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.

Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.

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.

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References in periodicals archive

Fraudulent cashier's check complaints generally fall into five fact patterns.

Checking in and cashing out: cashier's check fraud, depository liability and proposed solutions

The client instructs the attorney to deduct his or her fee from the proceeds of the cashier's check. The fee may be substantial, for doing little more than writing a letter or drafting a contract.

Beware of the fraudulent cashier's check scheme

"We have to teach the public that cashier's checks are not as good as gold," according to Carole Byrum, fraud investigator, U.S.

Check fraud: training can protect your company

Typically after a large cashier's check arrives at the lawyer's office, the "client" instructs the lawyer to deduct his or her fees and wire the remainder of the funds to another party.

Fraud alert: South Florida maritime lawyers are targeted for fake yacht sales

Her advice: Don't accept cashier's checks from people you don't thoroughly know.

Eugene artist victim of con man

Opening bid is $300,000, with a certified or cashier's check in the amount of $30,000 required to bid.

Sheldon Good auctions to be held March 13, 25

Greenberg said the lawyer told him that before wiring the $80,000 to the Japanese bank, he checked with his bank to ensure the cashier's check had cleared.

Lawyer bilked out of $80K

Some of those looking to separate lawyers from their money through cashier's check scams are rockin' it old school.

A new twist on the old cashier's check scam

Once considered the next-best thing to cold, hard cash, the cashier's check is now the con artist's favorite tool.

'Too good to be true': several Arkansas Banks caught up in cashier's check scams

A certified or cashier's check in the amount of $160,000 was required to bid on the day of auction.

Sheldon Good & Co. auctions 248 E. 49th St. for $2.72M

Aventura lawyer Robert Stok, the victim of a cashier's check scam that cost him $173,015 in 2008, is going to get his day in court--the United States Supreme Court, that is.

Defrauded lawyer to get his day in court

Pompano Beach attorney Geil Bilu opened a UPS package at his law office last month and out popped a cashier's check for $890,000.

There is a new wrinkle on an old scam targeting lawyers