A bank draft is a guaranteed payment method that is often used for transactions where a high level of security is required. It is essentially a check drawn on a bank's own funds, making it more reliable than a personal check. If you need to get a bank draft from BMO, here's what you need to do:
1. Visit a BMO Branch
You can obtain a bank draft in person at any BMO branch. It's advisable to call ahead to confirm the branch's availability and operating hours.
2. Gather the Necessary Information
- Beneficiary's Name: The person or entity receiving the payment.
- Beneficiary's Address: The complete address of the recipient.
- Amount of the Draft: The exact amount of money you wish to send.
- Your BMO Account Number: If you're drawing the draft from your existing BMO account.
- Your Government-Issued ID: Proof of identity is necessary for security purposes.
3. Fill out the Bank Draft Request Form
A BMO representative will provide you with a bank draft request form. Fill in the required information accurately and completely.
4. Pay the Fee
BMO typically charges a fee for issuing bank drafts. The fee amount varies depending on the amount of the draft.
5. Receive Your Bank Draft
Once you've completed the process, the BMO representative will issue you a bank draft. Keep it safe and secure until you're ready to use it.
Important Considerations
- Delivery Time: While you can typically obtain a bank draft on the same day, it's a good idea to allow some extra time for processing, especially during busy periods.
- Cancellation: If you need to cancel a bank draft, you must do so immediately. You may be required to provide a written request and proof of identity.
Alternatives to Bank Drafts
While bank drafts offer a high level of security, there are alternative payment methods that may be more convenient depending on your needs. These include:
- Wire Transfers: A faster way to send funds electronically.
- Online Payments: Several online payment platforms allow for secure and efficient transfers.
Conclusion
Getting a bank draft from BMO is a straightforward process that provides a reliable and secure payment option. By following these steps and understanding the associated fees and alternatives, you can choose the best payment method for your needs.