cashier's check

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Related to Cashiers checks: Official check

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.
Pfd Will Accept Money Orders In Addition To Certified, Treasurer And Cashiers Checks (Personal And Company Checks Will Not Be Accepted Unless, Certified By A Bank).
Each Bid shall be accompanied by a Bid Security in the form of a certified or cashiers check or Bid bond in the required amount of $10,000.00.