Collection/Drafts
Collections/Drafts are not demand items, but rather items that need manual and/or special handling in order to be processed. A payable thru draft is a negotiable instrument that clears through the Fed much like a check, except the item requires your approval before payment is made. Drafts may have accompanying documents and can be designated to be paid "upon sight" or up to a specified time frame. Bank of Texas uses a sophisticated state of the art collection software program that provides full automation in collecting, reporting, and tracking of collections items.
Items include the following:
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Oil & Gas Lease Drafts
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Auto Drafts
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NSF Checks
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Payable Thru Drafts
Benefits
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Allows complete control over issuance of drafts and authorization of payment.
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Automated method for collecting drafts when received and tracking of drafts to ensure prompt payment or return.
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