Isn't a cashiers check supposed to be guaranteed funds, if not what is a cashiers's check?
2006-09-09 08:09:59 · 9 answers · asked by breeze1 4 in Politics & Government ➔ Law & Ethics
How is it that all these people are getting ripped off by cashing these checks coming in the mail and having to reimburse the bank where it was cashed..
2006-09-09 08:52:25 · update #1
A cashiers check is when you actually pay money to a bank and the bank issues the cashiers check. Yes it is guaranteed funds, but most banks don't treat it that way anymore. They give you crap about holding the check 5-7 days until it clears, this is just so they can use the money in the meantime and rip you off. The only thing really guaranteed anymore is a money order from the US Post office and you can get them for about .50.
2006-09-09 08:14:12 · answer #1 · answered by irongrama 6 · 0⤊ 1⤋
Yes. A Cashier's check is guaranteed funds. They must be purchased with CASH. (or taken directly out of your account). There is usually a fee involved too. Money Orders are very similar. A cashier's check you must tell the bank exactly who to make it out to- they will print it. A money order usually has a limit on how much it can be, and you write in who it is for. Both ways are guaranteed.
2006-09-09 08:13:47 · answer #2 · answered by goodlittlegirl11 4 · 1⤊ 0⤋
A cashier's check is a check issued by a bank on its own account. These days they are often called "bank checks." Generally they are "purchased" by a "remitter" who has an account with that bank and transfers $$ from his account to the bank. Thus the bank substitutes its own credit for the remitter's. Bank checks can be forged or falsified just like any other check. So for really large sums one should verify with the bank the issuance of the check. Payment of bank checks can also be stopped if there is an allegation of theft or fraud and a bond is posted by the remitter to indemnify the bank for any damages resulting.
2006-09-09 10:10:48 · answer #3 · answered by Anonymous · 0⤊ 0⤋
It's a check guaranteed by the bank, because it was paid for in cash, which is held by the issuing bank, not under control of the person who got the check.
2006-09-09 08:11:57 · answer #4 · answered by coragryph 7 · 1⤊ 0⤋
A cashier's check is basically a check written by the bank (almost always for a sizeable fee). It's as good as cash, provided it's not been fraudulently produced.
2006-09-09 08:14:23 · answer #5 · answered by brooklyncpl 2 · 0⤊ 0⤋
It is guaranteed by the bank, but there are so many fraudulent paper people out there nowadays, most banking institutions put a hold on them anyway to make sure they clear.
If it's from an out of state bank they will hold it for 5 business days.
2006-09-09 08:19:23 · answer #6 · answered by Anonymous · 1⤊ 0⤋
Cashiers check is a financial instrument that represents a fixed sum of money. Nearly identical to a personal check.
2006-09-09 08:13:29 · answer #7 · answered by Dane 6 · 0⤊ 0⤋
It guaranteed money by the bank, and you should be able to use it like cash.
2006-09-09 08:37:44 · answer #8 · answered by Anonymous · 0⤊ 0⤋
challenging factor. do a search into yahoo or google. this may help!
2015-04-29 18:01:18 · answer #9 · answered by ? 2 · 0⤊ 0⤋