cashier's cheque

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cashier's cheque

A customer pays for a car with a cashier's cheque.

Definition

Noun: A cashier's cheque is a secure form of payment issued and guaranteed by a bank. It is a check drawn directly on the bank's own funds, not on the personal account of an individual customer. This makes it a trusted instrument for large transactions, as the funds are considered guaranteed by the issuing bank.

Usage

A cashier's cheque is used when a secure, guaranteed form of payment is required, often for significant purchases like a car, a house down payment, or other large transactions where personal checks might not be accepted due to risk. - The seller of the car requested a cashier's cheque for the full amount. - To secure the apartment, the landlord asked for the first month's rent via cashier's cheque.

Advanced Usage
  • "as good as cash": This phrase is commonly used to describe a cashier's cheque, emphasizing its high level of security and immediate availability of funds, similar to physical currency.
    • The real estate agent explained that a cashier's cheque is considered as good as cash for closing costs.
Variants and Related Words
  • Banker's cheque: A synonym for cashier's cheque, used interchangeably in many regions.
  • Official cheque: Another term with the same meaning, emphasizing its official issuance by a financial institution.
  • Teller's cheque: A less common variant with the same fundamental meaning.
Synonyms
  • Bank check
  • Certified cheque (Note: While similar, a certified cheque is a personal check certified by the bank, whereas a cashier's cheque is drawn on the bank's own account.)
Related Phrases
  • Issued by a bank officer: This phrase describes the origin of the cheque, highlighting its official nature.
    • The cashier's cheque must be issued by a bank officer to be valid.
  • Drawn on bank funds: A technical phrase specifying the source of the payment.
    • Unlike a personal check, a cashier's cheque is drawn on bank funds, not customer funds.
cashier's cheque

A customer pays for a car with a cashier's cheque.

Noun
  1. a check issued by the officer of a bank on the banks own account (not that of a private person)
    • cashier's checks are as good as cash

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