E-Mail 'What is a Cashier's Check?' To A Friend

by Investing School on October 1, 2010

Email a copy of 'What is a Cashier's Check?' to a friend

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Ellen1910 October 6, 2010 at 4:06 am

Is it not the case that an “official check” may be very different from a “cashier’s check”?

For example a “cashier’s check” must be written against funds held by the issuing bank; an “official check” may be written against funds held by another bank. A NYC bank may write an “official check” against its account held in some tiny bank in Grand Junction, CO — an excellent reason for delaying clearing said check since that bank may not be in business (taken over by the FDIC) by the time the check is presented for payment by the receiving bank.

Fraud isn’t the reason for not clearing those “bastardized” types of bank checks; insolvency is. And that issue should never delay the clearance of a “cashier’s check” — because that type of check is good the instant it is issued.

Lesson: Forgo the use of the term “cashier’s check” when the subject is “bank checks.”

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