Cheque Cashiers

A cashier’s check or cheque is drawn on bank’s own fund in the name of an account holder of that particular bank. It is a guaranteed document in which the bank not the purchaser is responsible for making the payment. Cheque- cashiers are widely required in brokerage as well as real estate transactions. In this procedure the bank debits the requestor’s account by the same amount for which the cheque has to be prepared. Due to increasing frauds, banks keeps the payee waiting till the cheque gets cleared by the originating bank before the funds are made available for withdrawal.
Cheque Cashiers
Consideration about a cheque- cashier:
  • The person requesting for a cashier cheque must have the amount required to be deposited in his account before making a requisition.
  • One should not confuse a cashier cheque with teller’s cheque, banker’s draft, certified cheque and counter cheque. There is a thin line of difference between all of these. One indulging in transaction through these methods must know the demarcation between all.
  • Money order is an exact alternative of a cashier's cheque and also considered safer.
  • To avoid getting trapped in a counterfeit cheque, check the enhanced security features like watermark, color shifting ink, security thread and many more.
  • The person might have to get the cheque signed by two bank officials to make it legally binding.
  • Some banks may contract the maintenance of cashier cheque to a third party. One such leading party dealing in issuance and redemption of cashier cheque is Integrated Payment Systems.
Benefits of using a cheque- cashier:
  • Payee can make funds available in his/her account sooner.
  • Payee will be secured from the issue of cheque bounce.
  • Funds move out immediately as soon as you request for a cashier’s cheque from your bank.
  • One need not be an account holder of a particular bank to demand a cashier cheque. You can give the amount in cash and get a cashiers cheque in return.
  • If you are a user of a credit union, it becomes easy to get a cashier’s cheque from the location of any credit union.

Cheque Cashiers related information

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