Payments & Drafts check0 / 1 answered · 0 correct
Check 1
Should “cashier’s cheque” and “certified cheque” always be treated as identical?
Cashier’s Cheque, Cashier’s Order and Certified Cheque
Separate common bank-supported cheque-style instruments.
Cashier’s cheque / cashier’s order
These are bank-issued payment instruments in many jurisdictions, funded by or charged to the purchaser before issuance. Names and legal effects vary by country.
Certified cheque
A certified cheque is generally a customer cheque on which the bank certifies or sets aside funds according to local practice. It is not necessarily identical to a cashier’s cheque.
Verification
Check the issuing bank independently, the instrument number, payee, amount, alterations and local clearing process.
Country differences
Do not force US, UK, Singapore or other terminology into one universal definition. The local bank and law control the exact product.
Remember thisSimilar-looking bank payment papers can have different legal structures depending on jurisdiction.
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