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Cashier's Check
A Cashier’s Check is a check drawn by a bank on its own funds; it is not drawn on the depository company's account or funds. As such, the issuing bank is the primary obligor. A note of caution to credit professionals: Cashier's Checks can easily be forged. For this reason, it is common for an employee of the credit department to call the bank listed as the issuing bank to confirm the check is legitimate before releasing merchandise against the Cashier’s Check. It is preferable to request and receive a wire transfer rather than a Cashier's Check.
© 2010 by Michael C. Dennis. All Rights Reserved. Michael is the author of "1001 Collection Tools and Tips."