cashier's check

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Related to cashier's check: money order

Cashier's check

A check drawn directly on a customer's account, making the bank the primary obligor, and assuring firm that the amount will be paid.

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.

cashier's check

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.

cashier's check

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.

References in periodicals archive ?
30) Lastly, the regulations allow for a depository bank to hold a cashier's check for new accounts opened less than thirty days, and in emergency conditions such as a natural disaster.
The scam - overpaying for a purchase using a fake cashier's check and asking for a refund - is so common that it's described in detail on www.
Opening bid is $1 million, with a certified or cashier's check in the amount of $100,000 required to buy on day of auction.
Companies automatically think cashier's checks must be authentic," he said.
Greenberg said the lawyer told him that before wiring the $80,000 to the Japanese bank, he checked with his bank to ensure the cashier's check had cleared.
So I got online and called the real Chase Manhattan Bank, went through two or three phone calls, and they verified the account number of the front of the check is a legitimate cashier's checking account number--but from Texas, not Florida--but the cashier's check number was completely illegitimate.
He wants The Florida Bar to amend its rules to prohibit Florida lawyers from being able to immediately disburse money from their trust accounts based on a deposited cashier's check.
Once considered the next-best thing to cold, hard cash, the cashier's check is now the con artist's favorite tool.
in Guangdong, China--instead sends the firm a bogus cashier's check in an amount greater than the asked-for retainer.
Suggested opening bid is $2 million, with a certified or cashier's check in the amount of $200,000 required to bid on day of auction.