A teller check is the same as a cashiers check in my book.
1 comment:
Anonymous
said...
My understanding is that a cashier's check is insured by the bank in a way. The bank has done the due diligence in determining where the funds originated (i.e. anti-money laundering) whereas a bank check or teller's check is not tied directly to an account (think money order). Definitions: "Cashier's check" means a draft with respect to which the drawer and drawee are the same bank or branches of the same bank.
(h) "Teller's check" means a draft drawn by a bank (i) on another bank, or (ii) payable at or through a bank.
1 comment:
My understanding is that a cashier's check is insured by the bank in a way. The bank has done the due diligence in determining where the funds originated (i.e. anti-money laundering) whereas a bank check or teller's check is not tied directly to an account (think money order).
Definitions:
"Cashier's check" means a draft with respect to which the drawer and drawee are the same bank or branches of the same bank.
(h) "Teller's check" means a draft drawn by a bank (i) on another bank, or (ii) payable at or through a bank.
Definitions provided by Cornell University Law School, U.C.C. - Article 3 - Negotiable Instruments
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