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According to the following, I was wrong above!
Check:
A payment order drawn on a bank, payable upon presentation. The parties to a check are the Drawer or Maker, the bank, and the Beneficiary (Payee, Bearer, or the Drawer himself). A check is a NEGOTIABLE INSTRUMENT meaning that it can be signed over (endorsed) to a third party.
A Cashier's Check is one drawn on the bank's own account and is considered as good as cash. When a Cashier's Check is issued at the request of a bank client, the funds are drawn from the client's account and credited to the bank's account before the check is drawn.
A Certified Check is a check written by the Maker where the Maker's bank stamps the check itself certifying that the signature on the check is genuine and that the stated funds are available. Payment of a Certified Check is the responsibility of the bank, which draws the stated funds from the Maker's account upon certification. The funds are placed in an escrow-type account, awaiting presentation of the Certified Check for payment.
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Rich Belloff
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