in which it has funds on deposit in favor of a third person, the payee. Also called teller’s check.
- Gain an understanding of draft mechanisms, specifically sight drafts and bank drafts, and how they are utilized in business transactions.
Verified Answer
ZK
Zybrea KnightMay 05, 2024
Final Answer :
False
Explanation :
The most common type of draft in use today is the electronic draft or e-Check. Bank drafts are still used but not as commonly as e-Checks.
Learning Objectives
- Gain an understanding of draft mechanisms, specifically sight drafts and bank drafts, and how they are utilized in business transactions.