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The scammer asks the seller to deposit or cash the check and send them the difference by personal check, cash, wire transfer, ACH transfer or a peer-to-peer payment.
Wire transfers: Wire transfers are another fast and secure way to send money to someone else, and might be called for if a money order or other alternatives don’t offer sufficient security. You ...
Since the bank guarantees the funds, people commonly use cashier’s checks for large transactions like paying a security deposit for a new apartment, buying a car or making a down payment on a house.
Certified check; Cashier's check (known as a bank draft in Canada) Money order; Manager's check; Wire transfer; Specifically, personal checks are not allowed, as the account may not have sufficient funds, and credit cards are not allowed, as the transaction may later be disputed or reversed. Checks sent by a bank bill payment service can fall ...
Funds from certified check vs. cashier's check come directly from the account holder's bank account vs. being drawn from the bank's own account.
An EFTS payment is essentially an electronic personal check, whereas a wire transfer is more like an electronic cashier's check. EFTS transfers are often called "ACH transfers", because they take place through Automated Clearing Houses. One important way ACH transfers differ from wire transfer is that the recipient can initiate it.
A cashier’s check, also known as an official bank check, is a payment instrument issued by a bank or credit union to a third party, usually on behalf of a bank customer who pays the bank the ...
Cashier's checks, often used for down payments on homes or vehicles, serve as a bank-certified alternative to personal checks. Rather than being drawn from the funds in a personal account, a ...