Your Money. Your Practice. Popular Courses. Banking Checking Accounts. Cashier's Check vs. Money orders are available in several places, including the U. Postal Service, convenience stores, drug stores, grocery stores, and check-cashing companies.
Cashier's checks are not entirely foolproof, however, as scammers sometimes create fake ones. Related Articles. Checking Accounts How to Endorse a Check. Checking Accounts Certified Check vs. Partner Links. Related Terms Understanding Checks A check is a written, dated, and signed instrument that contains an unconditional order directing a bank to pay a definite sum of money to a payee.
Bankable Funds Bankable funds are methods of payment accepted by banks. Examples of bankable funds include cash, money orders, and cashier's checks. Postdated A postdated check or draft will display a future date on it. A check user will often write this in to specify that they do not want to withdraw the amount of the check until the date specified. Certified Check A certified check is a type of check for which the issuing bank guarantees that enough cash will be available when the recipient decides to use the check.
How Does a Checking Account Work? Skip to content. Answered by:. John Burnett. What is the difference between "Bank Official Check" and Cashier's Check" if any, and which one is the most effective?
Filed under:. Filed under operations as:. Not all banks offer certified checks. According to the FTC , several fraudulent check schemes rely on the fact that it can take banks weeks to detect a fraudulent check.
This means a seller who receives a fraudulent check will not only be out of the merchandise that they handed over in exchange for the check, but they also may be on the hook for any money they spent from the fraudulent funds. Opportunities to use a paper check for payment may be relatively few and far between these days.
Emily Guy Birken is a former educator, lifelong money nerd, and a Plutus Award-winning freelance writer who specializes in the scientific research behind irrational money behaviors. Her background in education allows her to make complex financial topics relatable and easily understood by the layperson. Select Region. United States. United Kingdom. Emily Guy Birken. Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but that doesn't affect our editors' opinions or evaluations.
The Right Payment Method for You Opportunities to use a paper check for payment may be relatively few and far between these days. Was this article helpful? Share your feedback. Send feedback to the editorial team. Rate this Article. Thank You for your feedback!
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