certified check(redirected from Preauthorized Check)
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A bank guaranteed check for which funds are immediately withdrawn, and for which the bank is legally liable.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.
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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
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.
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.
A check drawn on the bank customer's account,with the customer as the drawer and the check certified by the bank as payable.
The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.