Print check drafts or bank drafts using Zil Money with a few clicks or taps on your tablet screen. It is fast and free of charge! The service works through any device with internet access. So even if it is not hooked up to Wi-Fi, there are no worries because these documents will still be available for printing when needed, thanks in part to our innovative “print now” feature.
A few key differences exist between a check draft and a regular check. A check draft is created by the vendor or merchant with the account holder’s permission, whereas the account holder writes a regular check. They are also guaranteed by the issuing bank, whereas regular checks are not. This means that if there are insufficient funds in the account to cover the check draft, the bank will still honor it.
Finally, check drafts can be used as a form of payment, similar to a regular check, but they are not as commonly used for this purpose. They provide the payee with a safe and secure method of payment, which is why they are often used for large purchases or when paying for services.
Benefits of Check Drafts
When you use a check draft, you can work with your bank to get funds moved from one account to another without having to send the money through the mail. This is especially helpful if you need to wait for a money order or wire transfer to clear before you can move the funds. Additionally, check drafts are relatively quick and easy transactions, so you should not have trouble completing them independently.
Banks will often charge a fee to use a check draft. This is especially true if they want you to do multiple transactions in order to move the funds around or if you are doing one transaction that involves moving money from one account to another. The amount of the fee will vary based on the type of bank and how long you need to wait before the funds are available. With Zil Money, you can print any number of check drafts for free.
Checks vs Check Drafts
A check is a piece of paper that orders a bank to pay a specific amount of money to the person or entity named on the check. A check draft is similar but is created by one bank branch and guaranteed by another. In other words, a check draft is essentially an IOU from one bank to another. Check drafts are based on real money in the account, so money is used when the draft is issued. This guarantees that the funds will be available for payment when the check is presented. They are often used for large sums of money or when time is of the essence.
Get Your Check Draft by Phone Using Zil Money
Do not wait for your client’s checks to arrive in the mail; accept their check draft over the phone instead. Select a template and fill it up with the details of your clients, including account and routing numbers for banks. The check is then printed on their behalf by any printer with their permission. The words “No signature necessary and approved by the depositor” is written on this check, which is not signed. Similar to how you would deposit a standard check, deposit this with the bank. Both one-time and recurring payments are possible. Additionally, depending on your arrangement with your clients, you can receive different types of payments.