What is the difference between a bank draft and a cashier's check?
Answers:
Normally a payorder or what you call a cashier's cheque is issued for payments that are locally made in servicable in the branch clearing area.
But a draft can be made payable at any other location in the country.
While stop payment can be issued on the cheque you mention, it is not possible to stop payment for a demand draft.
A cashier's check can either be a bank check, or personal check stamped and countersigned by an official at the bank guaranteeing that the funds are available and secured. A bank draft is just like a plain personal check, it is unsecured.
A Bank draft is a check drawn by one bank against funds deposited into its account at another bank, authorizing the second bank to make payment to the individual named in the draft.
where as Cashier's draft is a check which cannot bounce because its face amount is paid to the bank when it is issued, and the bank then assumes the obligation.
I think a cashiers check is cashable today and a draft has to be sent for collection
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