A ___________ draft is initiated by the payee,who has been approved to draw against the payor's account.

Question

Quizplus · Accepted Answer

A preauthorized draft is initiated by the payee, who has been authorized to draw against the payor's account on a regular basis. This type of draft is often used for recurring payments, such as monthly rent or utility bills. Payable through drafts are typically used for international transactions, sight drafts require immediate payment upon presentation, and depository drafts are used to deposit funds into an account.

A ___________ Draft Is Initiated by the Payee,who Has Been