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A bank draft is similar type of check that guarantees payment by the bank that.
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| Bmo bank draft hold | The Bottom Line. Not certified Does it raise a red flag to the bank if they see checks written to yourself? However, banks usually charge a fee for them and they require time and some effort to obtain. Banking Checking Accounts. That's an important reason why bank drafts are used for transactions involving large amounts of money. |
| 6002 e main st | Canceling a Bank Draft. However, it's been found that money orders are sometimes used for money laundering. It is this action that guarantees payment of a bank draft; the bank only issues it when the money is in its own account. It is difficult to cancel or stop payment on a bank draft because, in effect, a bank draft represents a transaction that has already occurred. So why would it be held? |
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How to accept e transfer bmo?For deposits of encoded Canadian dollar cheques, money orders and drafts for amounts greater than $1,, we may apply a hold for up to 7 business days after. Bank drafts can be held by the bank you're depositing it into. Clearing time for regular cheques is four business days (five if you include the day you deposit. business days is the normal cheque hold time for as long as as I have banked. You can ask they have increase the amount that is available.
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