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A bank guaranteed check for which funds are immediately withdrawn, and for which the bank is legally liable.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 ?
"Because I'd paid by banker's draft I didn't have any comeback.
The 41-year-old accepted Moon's banker's draft, and didn't find out it was a fake until two days later when her bank contacted her with the news - by which time he was hundreds of miles away.
But three weeks after that he was changing again to a pounds 23,000 Chrysler Voyager, paid for with pounds 2,000 cash, the Scenic in part-exchange and a pounds 10,000 banker's draft. The banker's draft had come from his brother's bank account.
Siobhan said: "We got an envelope hand-delivered to the bar with a banker's draft.
But the case was adjourned until June 30 after the court heard that, although Baker had deposited pounds 200,000 with his solicitor towards recompensing his victims, a banker's draft for the outstanding amount had yet to be paid over.
The former rigger had turned up in his 34ft, 7 ton Damon Challenger RV to complete the deal, only for it to break down, forcing him to sleep in the Wayfarer's Arcade loading bay until his banker's draft cleared.
Days later, the fraudster sent a Royal Bank of Scotland banker's draft for pounds 5000 to Audrey - pounds 1500 of it for the car and pounds 3500 to ship it.
In one case a hotel in Stratford received a pounds 4,450 banker's draft for a pounds 450 booking with the customer claiming the figure had been made out in error.
Other advice includes paying by banker's draft rather than cash and visiting the seller's home rather than doing a deal in a car park.
Insist in receiving payment in cash or a banker's draft before parting with the vehicle - and if you accept a cheque, make sure it has cleared before you hand over the keys to the car.
Check with your bank that their banker's draft or cheque has cleared before handing over the car.