1. draft drawn upon a bank, payable upon demand to the person named upon the draft.
2. to determine an item's accuracy such as by retotaling charges on an invoice or auditing source documents.

instrument normally used in international commerce to effect payment; also calledbill of exchange. It is simply an order written by an exporter (seller) requesting an importer (buyer) or its agent to pay a specified amount of money at a specified time. The person or business initiating the draft is known as themaker, drawer, ororiginator, The party to whom the draft is addressed is thedrawee

1. check or draft payable to someone other than the check writer (the maker of the instrument) or the person who initially negotiates the check by endorsing the back of the instrument.
2. check transferred by endorsement exchanging it for cash at a bank teller. The Uniform Commercial Code allows transfer of a check to a new owner any number of times. In practice, however, multiple endorsed checks are uncommon, and banks may be reluctant to accept them without verifying signatures of endorsers.
3. payable through draft. Credit Union share draft account often are paid by a commercial bank, which then debits the credit union's account after paying drafts presented for payment, as are drafts that are written against a money market mutual fund.

failure to pay acheck or draft properly endorsed and presented for payment. Under the Uniform Commercial Code (UCC), the payer bank has until midnight of the day after it receives a check to pay or dishonor it. A bank may return a check with a missing signature, altered date, and so on, without penalty. If, however, the drawee the person presenting the check) suffers financially becauseof the bank's refusal to honor an otherwise payable check, the bankmay be liable to its customer for damages. The customer must still be able to prove financial harm.

written notice of a depositor's intention to withdraw funds from an interest bearing account. Banks may require customers to give notice seven days before withdrawals from time deposit accounts, and also Negotiable Order of Withdrawal (NOW) accounts. Most banks, however, waive the notice requirement in NOW accounts.

deposit from which funds may be drawn on demand and from which funds may be transferred to another party by means of a check. Demand deposits are the biggest component of the U.S. money supply.

to refuse to pay, as in the case of a check that is returned by a bank because of insufficient funds.

formal notice that a bank has refused to pay a check or other negotiable instrument properly and legally presented for payment. Protest is a means of legally proving that presentment was made, but rarely is used. Modern banking systems provide a sufficient audit trail to verify the conditions under which presentment was made.When a check is dishonored by the drawee bank, it can be presented a second time by a notary public or other public official. If the drawee bank still refuses to pay, an official statement is attached to the instrument,legally certifying that presentment was made and that the instrument was dishonored.