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January 10, 2019
Cashier's Check

Word of the day
Cashier’s Check
A bill of exchange (check) drawn by a bank (usually signed by its cashier) upon itself as drawer and payable upon demand, like a promissory note executed by the bank. A cashier’s check is preferred to an ordinary personal check, and it (or a certified check) is usually required of the purchaser of property by the contract terms to close a transaction.
A cashier’s check, however, is still subject to a stop-payment order of the maker. The certified check is subject to a stop-payment order only if the maker obtains the bank certification, not when the payee has the maker’s check certified in the maker’s bank.
A cashier’s check, however, is still subject to a stop-payment order of the maker. The certified check is subject to a stop-payment order only if the maker obtains the bank certification, not when the payee has the maker’s check certified in the maker’s bank.

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Written by
John Reilly
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