how to cancel a bank draft
some banks may not put stop payments on drafts once they re issued that s because the transaction has already taken place according to their records if you want to reverse the transaction the bank usually requires that you redeem the draft for the full amount in some cases it is possible to cancel or replace a lost stolen or destroyed draft as long as you have the required documentation bank drafts vs money ordersa bank draft and a money order are both guaranteed for a specific amount and they are both considered a secure method of payment for a payee the payer does not need to carry large amounts of money when using a bank draft or money order however a bank draft is a check drawn on a bank s funds after accepting the amount from the issuer s account whereas cash is used when purchasing a money order you can use cash or a debit card to buy a money order but you cannot use a credit card 23you can only purchase bank drafts from a financial institution like a bank or credit union you can buy money orders from certified stores and post offices as well as banks since money orders could be used to launder money you can only purchase a money order in the u s for up to 1 000 if you are sending it domestically or for up to 700 if you are sending it internationally bank draft amounts can be much higher 4due to the limited amounts of money orders and the process banks go through when issuing drafts money orders typically cost less than bank drafts getting a bank draft can be more difficult than getting a money order because you must get the draft from your bank 