How a Bank Draft Works?

Jun 7, 2022 | Check Draft

Zil Money is a financial technology company, not a bank or an FDIC member. Zil Money offers banking services through partnership with FDIC member banks Silicon Valley Bank and Texas National Bank.

A bank draft is also called a remote check or a check draft. Zil Money allows you to create them by getting the account holder’s permission and bank account details. Therefore, you can receive payments once or recurring through this platform without paying credit card or ACH fees. You can print checks on blank paper at your desk and save 80% on check printing costs.

How Does It Work?

Bank drafts, also called demand drafts or check drafts, are approved by the account holder of the bank account. The vendor can make the check draft with the approval of the account holder, even without a signature. This means regular checks are made by the account holder with a signature. These checks can be used as a payment mechanism like a check, but unlike checks, bank drafts are insured by the issuing bank and provide safety for your payee.

Bank Draft with Zil Money via Phone

Accept your clients’ checks over the phone, eliminating the need to wait for them to come in the mail. Input your client’s information, including their account number and routing number, into the software. The check is then printed on their behalf by any printer on blank check stock or plain white paper with their authorization. ‘No signature needed and approved by the depositor,’ statement declares the check without a signature. You can deposit the check just like a conventional check. It is possible to set up one-time or recurring payments without meeting up with the client each time you need payment. In addition, depending on your agreement with your clients, you are open to various payments with these new features made available.

Using Zil Money, a bank draft can be created smoothly. Thus, this is an easy way to get the funds you need without borrowing them from a lending institution.

Get in Touch

(408) 775-7720

Make a call directly with our customer support team to make it instantly.

Mail to us to solve any queries you have with Zil Money.

111 N Market St, San Jose, CA 95113

Po Box 6543, Tyler TX 75711

You May Also Like…