Question

what is demand draft?

Answer 1

A demand draft is a method used by an individual for making a transfer payment from one bank account to another. Demand drafts differ from normal checks in that they do not require signatures to be cashed, and were originally designed to benefit legitimate telemarketers who needed to withdraw funds from customer checking accounts using their bank account numbers and bank routing numbers. In 2005, due to increasing fraudulent use of demand drafts, the Federal Reserve proposed new regulations increasing a victim's right to claim a refund and holding banks more accountable for cashing fraudulent checks.

Answer 2

It is a financial draft payable on demand