What exactly is a Certified Bank Check ?

Question

Please be specific and include as much info. as possible...Thanks!

Answer 1

Similar to a money order. The check is issued by a bank and will have the payee's name typewritten on it already so that you will be able to use it only for the person, company, etc. named on the check. It's a check that's pre-paid to the bank in cash and certified means the issuing bank guarantees that it won't bounce. Just go to your bank, or any bank, and tell them you need a 'Certified Check'. You must pay for the amount on the check in cash and there is usually a small fee charged by the bank to issue the check. Tell them who to make the check out to and then wait until they hand it to you. Then give it to the person, company, etc., intended.

Answer 2

A Certified Check is a check written by the Maker where the Maker's bank stamps the check itself certifying that the signature on the check is genuine and that the stated funds are available. Payment of a Certified Check is the responsibility of the bank, which draws the stated funds from the Maker's account upon certification. The funds are placed in an escrow-type account, awaiting presentation of the Certified Check for payment.

Answer 3

You must go to your bank and purchase the check. (The check itself can cost upwards of $10). Your bank will normally require that you either present cash to them for the amount of the check you wish to purchase, or if you have a deposit account with them, in good standing, they will take the money out of your deposit account and write the certified check for you. The certified check guarantees the receiver of the check that the funds are good and available. It's a secure way to purchase something since the bank guarantees the funds.

Answer 4

You use your own check and the bank then puts a stamp and signature to show proof that the funds are in the account. So if you are let's say buying a new car bring a certified check because it will prove to them that the funds are there, if you bring them a regular check they have to call the bank to find out if the funds are available.

Answer 5

A certified bank cheque is a cheque that guarantees there is enough money in your account to pay for it. You get the cheques at the bank, and they 'freeze' part of your account, to cover the amount of the cheque. Then when the payee turns the cheque in to his or her bank, it is immediately credited to his or her account. When you aren't dealing with certified bank cheques, there is often a wait of several days while money is transferred from one bank to the other, but with the CBC, there is no need to do that because the payor's bank has guaranteed that the money is there.
Hope this answers your question!

Answer 6

Its like a postal money order, but issued from a bank. The bank issues the check (made payable to whomever you tell them), then they reserve those funds from your account, so the person receiving the check knows it won't bounce. Banks will charge a fee for this.

Answer 7

A cashier's check or money order

Answer 8

a glorified check, or about 2.50 more than a money order. also, its a better way for tracking purposes and accountability.

Answer 9

http://dictionary.law.com/definition2.asp?selected=163&bold=||||

hope this helps