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 ?
The cashier's check scam works because banks typically permit the immediate disbursement of funds based on a cashier's check before it is finally settled, and because Bar Rule 5-1.
Traditionally, cashier's checks are dispensed over the teller, consuming resources that otherwise could be deployed for other relational building tasks.
Her advice: Don't accept cashier's checks from people you don't thoroughly know.
1(j), holds that cashier's checks carry a "limited and acceptable risk of failure" and are allowed to be disbursed before they are "finally settled, and credited to the lawyer's trust account," Shepard said he can understand how a bookkeeper or lawyer may disburse money before it is determined a check is no good.
deposited a cashier's check for $173,015 from someone the firm thought was a client into its Citibank trust account.
A cashier's check is provided to cover those charges, and the victim is asked to deposit the check, wait until it clears and then wire funds to cover the taxes and fees.
I do a lot of real estate work and I deal with cashier's checks all the time," he said.
And the victim who deposits the checks and wires out money as instructed ends up in the red--and personally liable--when the cashier's check fails to clear.
June 29 /PRNewswire/ -- Consumers who sell items through online auctions or classified ads should be on the lookout for scam artists who pay with counterfeit cashier's checks, Pennsylvania Banking Secretary Bill Schenck said today.
in Guangdong, China--instead sends the firm a bogus cashier's check in an amount greater than the asked-for retainer.
For your copy of this program, just send a cashier's check for $10,000 to Bad Reporter Corp.
Twenty-three bidders from as far away as New York and the West Indies gathered at the home for the auction, which required a $50,000 cashier's check just to register for the bidding.