cashier's check

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Related to Cashiers check: money order

Cashier's check

A check drawn directly on a customer's account, making the bank the primary obligor, and assuring firm that the amount will be paid.

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.

cashier's check

A check drawn by a bank on itself. A cashier's check is made out to a designated institution or person and must be paid for before it is issued. See also certified check.

cashier's check

An official check issued by a bank with itself as the drawer. Contrast with a certified check, which is one drawn on the bank customer's account, with the customer as drawer, but certified as good by the bank. Closing companies usually require a cashier's check for the purchaser's portion of all closing costs and purchase money. A cashier's check can be the subject of a stop-payment order. Because of widespread forgery of cashier's checks, many closing companies will not complete closing until funds are actually collected and in the closing company's escrow account.

References in periodicals archive ?
Overall, the availability of four of the eight broad service categories for banks rose a statistically significant amount--new-car loans, NOW accounts, money orders or cashiers checks, and ATM services; and no banking service showed a statistically significant decline in availability.
For savings associations, the only surveyed services consistently offered by more than 90 percent of all institutions throughout the period were savings accounts and money orders or cashiers checks.
Simply Better Checking provides the convenience of checking, with a package of free services, including free Online Banking with unlimited bill payment, a free safe deposit box, and complimentary money orders and cashiers checks, among other features.
The checks, which totaled more than $2 million, were provided to Altounian by ``unknown co-schemers'' and included personal checks as well as cashiers checks and state treasury checks, according to the indictment.
Cashiers checks that have been missing from the Nashville (Howard County) branch of Diamond State Bank of Murfreesboro for six months have shown up in Tennessee and Florida in recent weeks, bank president John Ross said.
account through phony interstate wire transfers and forged cashiers checks made payable to Altounian's jewelry store, Gold Crest Jewelers.
Financial institutions particularly like the way it allows them to easily add security to cashiers checks, foreign drafts, money orders and other negotiable documents.