What does Certified check mean?
Definitions for Certified check
cer·ti·fied check
This dictionary definitions page includes all the possible meanings, example usage and translations of the word Certified check.
Princeton's WordNet
certified check, certified chequenoun
a check containing certification that the person who issued the check has sufficient funds on deposit to cover payment
GCIDE
certified checknoun
a check drawn on a bank and bearing marks from that bank guaranteeing that funds have been reserved for payment.
Wikipedia
Certified check
A certified check or certified cheque is a form of cheque for which the bank verifies that sufficient funds exist in the account to cover the cheque, and so certifies, at the time the cheque is written. Those funds are then set aside in the bank's internal account until the cheque is cashed or returned by the payee. Thus, a certified cheque cannot be stopped (can't "bounce"), and, in this manner, its liquidity is similar to cash, barring bank failure or illegal act (such as the funds being based on a fraudulent loan, at which point the cheque will be disavowed). In some countries, e.g. Germany, it is illegal for a regular bank to certify checks. This regulation is supposed to prevent certified cheques from becoming a universal substitute for cash, which is considered the only legal tender. The Deutsche Bundesbank (Federal Bank) is the only financial institution authorized to issue certified checks. Because of the liquidity and certainty of payment of a certified cheque, it is sometimes considered equivalent to cash, such as in the regulation of credit for casino gaming in Macau, where the law explicitly states that if a casino patron obtains casino chips and pays with a certified cheque, the transaction is not regarded as credit for gaming (see Law 5/2004, art. 2). It is possible to counterfeit or forge a certified cheque, in which case it is not binding on the bank and is worthless; see cashier's check for an exploration of associated risks.
ChatGPT
certified check
A certified check is a type of check for which the issuing bank guarantees that there will be enough available funds in the account when the recipient decides to use the check. This means that the bank certifies or confirms that the person who made the check has enough money to cover the amount. Consequently, a certified check is considered more secure than a personal check.
Wikidata
Certified check
A certified check or certified cheque is a form of check for which the bank verifies that sufficient funds exist in the account to cover the check, and so certifies, at the time the check is written. Those funds are then set aside in the bank's internal account until the check is cashed or returned by the payee. Thus, a certified check cannot "bounce", and, in this manner, its liquidity is similar to cash, absent failure of the bank or illegal act. In some countries, e.g. Germany, it is illegal for a regular bank to certify checks. This regulation is supposed to prevent certified checks from becoming a universal substitute for cash, which is considered the only legal tender. The Deutsche Bundesbank is the only financial institution authorized to issue certified checks. The liquidity and certainty of payment of a certified cheque explains the fact that it is sometimes considered equivalent to cash, such as in the regulation of credit for casino gaming in Macau, where the law explicitly states that if a casino patron obtains casino chips and pays with a certified cheque, the transaction is not regarded as credit for gaming.
Matched Categories
Numerology
Chaldean Numerology
The numerical value of Certified check in Chaldean Numerology is: 6
Pythagorean Numerology
The numerical value of Certified check in Pythagorean Numerology is: 1
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"Certified check." Definitions.net. STANDS4 LLC, 2024. Web. 1 May 2024. <https://www.definitions.net/definition/Certified+check>.
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