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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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How to fill out the Bank Draft Cancellation Form online

Filling out the Bank Draft Cancellation Form online is a straightforward process that allows you to cancel your automatic bank draft agreements with the City of Salem. This guide provides detailed instructions to help you complete the form efficiently and accurately.

Follow the steps to complete your Bank Draft Cancellation Form online.

  1. Click ‘Get Form’ button to obtain the form and open it in the editor.
  2. Enter your full name in the 'Customer Name' field. This should match the name on your utility account to ensure accurate processing.
  3. Fill in your service address in the 'Service Address' field. This is the address associated with your utility services.
  4. Provide your utility account number in the 'Utility Account' field. This number is typically found on your billing statement and is essential for identifying your account.
  5. Read the cancellation policy outlined in the form. Confirm that you understand that the request must be made five business days prior to the payment due date for the cancellation to be effective.
  6. Sign the form in the 'Authorized Signature' section to confirm your request for cancellation. This signature must match the name provided in the customer details.
  7. Date the form by entering the current date in the designated 'Date' field.
  8. Review all entered information for accuracy. Once confirmed, you can save changes, download, print, or share the completed form as needed.

Complete your Bank Draft Cancellation Form online today to ensure timely processing of your request.

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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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