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A bank guaranteed check for which funds are immediately withdrawn, and for which the bank is legally liable.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 ?
Michael's buyer asked for his bank account number although the payment was to be made by banker's draft. He wanted this so he could make bogus cheques in Michael's name to scam more victims.
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).
Don't accept a cheque, or banker's draft, from someone unless you know and trust them absolutely.
But the banker's drafts were forged and the cheque later bounced.
KON ARTIST: Rimdeika and one of his banker's drafts
Only banker's drafts to other people or companies are affected and customers taking one payable to themselves don't have to pay.