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A cheque ( British English) or check ( American English ); is a document that orders a bank, building society (or credit union) to pay a specific amount of money from a person's account to the person in whose name the cheque has been issued. The person writing the cheque, known as the drawer, has a transaction banking account (often called a ...
Cashier's check. A cashier's check (or cashier's cheque, cashier's order, official check) is a check guaranteed by a bank, drawn on the bank's own funds and signed by a bank employee. [1] Cashier's checks are treated as guaranteed funds because the bank, rather than the purchaser, is both the drawee and drawer and is responsible for paying the ...
Cheque clearing (or check clearing in American English) or bank clearance is the process of moving cash (or its equivalent) from the bank on which a cheque is drawn to the bank in which it was deposited, usually accompanied by the movement of the cheque to the paying bank, either in the traditional physical paper form or digitally under a cheque truncation system.
A certified check is a personal check that an account holder’s bank has confirmed is backed by sufficient funds and bears a legitimate signature. The amount of money on a certified check is ...
A banker's draft (also called a bank cheque, bank draft in Canada or, in the US, a teller's check) is a cheque (or check) provided to a customer of a bank or acquired from a bank for remittance purposes, that is drawn by the bank, and drawn on another bank or payable through or at a bank.
Such substitute checks show the MICR routing numbers that identify them as warrants. United Kingdom. In the UK, warrants are issued as payment by the NS&I when a Premium Bond is chosen. The difference between a warrant and a cheque is that a cheque usually places no explicit time frame on when the amount is to be paid. Canada
Certified check. A certified check (or certified cheque) is a form of check for which the bank verifies that sufficient funds exist in the account to cover the check, and so certifies, at the time the check is written. Those funds are then set aside in the bank's internal account until the check is cashed or returned by the payee. Thus, a ...
A negotiable instrument is a document guaranteeing the payment of a specific amount of money, either on demand, or at a set time, whose payer is usually named on the document. More specifically, it is a document contemplated by or consisting of a contract, which promises the payment of money without condition, which may be paid either on demand ...