9 sept. 2020 ยท CarMax "bank draft" question. This seems simple, but I'm specifically asking about a Carmax check because it seems to be unique.
Does CarMax accept bank drafts?
We pay with a bank draft, which is a type of check where payment is guaranteed to be available by the issuing bank. A bank draft must be deposited and cannot be cashed.
Does a bank draft deposit immediately?
A Bank Draft is a physical means of providing payment to a third party. Funds are immediately taken from your RBC bank account in exchange for the draft, guaranteeing the funds for the recipient.
Are bank drafts safe to accept?
Bank drafts provide the person receiving the funds with a guarantee that they're available. They're more reliable than a cheque, which can bounce due to insufficient funds. For the person making the payment, it's easier and more convenient to give someone a bank draft than to carry around thousands of dollars in cash.
How long does a bank draft take to clear?
Once the payee presents the bank draft for payment, his or her identity is verified with the name on the bank draft. After the identity verification process, the funds are deposited into the payee's account. The funds can take anywhere between 1-4 business days to process.