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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.
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 ...
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Counterfeit money orders and cashier's checks have been used in certain scams to steal from those who sell their goods online on sites such as eBay and Craigslist. [9] The counterfeit cashier's check scam is a scheme wherein the victim is sent a cashier's check or money order for payment on an item for sale on the Internet. When the money order ...
When you buy a big-ticket item like a car or make a large payment, such as a down payment on a house, you may be asked to pay with a cashier's check or certified check. These checks are less ...
Check Feature. Certified Check. Cashier’s Check. Funding Source. Paid directly out of the customer’s bank account, using funds that have been set aside by the bank
The bank accepts (guarantees) the obligation to pay the holder of the draft, analogous to a cashier's check. The draft holder may hold the acceptance until maturity and receive the face value payment from the bank, or it may sell (exchange) the acceptance at a discount to another party willing to wait until maturity to receive the bank's ...
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