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What will happen if there is a small mistake in a demand draft?
Wiki User
∙ 15y ago
It depends on what the mistake is. Usually, a draft would not be cashed by any bank if the draft does not have a clear date, payee name and amount along with signature of a certified authority of the issuing bank. If you feel that any of these values are printed/written illegibly or wrongly in the draft you can ask the draft issuing bank to re-issue the draft.
Wiki User
∙ 15y ago
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What is Demand draft in banking?
A Demand Draft is similar to a bank check but with a small difference. In case of a demand draft, the customer pays the money upfront to the bank along with a small fee so that the bank can issue the draft for the mentioned amount. The draft is equivalent to cash and can be converted to cash by the person to whom it is issued. This way, the person who gets the draft can be sure that he will get paid 100% of the money due him.
How does a demand draft work?
A Demand Draft is an instrument that is used for exchange of money between two people. It is similar to checks with a small difference. You need pay the amount for which you wish to take a draft, to the bank that is issuing the same. The bank may charge you a fee for creating the draft for you. Once done, the draft is as good as liquid cash. The draft is usually created with a customer as Payee. All that person has to do is, visit the bank that issued the draft and provide a valid ID and encash it and he would be paid the money the draft is worth.
Is bank overdraft an expense or income?
Overdraft usually means that the bank paid something out for you on your account that came in that you didnt have the full amount for and instead of the transaction bouncing they covered it and they charged you a small fee from your savings to pay for the action they took. Now a bank draft is nothing more then a piece of paper conveying monies. So an overdraft will cost you money but less then a bounce and a bank draft can be a check someone wrote to you for deposit.
Does anything happen if something is spelled wrong in a cheque?
A cheque, or check, is legal tender for most purposes; in other words, it equals money, just as a pound or dollar coin does.Probably nothing at all will happen if a cheque, or check, contains a genuine spelling mistake.The consequences of incorrect spelling when writing a cheque, or check, would depend entirely on the circumstances, whether the money to be paid by the cheque is in dispute, and so on.A genuine mistake in spelling would make no difference, since it will be obvious that the mistake is genuine.If someone has deliberately misspelled, say, the name of the payee in order to stop the cheque and claim they've done so because they remembered they'd spelt the payee's name wrong (and this has been tried!) they'd be unlikely to get away with it. If they need more time to pay, they'd be better off to negotiate terms with the person or business they owe the money to.If you receive a cheque on which your name has been misspelled, and it clearly is a misspelling, not another name entirely, just pay it into your bank in the normal way. The chances of a bank worker noticing the mistake are small, and even if they do notice, it's easily established whether the cheque is really intended for you.There's not much point discussing a possible misspelling of the amount. The amount the cheque is made out for will be written in both words and in numerals, so there's no chance of getting it wrong. If someone's written 'on thousand', or 'one tousand' or 'one thusan' and also 1,000, the bank should feel confident they mean 'one thousand' of whatever currency is being paid.If you'd like to give a more specific example, it might be possible to give a more helpful answer.
What do accountants do at small business?
An accountant keeps your books up-to-date and in line with your state's laws and the Federal laws regarding business. A good accountant goes above that by learning your state's laws backward and forward, and using them to enhance your business (including making sure that any garnished employee takes home the full amount that the law allows). A great accountant counsels you when you're about to make a financial mistake.
What is Demand draft in banking?
A Demand Draft is similar to a bank check but with a small difference. In case of a demand draft, the customer pays the money upfront to the bank along with a small fee so that the bank can issue the draft for the mentioned amount. The draft is equivalent to cash and can be converted to cash by the person to whom it is issued. This way, the person who gets the draft can be sure that he will get paid 100% of the money due him.
Can demand draft be taken in any other banks?
Demand Drafts can be taken in any bank branch. All banks have facilities to accept and issue demand drafts. All they need is the details of the person who is going to pay for the draft and the details of the person to whom the draft should be paid to. The bank might charge you a small fee for providing this facility.
How does a demand draft work?
A Demand Draft is an instrument that is used for exchange of money between two people. It is similar to checks with a small difference. You need pay the amount for which you wish to take a draft, to the bank that is issuing the same. The bank may charge you a fee for creating the draft for you. Once done, the draft is as good as liquid cash. The draft is usually created with a customer as Payee. All that person has to do is, visit the bank that issued the draft and provide a valid ID and encash it and he would be paid the money the draft is worth.
What do you mean by OOps?
Its slang for A mistake, Usually A small mistake.
What are the homophones for order of money and current of air?
Draft and draught are the homophones meaning order of money and current of air. A Demand Draft is similar to a check except that the amount is pre-withdrawn from your account or paid in cash when creating one. The person being paid has zero risk as demand drafts cannot or will not bounce (as opposed to a check). A draft is a current of air present generally in enclosed or small spaces (as opposed to a breeze, which is generally outdoors and spread across large areas).
What is the validity of a demand draft issued by state bank of India?
Any demand draft/ bankers cheque is normally valid for a period of six months from the date of issue. However if the demand draft is presented after the validity period, the bank still pays it, so long as the bank still holds that amount in its custody, by simply updating the validity, and may be cashed any given time. It may charge a small sum if the amount is above a particular slab. So therefore for all practical purposes the DD or bankers cheque remains still valid, any given time so long as the bank holds the amount and is the custodian of the amount, on behalf of the payee.
What is a small mistake?
Somthing that could be considered insignifigant.
How can you get Licence for export fruits and vegetable from India to Dubai?
You can get export licence through DGFT (Directorate general of foreign trade) office. You can download the application form from their website at free of cost. Attach required documents and fill the form without any mistake then submit to the DGFT office with a demand draft of Rs. 250/-. After this, for export of fruits and vegetables, you should become a member in APEDA. There are many export consultants who is doing these job for you with small service charge.
Are there such things like a very small mice?
No, but there such animals as very small mice but not a very small mice (grammar mistake)
How small are Clydesdale ponies when there born?
Clydesdale's are not a pony but a large Draft horse a draft foal can weight 200 pounds or more at birth.
Can small children mistake medicine for candy?
A lot of pills look like candy to a small child
What has the author Jane Bartlett written?
Jane Bartlett has written: 'Nutrition and working efficiency of draught bovines on a Norfolk small holding' -- subject(s): Draft animals, Farms, Small, Small Farms 'Animal draught technology' -- subject(s): Animal traction, Bibliography, Draft animals, Farms, Small, Small Farms
