Question

why draft is called real money

Answer 1

When a customer (the drawer) requests a draft, the bank withdraws the amount of the draft from his or her account and holds it to honor the drafton its presentment by the drawee. Because, in normal circumstances, adraft is certain to be paid, it is generally accepted as a cashequivalent. Also called banker's draft.

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Answer 2

A bank draft is a payment on behalf of a payer that is guaranteed by the issuing bank. ... Once it has been confirmed that sufficient funds are available, the bank effectively sets aside the funds from the person's account to be given out when the bank draft is used. A draft ensures the payee a secure form of payment.

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