banker's check

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banker's check

A customer presents a banker's check to a teller at the bank counter.

Definition

Noun: A banker's check is a guaranteed form of payment, similar to a cashier's check. It is a check drawn by a bank on its own funds, rather than on a customer's account, making it a secure and reliable instrument. The issuing bank guarantees the payment.

Usage

A banker's check is used for significant transactions where security and guaranteed funds are required, such as in real estate purchases, large deposits, or payments to institutions. It is considered as good as cash but safer for large amounts.

Examples
  • The buyer provided a banker's check for the down payment on the house.
  • Please make the tuition payment via a banker's check or money order.
  • The auction house only accepts certified funds, like a banker's check.
Advanced Usage
  • "To issue a banker's check": The act of a bank creating this guaranteed check for a customer who provides the funds upfront.
    • The bank will issue a banker's check for the exact amount you specify.
  • "Payable to": A banker's check is always made payable to a specific person or entity.
    • Make the banker's check payable to "ABC Corporation".
Variants and Related Words
  • Cashier's check (n): A nearly identical instrument, also drawn on the bank's own funds. In common usage, "banker's check" and "cashier's check" are often used interchangeably.
  • Certified check (n): A personal check that a bank has stamped and guaranteed, setting aside the funds from the customer's account. This differs slightly as it originates as a customer's check.
  • Money order (n): A similar payment instrument for smaller amounts, often available from post offices or stores, not just banks.
Synonyms
  • Cashier's check
  • Official check
  • Bank check
  • Treasurer's check
Notes on Meaning

While the core meaning is consistent, the term banker's check is sometimes used interchangeably with cashier's check. The key defining feature is that the financial institution itself is the obligor, guaranteeing the payment upon proper presentation.

banker's check

A customer presents a banker's check to a teller at the bank counter.

Noun
  1. a letter of credit issued by a bank or express company that is payable on presentation to any correspondent of the issuer

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