certified check (redirected from Banker's Checks)

Certified check

A bank guaranteed check for which funds are immediately withdrawn, and for which the bank is legally liable.

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Certified Check

A check whose payment is guaranteed by a bank. In exchange for a fee, a bank issues a certified check to a person, who is very often both the payer and the payee. That is, a person gives the bank the amount for which the certified check is written, either in cash or by deducting the appropriate amount from the payer's account; the bank then makes the check payable to that person. The person may cash the check at any bank, or deposit it at a different bank without being subject to a check hold. A certified check is also known as a registered check or banker's draft. See also: Traveler's cheque, Commercial draft.

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certified check

A check that a financial institution draws on an individual's account and then certifies to indicate that sufficient funds are available to cover the amount of the check when cashed.

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certified check

A check drawn on the bank customer's account,with the customer as the drawer and the check certified by the bank as payable.