cashier's check (redirected from Teller's check)
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drawn directly on a customer's account
, making the bank the primary obligor
, and assuring firm
that the amount will be paid.
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 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.
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.
The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.