What Is a Bank Bill?

Bank notes are notes issued by a bank or paid by a bank. It mainly includes: cashier's check, bank draft, check issued by the bank, etc. After the commercial bill was accepted by the bank, the bank became the first payer of the bill, so it also had the nature of a bank bill. Cashier's check is a bill paid by the invoicer (bank) itself; bank draft is a remittance voucher issued by the bank, and the remittance sender sends it to a recipient in another place to redeem the remittance. Bank checks are also a type of debt securities of banks, but they can be transferred to a larger extent than cashier's orders and bank drafts. ^[1]

Bank receipt

A bill of exchange is issued by the drawer, and the entrusted payer pays the determined amount unconditionally at the sight of the bill or on a specified date

Bank receipt

A note to a payee or bearer.

Drafts are divided into bank drafts and commercial drafts. Commercial bills are divided into bank acceptance bills and commercial acceptance bills. Bank acceptance bills are issued by depositors who have opened deposit accounts with accepting banks, apply to the bank that opened the account, and have the bank review and agree to accept the bills. Commercial acceptance bills are guaranteed by commercial credits and issued by enterprises.

As the payee of a check, the check must be deposited in the bank where the drawer opens the account, which can generally be credited within 1 to 2 days. Checks can now only be exchanged with the city.

As the payee of the promissory note, the payee deposits the promissory note in the payee's bank, which can be used on the spot after verification by the payee's bank. At present, it can only be used in the same city.

Money orders can be used offsite. As the beneficiary of the bank draft, the bill of exchange in the three provinces and one city in East China can be used immediately after the account of the account holder of the bank in the three provinces and one city in East China can be verified on the spot. If it is a national bill of exchange, it usually takes one day. If the bank that issues the bill of exchange is the same as the bank where the beneficiary opens the account, it usually provides on-site crediting services.

The recipient of a commercial bill of exchange, the same city, to the bank to submit an entrusted collection on the agreed maturity date, the off-site can be 3 days in advance. The same city can generally be accounted for within 1 to 2 days, and the offsite location generally does not exceed 1 week.

Commercial bills can be used at a discount.