Friday, July 20, 2007

query: teller check versus cashiers check

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).
"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