Example of Bank Debits If you live in an apartment and pay a monthly rent and it is now May 31 and June's rent is due tomorrow, you write out a check for your monthly rent amount to be paid to ...

For example, TD Bank charges $9.95 for a bank draft. The Bottom Line While not ideal for everyday purchases, bank drafts can be very useful payments methods when you are making a major purchase.

Find out the differences between a bank draft, certified cheque or money order, so you know the best way to send money securely for a given situation.

It is a cheque issued by a bank to make payments from one place to another. Traveller's cheque has no expiry date and can be used during your next trip as well.