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  • Bank Draft Cancellation Form

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City of Salem, Utility Billing Department P O Box 869 114 N. Broad Street Salem, Virginia 24153 utilitybilling salemva.gov Phone: 5403753026 Fax: 5403754057Bank Draft Authorization Cancellation To.

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Since the buyer has already paid the funds to obtain the bank draft, the only means of effectively canceling the draft is to have the seller cash it and return the funds to the buyer.

When you receive a bank draft, it can be deposited at any bank because it is treated as cash, unlike when you deposit a personal check. If a bank draft is lost or stolen, reporting it immediately to your financial institution is critical to having the bank put a stop on the draft.

Disadvantages of bank drafts The person making a payment may be responsible for additional fees. Each draft is a physical document that can be lost or stolen. The process of issuing a bank draft can be time-consuming.

It does not require a signature; however, a bank official must sign a certified bank draft to make it more secure and fraud-proof. A cheque is a negotiable instrument that can be further endorsed in favour of another person, but a Bank draft cannot be further endorsed and credited only to the payee's bank A/c.

Your bank draft is irrevocable as soon as you hand it over in payment. After that, you can't cancel it. Even if you realize you've been sold a lemon, you won't be able to stop payment.

Drafts can be traced in the event of loss or theft. Don't take the risk of sending cash through the mail.

Unlike a personal cheque, a bank draft is guaranteed by the financial institution, so the person to whom the bank draft is payable is sure to receive the amount on the draft.

This DD favours (Name of the person) at (name of payee branch). Mention the reason for the cancellation of DD. Therefore, I request you cancel the DD and credit the amount in my account (account number) with (branch name) or else make a cash payment to me. Also, I have attached a copy of the DD for your reference.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232