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"Cashier's check" means a draft with respect to which the drawer and drawee are the same bank

or branches of the same bank. Characteristic: generally signed by one or two bank employees or officers usually treated as cash since most banks clear them instantly pays a small premium for the service. pays for the full face value of the check Usage: instead of a personal check to guarantee that his or her funds for payment are
available.

Feature:

the name of the issuing bank in a prominent location Enhanced security features, including watermarks, security thread, color-shifting ink, and special bond paper. The payee's name, the written and numeric amount to be tendered, the remitter's information other tracking information

Advantages: you don't have to wait for the person you are giving it to to cash it. The financial inst. will take the funds from your account that same day. The funds are also guaranteed since the bank already funded it from money from your account. 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. Characteristics: liquidity is similar to cash cannot "bounce" absent failure of the bank Usage: financial transactions must occur but the recipient does not know or does not trust the check writer financial transactions must occur but the recipient does not know or does not trust the check writer Features: Sender cannot issue a stop-payment like they could with a check from their own bank

account

Managers check a cheque you bought from the bank at the value you asked the bank for.

Characteristics: can be named to a person or firm you want it to be named for, and the receiving bank will ask for the persons identity before cashing or depositing it. you pay the bank uprfront,

Usage:
Used in situations when the beneficiary does not accept cash or personal cheques

Advantages: a check issued by a bank against its own account and cash assets, it clears quickly. make a phone call and accept the MC as cash. Features:

the name of the issuing bank in a prominent location Enhanced security features, including watermarks, security thread, color-shifting ink, and special bond paper. The payee's name, the written and numeric amount to be tendered, the remitter's information other tracking information

Traveller's cheque a pre-printed, fixed-amount cheque designed to allow the person signing it to make an unconditional payment to someone else as a result of having paid the issuer for that privilege. Usage: used by people on vacation instead of cash

Characteristics:
do not expire Can be spend at any time in the future

Advantages: provide is the replacement if lost or stolen Feature: endorsement by stamp or signature and listing of the cheque and its amount on the deposit slip. Memorandum check check given by a borrower to a lender, for the amount of a short loan, with the understanding that it is not to be presented at the bank, but will be redeemed by the maker himself when the loan falls due.

Feature evidenced by writing the word Mem. on the check.


Characteristic: not unusual among merchants when one makes a temporary loan from another, to give the lender a check on a bank, with the express or implied agreement that it shall be redeemed by the maker himself, that it shall not be presented at the bank for payment. If passed to a third person, it will be valid in his hands, like any other check

Cross check Any check that is crossed with two parallel lines, either across the whole check or through the top left hand corner of the check. Feature crossed with two parallel lines, either across the whole check or through the top left hand corner of the check characteristics: the check can only be deposited directly into a bank account and cannot be immediately cashed by a bank or any other credit institution. Usage check writers are able to simply but effectively protect the checks they write it cannot be encased at the counter but can be collected only by a bank from the drawee bank. ADVANTAGES

a protection and safeguard to the owner of the cheque as by securing payment through a banker it can be easily detected to whose use the money is received. The paying banker shall not pay it except to a banker.

Stale Check A cheque which a bank will not accept and exchange for money or payment because it was written more than a certain number of months ago.

characteristics
This is not a valid cheque and banker will not accept. Personal check a check drawn against funds deposited in your personal checking account personal cheque bank check, check, cheque - a written order directing a bank to pay money

Characteristic Is an instrument in writing Contains unconditional order Drawn by a costumer on his bank Must be signed by the customer Must be payable on demand Must mention exact amount to be paid Must certain to whom payment is made Must be duly dated by customer of the bank Has 3 parties:drawer,drawee,& payee