Name
Nationwide bank draft
Introduction
It is an instrument issued by the issuing bank according to customers' application, instructing the bank to unconditionally make the payment to the payee or bearer upon draft presentation, based on the actual settlement amount. There are two kinds of nationwide bank drafts: cash bank draft and transfer bank draft. The period of payment reminder is one month.
Features
1. It can be used in a wide range and available anytime and anywhere as long as it is carried by the person, and will be immediately paid on its presentation.
2. It can be paid on its presentation within the system of Bank of China, and payment drawable only upon receipt is available for cross-system payment reminder.
Scope of Application
It is applicable to both corporate customers and individual customers for domestic cross-city or inter-city settlement of various payments.
Process
1. The applicant should fill bank draft application form and affix the seal reserved in the account-opening bank;
2. After the application is approved, the payment is debited and the fee is charged by the bank, the bank issues the bank draft, as well as delivers the applicant with the bank draft, remittance arrival notice, together with customer payment receipt;
When applying for a cash draft, both the applicant and the payee should be individuals and cash must be deposited. In addition, the paying bank must be designated upon the issuance of the bank draft;
3. The applicant delivers the bank draft and Remittance Arrival Notice together to the payee whose name is on the draft; the payee may endorse and transfer this bank draft to the endorsee. During the endorsement and transfer, the endorsee’s name and endorsement date should be written by the payee or endorser with signatures signed and seals affixed on it;
4. The payee (the bearer) carries out the cashing procedure in the account-opening bank by presenting the bank draft, Remittance Arrival Notice and bank deposit receipt, and should sign and affix the seal in the designated area. The signature and seal must be identical to the ones reserved in the bank. Cash draft must be honored in the designated paying bank.
Kind Reminder
1. The validity period of the nationwide bank draft is one month; please carry out the payment process before the expiry day.
2. The bearer shall properly keep the nationwide bank draft and avoid damages to the surface due to breakage or water scrubbing.
3. Those losing the bank draft should immediately report the loss to Bank of China and apply for the process of loss report and payment suspension.
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