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A bank guaranteed check for which funds are immediately withdrawn, and for which the bank is legally liable.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 ?
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.
In Michael's case, the scammer relied on the fact his banker's draft for pounds 6000 would appear to clear and Michael would forward pounds 1500.
Michael's buyer asked for his bank account number although the payment was to be made by banker's draft.
FREE TO GO: Omar Mohammed above, pleaded guilty to having false banker's drafts and cheques.
They asked him for ae1, 400 (pounds 1,000) deposit, but instead he sent them what they thought was a banker's draft for e6,400 (pounds 4,500).
Detectives were waiting in Fulwood, Lancashire, when Rimdeika turned up with his forged banker's draft.
Following a tip-off, police were alerted by a suspicious seller in Fulwood, Lancashire, and detectives were waiting when Rimdeika turned up with a forged banker's draft.
Now Halifax, along with rivals, charges pounds 10 for Cardcash and Halifax Current Account customers who want a banker's draft written to someone else.