This is a personal check which the bank certifies. When you purchase a cashier's check, the money is immediately debited from your account. Answer by  Which may take 30-90 days. A certified check is certified by an officer at the bank, first to be sure the funds are available at the time of writing, and second, to ensure the signature is legitimate. It is an official authority however. From training, policies, forms, and publications, to office products and occasional gifts, it’s available here: BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between. Bank drafts are similar to cashier’s checks in that they are considered safer than a personal check, at least from the perspective of the person receiving the funds in question. They are also safer for you since they don’t contain your account number. Answer by  Genuine cashier's checks deposited into a bank account are usually cleared the next day. First published on 12/14/09. Put simply, a cashier’s check is different than a regular check because it uses funds directly from the bank’s account rather than an individual account. The difference between a certified check and a bank check is the account from which each type is drawn. You might not think they are different, but they are. Chase’s four types of checking accounts — Total Checking, Premier Plus Checking, Premier Platinum Checking and Student Checking — come with different features and fees. A bank check generally refers to a "counter check" which is drawn on your account like a normal check but issued at the branch. Can you open a bank account if you have bad credit? Security code is wrong! Cashier's checks are treated as guaranteed funds because the bank, rather than the purchaser, is responsible for paying the amount. A cashier’s check generally has no upper limit, and can be issued for hundreds of thousands of dollars in some cases. How long it takes your checks to process and clear has much to do with your bank and the issuer of the check. 2021 Operations Compliance Triage Conference, 2021 Lending Compliance Triage Conference, Community Banks Define Success Through Design, Management information system can improve client retention, Specially Designated Nationals List (SDN). Get the bank’s direct number or visit a branch for verification. It's a safe way to make a large payment. Always make sure you are purchasing your money orders and cashier's checks from reputable vendors. There is usually a fee when issuing the check, but sometimes it is waived if you have a checking or savings account with the bank/credit union. With a Cashier's Check, you must give the bank the money first and they write the check so they are guaranteeing that there are sufficient funds. Cashier’s checks and certified checks are both official checks issued by a bank. Please try again. Answer by  Cathie (670). A cashier's check offers more security than a bank check because a bank check is only backed from your account, while a cashiers check is backed by the entire institution from where you received your cashier's check. Support our advertisers and sponsors by clicking through to learn more about their products and services. A cashier’s check comes from the Bank’s bank account, and can be easily verified with a phone call. "A cashier's check is a check drafted on the bank's account. An account holder goes to the bank in person, provides identification, and requests a cashier's check from the bank teller. If the check is paid by the drawer bank, it's a cashier's check under the UCC; if the check is payable at or through a different bank, it's a teller's check. To request a cashier’s check, provide the bank with the name of the recipient and the amount of the check. A bank check is a note issued on an account held by a bank, such as a checking account, while a cashier's check is purchased for cash. It can be called an official check, teller’s check, cashier’s check and a bank draft among many others. … A cashier's check is a check guaranteed by the bank instead of by a personal account. I think a cashier's check is backed by you AND the bank (ie: you're liable for insufficient funds), the other is backed by only the bank (ie: the bank pays out even if the account the check is drawn on is empty). This is why a bank check is guaranteed funds. Before you accept a cashier’s check as payment, contact the issuing bank to verify the check is genuine. selvarajan (71), bank check is the cheque is issued by bank . A cashier's check is issued by and guaranteed by the bank who writes the check. You may need to get one for certain large purchases, like vehicles and real estate. What are the rules of the Bank of the West concerning holding checks? She must have cleared funds in her account to get a cashier's check . A bank check you write on your own personal account that you are guaranteeing yourself, not the bank. The bank signs and guarantees this check. The only things that matter are the drawer (a bank) and who the payor bank is. With the full backing of the bank, it makes it virtually impossible for the check to bounce. The usage has caught on and a lot of banks print "official check" on their cashier's/teller's/treasurer's checks just because the term seems to be accepted well by the public.Regardless of what label you put on a check issued by a bank, it carries the legal status of a cashier's check or teller's check under the UCC or Regulation CC if it meets the definitions found there. The teller will request the payor and payee names and dollar amount for the check. Well a bank check is signed out by the bank. The Regulation CC definitions are slightly more restrictive, but not so much to matter to this question.First published on 12/14/09. The check is drawn on the bank’s funds, so the recipient can be sure the funds are available. Traveler’s check is a pre-printed note that has a number printed on it. The bank prints the check and immediately removes the funds from your account. Most Secure: Cashier's Check A bank check is often referred to by many names. A cashier’s check is issued by a bank, are available in higher dollar amounts, are considered more secure than money orders, and the fee is more than a money order. Bank checks and certified checks are two types of official check. Answer by  For this reason, some transactions might require a cashier's check as payment. GeorgesBataille (59). Advertisers and sponsors are not responsible for site content. Please help us keep BankersOnline FREE to all banking professionals. From bankers. quinn1988j (42). Looking for effective, convenient training on a particular subject. What is the difference between "Bank Official Check" and Cashier's Check" if any, and which one is the most effective? 3411 (b)). (The bank will hold your funds until the check is cashed.) philosophy (243). Tallia (18). There is no real difference, most banks call them Cashier's checks. bl834 (1317). When you're closing on a home purchase, for example, you'll often have to provide a cashier's check for the agreed-upon down payment. A cashier’s check is a check guaranteed by a bank, drawn from its own funds and signed by a cashier or teller. Protecting Against Money Order and Cashier's Check Fraud. In other words, the funds come from the financial institution and not a personal bank account. Although it is not obligated to do so, the Bank may decide to honor a Customer's request for a stop payment on either type of check. This paper can be used to replace hard currency and is often used when traveling abroad. Answer by  I went into my credit union and asked for a "bank check" and the teller corrected me by saying that she could write a "cashier's check" for me. If you lose a cashier’s check, the bank may require that you get an indemnity bond before issuing another one. Answer by  A bank check is often treated as cash because it is drawn upon a bank account and funds are withdrawn immediately. If the check is paid by the drawer bank, it's a cashier's check under the UCC; if the check is payable at or through a different bank, it's a teller's check. Answer by  Redline (38). BankersOnline is a free service made possible by the generous support of our advertisers and sponsors. Those definitions make no reference to what the check is called by the bank. A cashier's check is one that is already paid for, similar to a money order.It is often also called a bank check, so cashier's checks and bank checks are really just two names for the same thing. (UCC Sec. What is a Bank Check? There is only a small difference between a bank check and cashier's check. Are they really different? A cashier’s check can be used for large payments over $1,000. Answer by  It may be in order. When an individual goes to their bank asking for a cashier’s check, the bank immediately debits the desired amount from the individual’s account and places it in its own reserves to guarantee the funds. It is made out to a specific payee just as any other check. A cashier’s check is going to settle faster than a personal check. Another key difference is that with a cashier's check, a bank representative will sign it because the funds are drawn from the bank's own account.  money, Question by  difference A cashier's check is a check guaranteed by a bank, drawn on the bank's own funds and signed by a cashier. There's another term, "treasurer's check," that is often used by banks who have a treasurer rather than a cashier. A cashier’s check is check in which the money is guaranteed by the bank. Certified Check. What's the difference between a cashier's check and a money order? It is the most secure of these three options. A personal check is drawn against your funds in your bank account, and the funds are not guaranteed to be there. All that is different is the name used by the institution in question.