From: utzoo!decvax!harpo!seismo!uwvax!bill
Newsgroups: net.misc
Title: Re: Do we need to buy checks?
Article-I.D.: crystal.153
Posted: Thu Jan  6 11:32:19 1983
Received: Fri Jan  7 04:30:48 1983
References: rocheste.369

Commercial banks, in my personal experience, accept a variety of
negotiable instruments.  When an auto dealership I once ran would
buy cars at [a regular auto] auction, the title was put in an
envelope which had a "bank draft" form printed on the face of it.
This was processed, as far as our account was concerned, as a check
with some special handling.  Our bank did not charge extra for
processing these.

An order to pay, in the proper form, requires the bank to make payment
if you have the money on deposit [a "demand deposit"].  Custom
determines the fees, if any.  I have heard of people "cashing" billboards,
etc [television, in the early 60s].

Drafts usually have the phrase "payable at par", meaning the bank is to
pay the face amount charging the signer of the draft any fees, etc.
I have an old [circa 1945] business checkbook of my father's that has
the same phrase printed on it.
		Bill Cox
		bill@uwisc	...seismo!uwvax!bill