Talk:Cashier's check

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I think one of the distinguishing characteristics of a bank draft is that a legitimately issued bank draft cannot be cancelled. The article should mention this under "characteristics", but currently it does not. I don't know if this applies to all countries in which bank drafts are issued, however. 74.12.73.20 (talk) 23:55, 2 February 2008 (UTC)

What is a counter check? My bank has teller's checks and counter checks. The counter check costs less. Either one can have a stop payment put on them. --Gbleem 17:17, 3 September 2006 (UTC)

I work at a credit union and it is my understanding that counter checks can only be made out to the person from whom the funds are being drawn. They're used to transfer funds from one financial institution to another, generally. M s grayson 22:00, 2 January 2007 (UTC)

The above statement is incorrect. A counter check is a blank check that is not pre-printed with the customer's account information. The bank (or credit union, I suppose) usually encodes the check with this information themselves, although the name and address of the customer are usually left blank. Generally, people get counter checks when they have run out of their regular checks and need one before their check order can be processed, although there are other uses as well. M.T.24.58.52.222 03:48, 23 June 2007 (UTC)

As mentioned above, credit union tellers and those of other financial instituions, can also issue cashier's checks. Perhaps we can change the reference of "banks" to "financial institutions" to be more inclusive/accurate. I'd go ahead and do it myself, but I figured I'd ask here first seeing as I'm a new editor to Wikipedia. Thenschel (talk) 18:31, 21 January 2008 (UTC)

Contents 1 Copyvio? 2 How to get 3 Treated as cash 4 Does this description mainly apply to American Bank Checks?

[edit] Copyvio?

Because only the intro violates copyright and the rest of the article is referenced, wouldn't it be preferable to just remove the first two paragraphs, rather than delete the whole article? --Confiteordeo 14:23, 24 January 2007 (UTC)

[edit] How to get

Can anyone also describe, how to get a cashiers check ? -- Vikas Thakur User:69.86.192.60

The following is listed on cycle trader as a caution to buyers. Therefor I think someone should edit the main doc and stress how these cashier's checks are a very risky instrument to accept as payment for a large item such as a car, boat or cycle.

[edit] Treated as cash

"They are usually treated as cash since most banks clear them instantly." That is not true. A cashier's check is usually treated as any other check, although the funds are usually available quicker than other checks. Almost all internet scams involve counterfeit bank checks or money orders, and the bank has a certain amount of time allotted to them to determine the veracity of the check presented to them. In most banks, the only thing that is "treated as cash" is cash. M.T. 24.58.52.222 03:48, 23 June 2007 (UTC)

BUYER SCAMS

Fraudsters sometimes pose as buyers interested in your vehicle for sale. They may try to pass you bad checks or overpay you and ask you to refund the difference. Here is the most important point:

Most fraud buyers use counterfeit cashier’s checks and the bank has 30 days to verify the check.

Do not assume that because the bank has cashed the check for you, it is a legitimate check. After the bank has paid you the money, the bank has 30 days to determine if the check is valid or not. The bank will come after you if they discover the check/money order is counterfeit. You will be expected to pay the funds back to the bank.

[edit] Does this description mainly apply to American Bank Checks?

I came to this page out of interest in the way money is handled in Korea. Korean cash is issued with the highest denomination being 10,000 Won (equivalent to about $11.00 US) For larger sums, the standard is to pay in bank checks/cashier's checks which are typically issued in amounts of 100,000 or 1,000,000 Won (I'm sure that other mid-sized denominations or larger denominations exist). In my limited experience, these are generally treated much as cash. To spend one, one does not write out the name of the payee on the check, and only sometimes is one asked to sign one's own name on the back of the check when paying with it. I've never been asked to sign a 100,000 Won check, though I have been asked to sign a 1,000,000 Won check. It's quite normal to pay with a check, and to receive change in cash, so to a very great extent these checks function like cash. One can make a withdrawal from an ATM in bank checks that are printed on the spot, and one can deposit bank checks directly into an ATM without the interaction of a teller.

The Korean cashier's check seems to function somewhat differently from how it is described here, and I imagine there are many other nations with their own peculiar treatment of bank checks. So, if this page deals mainly with an American standard, I think that should be made clear in the text of the article, or else the description should be more generalized, with more diverse examples.zadignose 11:03, 3 August 2007 (UTC)

Oh, yeah, in case it's interesting or relevant, I forgot to mention the fact that Koreans don't use personal checking, so the role of Cashier's checks as the primary money substitute seems very economically significant. To pay for anything in Korea the options are basically: Small denomination cash, Larger denomination bank checks, Credit, or Interaccount transfer executed by the payer from his bank.zadignose 11:10, 3 August 2007 (UTC)