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In banking terminologies and conventions an 'official check' is an ambiguous and unofficial term. However there are money orders, bank orders, certified checks, and cashier checks. All of these are guaranteed notes of funds by the issuing banks. The differences between them are in their monetary amounts. Money orders in the United States can be up to and around 500$ whereas certified funds such as cashiers checks are used to purchase homes and major financial transactions worth hundreds of thousands to millions.
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What is the difference between a bank draft and a certified check?
A bank draft is a payment order from one bank to another, while a certified check is a check guaranteed by the bank that the funds are available.
What is the difference between a certified check and a cashier's check?
A certified check is a personal check that has been verified by the bank to ensure that the funds are available, while a cashier's check is a check issued by the bank and guaranteed by the bank's funds.
What is the difference between a certified check and a bank draft?
A certified check is a personal check that has been verified by the bank to ensure that the funds are available, while a bank draft is a payment order issued by a bank on behalf of a customer, guaranteeing the payment.
What is a certified check?
A certified check, also referred to as a cashier's check, is a check that has already been paid for so you don't have to wait for it to clear your account. Generally, certified checks do not have an expiration date on them.
What is the difference between a paycheck and a pay check?
The difference between a paycheck and a pay check is that "paycheck" is the correct spelling of the term referring to the money you receive from your employer for your work, while "pay check" is a misspelling of the same term.
What is the difference between a bank draft and a certified check?
A bank draft is a payment order from one bank to another, while a certified check is a check guaranteed by the bank that the funds are available.
What is the difference between a certified check and a cashier's check?
A certified check is a personal check that has been verified by the bank to ensure that the funds are available, while a cashier's check is a check issued by the bank and guaranteed by the bank's funds.
What is the difference between a certified check and a cashier's check?
A certified check passes through certification process of the bank to verify that there are adequate funds to pay the check while a cashier's check is drawn by the bank against it's own funds
What is the difference between a certified check and a cashiers check?
A certified check passes through certification process of the bank to verify that there are adequate funds to pay the check while a cashier's check is drawn by the bank against it's own funds
What is the difference between a certified check and a bank draft?
A certified check is a personal check that has been verified by the bank to ensure that the funds are available, while a bank draft is a payment order issued by a bank on behalf of a customer, guaranteeing the payment.
What is the difference between a cashiers check and a certified check and a bank check?
There is no real difference, just different names for the same idea. A cashier's/bank/certified check is a check which a guarantor, normally a bank, has written in exchange for cash or immediate withdrawal from a depositor's account. The funds are collected in advance by the bank so the payee (to whom the check is payable) has guarantee that they will be paid when the check is properly negotiated.
What is the difference between a personal check and a cashier's check?
== == Cashier's checks or Money Orders are certified checks because you must have cash to purchase these negotiable items, and these items are often insured by the issuing bank. Personal checks are not certified funds.
What is the difference between check valve and nonreturn valve?
There is no difference between check valve and NRV, both are same
What is a certified check?
A certified check, also referred to as a cashier's check, is a check that has already been paid for so you don't have to wait for it to clear your account. Generally, certified checks do not have an expiration date on them.
Can you put a stop payment on a certified check?
No, one cannot put a stop payment on a certified check. The point of issuing a certified check is to guarantee that the check can be cashed immediately - like cash.
Who can certify a check?
Only the bank can certify a check, or someone at the bank. Usually, the bank will not certify a personal check, they will issue what is called a "certified check". A certified check is guaranteed to have available funds by the bank that certifies it. Certified means the funds are held aside. Anyone with a certified check made out to them can go to that bank and collect cash. In days of banking past, you could have a personal or business check certified by the bank, and they would stamp the check "certified" and hold the funds aside on that item. Now, the bank will just issue a certified check after taking the money from your account and the certified check will be drawn on the bank's account. This answer is for the U.S. banking system.
What is the difference between a used car and certified used car?
Marketing. It means some company wrote up a check list that they say makes it certified. So if BMW headquarters makes up a list, and dealer checks it off, it is certified 'by BMW standards'. Kind of like the Academy Awards - a self serving item so a company can promote themselves. I'm an officially certified Ski Bum. I wrote the list of what it takes to certify a ski bum, and had my son check it off for me. Great marketing. What would you like to be certified in? That's how much it means.
