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- Demand_draft abstract "A demand draft, also known as a remotely created check, a tele-check, or check by phone, check by fax or echeck, is a cheque created by a merchant with a buyer's checking account number on it, but without the buyer's original signature.Check drafting is creating a valid legal copy of the customer's cheque, on the customer's behalf. Because it is created by the merchant, no signature is required. Instead, a signature disclaimer or facsimile is entered in the signature blank. A check draft is typically for deposit only.The Uniform Commercial Code permits the process of check drafting by defining signature in the following regulation: Uniform Commercial Code, Title 1, Section 1-201 (39).This regulation only makes check drafting possible, not "required." Your bank may deny your items for deposit if they have reason to be suspicious. Suspicious items are covered in Regulation CC 229.13, Exceptions.Authorization is indicated on a check draft in the signature blank, usually by a statement such as the following: "This draft is preauthorized by your depositor, no signature required.".Demand drafts are frequently used to purchase items over the phone, from telemarketers. The checks also allow consumers to pay monthly bills by having them debited automatically out of their accounts, rather than having to write a new check each month.Unlike ACH transactions that are governed by NACHA regulations, check drafting allows outbound telemarketers to accept these types of phone payments if they comply with the FTC Regulations 16 CFR 310 in regard to proper record keeping.Demand drafts are frequently used by consumers instead of credit cards, and large companies also commonly use them.Demand drafts are also a popular method for lending institutions to attempt to collect on overdue loans.Demand drafts entail a large potential for fraud. Banks report that demand draft fraud is becoming more common. Under the current Federal Reserve Board guidelines the customer has a time frame of 90 days from the time the check was deposited to dispute the transactions. (www.frbservices.org/operations/checkadjutsments/urcc.html)Demand draft fraud can be frustrating for consumers, because unlike credit card or ACH disputes, consumers are not often given any funds back until after investigation finds that the draft was unauthorized. In addition, filing a dispute frequently requires a notarized signature, since this is the only way one bank can dispute a paper item with another bank.In 2005, the US Federal Reserve issued a regulation (effective July 1, 2006) shifting responsibility for payment of fraudulent demand drafts from the bank it is drawn on to the bank that accepts it as a deposit.Most recent developments in check drafting, which helps to facilitate checks by phone, checks by fax and online check payments is the new "Substitute Check Law" known as Check 21, enacted on October 28, 2004, which has greatly increased the use of check drafting.".
- Demand_draft thumbnail Demand_draft.jpg?width=300.
- Demand_draft wikiPageID "12211246".
- Demand_draft wikiPageRevisionID "597784935".
- Demand_draft hasPhotoCollection Demand_draft.
- Demand_draft subject Category:Banking_in_India.
- Demand_draft subject Category:Finance_fraud.
- Demand_draft subject Category:Payment_systems.
- Demand_draft type Artifact100021939.
- Demand_draft type Instrumentality103575240.
- Demand_draft type Object100002684.
- Demand_draft type PaymentSystems.
- Demand_draft type PhysicalEntity100001930.
- Demand_draft type System104377057.
- Demand_draft type Whole100003553.
- Demand_draft comment "A demand draft, also known as a remotely created check, a tele-check, or check by phone, check by fax or echeck, is a cheque created by a merchant with a buyer's checking account number on it, but without the buyer's original signature.Check drafting is creating a valid legal copy of the customer's cheque, on the customer's behalf. Because it is created by the merchant, no signature is required. Instead, a signature disclaimer or facsimile is entered in the signature blank.".
- Demand_draft label "Demand draft".
- Demand_draft label "票汇".
- Demand_draft label "送金小切手".
- Demand_draft sameAs 送金小切手.
- Demand_draft sameAs m.02vw020.
- Demand_draft sameAs Q3595889.
- Demand_draft sameAs Q3595889.
- Demand_draft sameAs Demand_draft.
- Demand_draft wasDerivedFrom Demand_draft?oldid=597784935.
- Demand_draft depiction Demand_draft.jpg.
- Demand_draft isPrimaryTopicOf Demand_draft.