certified check

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Certified check

A bank guaranteed check for which funds are immediately withdrawn, and for which the bank is legally liable.

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.

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.

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.

References in periodicals archive ?
They said: "We urge customers never to accept a banker's draft without first undertaking checks on its authenticity with the issuing bank.
Michael's buyer asked for his bank account number although the payment was to be made by banker's draft.
An RBS spokesman added: 'Customers should never just accept a banker's draft without undertaking checks with the issuing bank.
Banker's drafts or a building society cheque can be stolen or altered like any other cheque.
Harold Morton used a false banker's draft to try and acquire the money but was caught out when officials became suspicious, it was alleged.
Lawrence Watts, defending, said the defendant, who had no previous convictions, had obtained a banker's draft and intended to compensate his former bosses for their loss.
The scheme was to be financed partly by an amusement-arcade business run by Mr Cooke as well as a loan and a banker's draft from Haslam.
He spun a story about why his bank couldn't arrange direct payment into my account but I was happy to accept a banker's draft," said Andrew, of Lightwater, Surrey.
I'm worried I can't prove ownership, even though I paid in full by banker's draft on delivery - Vic Bailey, email
We gave him a banker's draft for another pounds 7000 and he cashed it.
Making a deduction for work he believes is still outstanding, and the rent he is owed after being forced into temporary accommodation, he deposited a final pounds 250,000 banker's draft last month.