This may sound like a silly question but how exactly does a bank draft work. I need to take around 20 grand out of my account to pay someone. Payment must be in the form of either a personal cheque or a draft. I don't have a chequebook so I'm stuck with drafts.
First question: with a draft, does the money come out of your account straightaway?
Lets say I get the draft and lose it, what happens? Is it the same as losing cash (i.e. no comeback) as someone told me.
Also what happens if i get the draft but change my mind before handing it over to the person I'm paying. Can I bring it back to the bank and get a refund?
I just want to be clear about this as 20 grand isn't a small amount of money for me