Similar to cashing regular checks, a person can cash bank drafts, which are checks issued by a bank, by depositing it into an account. The issuing bank guarantees the availability of funds.Continue Reading
A person asks a bank for bank drafts or cashier's checks. The bank issues drafts by drawing the funds from the person's account. Typical uses include real estate transactions and large purchases like cars.
In some instances, bank drafts are part of fraud schemes. Consumer protection sources recommend accepting bank drafts only from local banks. Also, calling the issuing bank to confirm availability of funds is a good precaution, especially if the bank is unknown, foreign or part of an Internet transaction. Once deposited, the account holder may be responsible for loss of funds.Learn more about Bank Accounts
To open an account at BBVA Compass Bank, apply online, via phone or in person at a BBVA Compass location, according to the bank's website. To open an account, you need your Social Security number, your United States driver's license (a state-issued identification or passport is also acceptable), and an initial deposit.Full Answer >
A bank trust account is a bank account that holds assets of another person or entity, and the bank acts as the custodian, Legal Zoom says. The assets can include cash, stocks and bonds or real estate.Full Answer >
A person with bad or no credit can open an account by visiting many credit unions and by asking commercial banks if they offer second-chance checking accounts, says NerdWallet. After a year or two of good account maintenance, most institutions allow consumers to upgrade second-chance accounts to regular accounts.Full Answer >
Banking customers may inquire about account balances at an ATM, online, in person or on the phone, according to wikiHow. Some banks also offer apps for mobile banking. Bank tellers and ATM machines may provide printed proof of account balances as well as cash upon request.Full Answer >