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A Banker's Acceptance is a method of financing that Wachovia may provide to its customers to support their short-term (six months or less) trade transactions. In many cases, Banker's Acceptance proves to be less expensive than more traditional trade financing methods. A Banker's Acceptance is a time draft drawn on, and accepted by a bank. By accepting the draft, the bank indicates its commitment to pay the stated amount of the draft on a specified future date. The draft may then be sold to an investor for a money market rate of return based on the credit risk of the bank.
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