Talk:Cashier's check

No History Section?

I think a section discussing the history, evolution of the practice in different parts of the world, etc, would add a lot of missing information and context to this article. Not sure why there isn't already a history section, but there should be one. — Preceding unsigned comment added by 184.91.48.154 (talk) 13:38, 31 August 2023 (UTC)

Can't be canceled

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)

Counter check?

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)

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)

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.

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.

The Counterfeit Cashier's Check Scam: In this scam the victim is sent a cashier's check or money order for payment on an item for sale on the internet. When this document is taken to the bank it may not be detected as counterfeit for 10 business days or more, but the bank will deposit the money into your account and tell you that it has been "verified" or is "clear" in about 24 hours. This gives the victim a false feeling of security that the document is real, so they proceed with the transaction. When the bank does find that the check is counterfeit, they will come back to the customer for the entire amount of the check. The website http://ScamVictimsUnited.com/ tells the story of a couple who became victims to this scam while selling a car online. —Preceding unsigned comment added by 71.63.229.106 (talk) 15:55, 23 August 2009 (UTC)

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)

all the talk of fraud appropriate to the lead?

The current lead makes it appear as though a cashier's check is mainly a way to scam people. Certainly, that is just a very minor point?--24.85.68.231 (talk) 19:52, 29 December 2008 (UTC)

Does the term also apply to

checks issued by the operators of a bank for its overhead (eg, utilities, supplies, insurance, taxes, etc) or is there another special name for the responsible account? knoodelhed (talk) 06:54, 30 April 2009 (UTC)

nomenclature

Is "Cashier's check" not a predominantly US term? Is there a more worldly term, such as bank draft? I work in the financial industry in Canada, and we call these items bank drafts. Wondering if anyone else thinks this article should be renamed. -Andrew (talk) 16:27, 7 August 2009 (UTC)

I agree with you. In my experience in Asia Eastern countries the "Bank draft" is the usual term.Gastehiz (talk) 09:50, 13 November 2009 (UTC)

Apparently it has been suggested that Banker's draft be merged into this article. For the record I strongly disagree with any such move. A Cashiers Check is a purely American thing, and to have any things from non US countries described as also-rans in subsections of American articles annoys the hell out of me. Jcuk (talk) 09:46, 11 September 2010 (UTC)

Banker's draft is completely different to a cashier's check - recommend keeping them separate as one is UK and other US, and they operate very differently. In the UK, a counter cheque is a normal cheque which goes through the clearing cycle - essentially same as withdrawing cash, so often done when closing a (building society) account - a banker's draft has to be bought - you give the bank the amount the draft is for. — Preceding unsigned comment added by 188.29.6.178 (talk) 21:04, 23 June 2011 (UTC)

So where's the difference? In the US as well, a counter check clears the same as a normal check, and has nothing to do with the topic of cashier's checks. In the US, you have to pay the bank to write a cashier's check. Often, it's with funds on deposit at that bank. It sounds like only the terminology is purely American.

Incidentally, I believe the definition in the first line of this article is wrong. The list of synonyms for cashier's check includes several things that I believe banking experts consider distinct kinds of instruments (and the others I just haven't heard before).

Bryan Henderson (talk) 18:24, 8 July 2011 (UTC)

Merger proposal

Withdrawn. See below.

@Zadignose, Amoffit, Jcuk, and Giraffedata: This article and Banker's draft seem to be about the same or very similar objects. The issue of merger has been discussed somewhat before (six and four years ago, nothing since), just above. I know no more about the subject than anyone else, but if that's true, then the articles should be merged; if the objects are too different, then the text should certainly be corrected.

Both articles, in their first sentence, say that the terms mean the same thing:

• Cashier's check (cashier's cheque, banker's cheque, bank cheque, official cheque, teller's cheque, banker's draft or treasurer's cheque) is a check guaranteed by a bank, drawn on the bank's own funds and signed by a cashier.
• A banker's draft (also called a bank cheque, bank draft in Canada or, in the US, a cashier's check) is a cheque (or check) where the funds are taken directly from the financial institution rather than the individual drawer's account.

(Mention of this section placed on and linked from WikiProject Finance talk page.) --Thnidu (talk) 18:38, 2 September 2015 (UTC)

I've edited the articles to clarify the difference between these. They are not the same thing. A cashier's check is a check drawn on the bank itself, while a banker's draft (confusingly also called a teller's check) is a check that the bank draws on another bank. John M Baker (talk) 19:56, 2 September 2015 (UTC)

@John M Baker: Thank you!

Merger proposal withdrawn. --Thnidu (talk) 16:03, 9 September 2015 (UTC)