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Posted by robert.moredock@gmail.com on July 18, 2007, 5:11 am
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>> A cashier's check is a check drawn on a bank's own funds,
>> signed by the bank's cashier or other officer. Usually a
>> customer has placed funds with the bank to cover the check.
>> A certified check is a check drawn on a customer's account,
>> stamped by the bank with a certification that the signature
>> is genuine and that there are sufficient funds in the
>> account to cover the check. Usually the bank will set aside
>> funds from the customer's account until the check is
>> negotiated and paid.
> Note Katie says "usually". In practice I think "Sometimes"
> would be more accurate. It (certification) only denotes
> that there were funds available to pay the instrument at the
> time of certification.
About 20 years back, I worked at a decent sized midwest
bank. a Cashier's check was a check drawn on the bank's own
funds and signed by an officer of the bank.
A certified check was a check drawn on a customer account
which was guaranteed by the bank to be paid "when presented"
---- in perpetuity. This particular bank physically
altered the customer check so it could not be processed
through his or her account. The funds were then withdrawn
and transferred to a trust account reserved for payment of
certified checks and the check was logged. The customer
then signed an acknowledgement that only the certified check
could be used to receive the funds set aside, and that in
the event that the check was claimed to be lost or destroyed
the bank had no duty to refund the check or reissue it
unless an irrevocable bond for the full amount of the lost
or destroyed check was obtained.
This bank did not, under any circumstances, certify its own
cashiers checks, only checks drawn on customer accounts
Hope this helps.
I concur on the opinions above that someone mentioning or
promising a certified cashier's check has a high probability
of being a scammer.
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