what is the difference between a certified cheque and a money order?
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Certified Check Vs. Money Order. A bank issues and certifies a certified check by placing a hold on the funds until the check is presented for cashing. For a money order, you prepay the specific amount, which reserves the funds until the money order is cashed.
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Cashier's Check Are checks signed and guaranteed by the bank. ... Certified Check Are checks signed by the customer, certified by the bank that you have enough funds and that your signature is genuine. Usually, but not always - the bank will set aside the funds.
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A order cheque is a cheque will be paid after identification of the person only. ... In simple words a cheque which is payable to any person who presents it for payment at the bank counter is called 'Bearer cheque'. When the word "or bearer" printed on the cheque is cancelled, the cheque is called an order cheque.
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Normally a bill of exchange is used for business transactions where the buyer does not know the seller and the via media is done through a bank. Cheque is used to draw money from the account of the drawer from his bank.
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Most banks don't differentiate between cheques deposited at ATMs or over the counter and many require at least seven calendar days to clear cheques. Standard Bank says it needs a seven-day clearance period; NBS eight days, while at FNB it can take from seven to 10 days to clear a cheque.
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A cheque is usually considered stale-dated after six months, unless it has been certified. Even though financial institutions are not obliged to cash stale-dated cheques, they may still decide to do so. It is good practice to keep track of whether cheques you've written have been cashed or are still outstanding.
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Facts: Payment Canada considers cheque as stale-dated after 6 months, unless it is a certified cheque. This means that the item is old, but not necessarily invalid. Financial institutions may still honour these items, but there is no obligation to do so.
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Counter checks are not the same as cashier's checks, which are also checks that your bank prints on demand. Cashier's checks are for “cleared” or guaranteed funds, and they have payee information printed on them. 5﻿ Counter checks are not for guaranteed payments, and the payee information must be filled in.
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A bank check is often treated as cash because it is drawn upon a bank account and funds are withdrawn immediately. This is why a bank check is guaranteed funds. ... A personal check is a form of payment that is drawn from an account, but not guaranteed until presented and cleared by the back at that exact time.
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Difference between Banker's cheque and Demand draft Banker's Cheque is a type of cheque which is issued to make the payments within the same city. Demand draft is a type of financial instrument which is used to transfer money from one person to another person in the different city.
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The Canadian Payments Association says cheques are stale-dated after six months unless certified. A stale-dated cheque is not necessarily invalid. Financial institutions may still honour them but don't have to.
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Cashier's Check Are checks signed and guaranteed by the bank. ... Usually, but not always - the bank will set aside the funds. Bank Draft Similar to a certified check but the bank will set aside the funds until the bank draft is used. Generally used in transactions involving larger sums.
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Benefits of Money Orders Easily traceable: More traceable than cash, money orders can be linked back to the payer. This means if you make a purchase with a money order and it is cashed, you can prove you paid for the item. Easy to use and inexpensive: Money order purchasers do not need to have a bank account.
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Banker Cheque means pay order or demand draft issued by bank itself with debiting the account of payer on same time ,so it is safe for payee. Banker cheque is nothing but payorder issued by the bank. ... A bankers cheque is issued by a bank. It is never bounced.
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A bank draft and a money order are both prepaid, with a specified and printed amount. ... However, a bank draft is a check drawn on a bank's funds after accepting the amount from the issuer's account, whereas cash is used when purchasing a money order. For this reason, a money order is more secure than a bank draft.
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A postal order is not a legal tender, but a type of promissory note, similar to a cheque. A Postal Order is used for sending money through the mail. A money order is an order for a specific sum of money, usually purchased with cash at a bank or Post Office, that can be used to make payments.
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A personal check is made and issued by an individual. A bank check, official check, cashier's check, or a teller check (they're all the same thing) are made and issued by a Bank. That's the only difference. ... If you ever sell your car, you would much rather the buyer pay you in cash or with an official bank check.