A banker's cheque is given by a bank and payable to a specific payee, notes CIMB Bank. These cheques are used by individuals who do not have an account with the bank but would like to use a check as a form of payment.
Wikipedia states that a banker's cheque is also known as a cashier's check. Since the bank, rather than the buyer of the check, is liable for paying the amount on the check, a banker's cheque is considered guaranteed funds. The main difference between a banker's cheque and a personal check is that the bank waits until the check has been cashed or deposited before withdrawing funds from the necessary account.Learn More
The "CR" next to a monetary amount on a bank or credit card statement represents a credit made to the account. A credit is when money is added to the account.Full Answer >
In banking, a pay order is a rough negotiable draft that instructs a bank to pay a certain sum of money to a third party that may or may not be involved with the bank. A bank pay order is similar to a check, but it is negotiable unlike a check.Full Answer >
United States paper money can be taken to a bank and exchanged for currency in good condition as long as it is not mutilated. Mutilated currency needs to be examined by experts at the Bureau of Engraving and Printing.Full Answer >
Irish and British banks use sort codes, along with account numbers, for routing domestic money transfers from bank to bank, and these sort codes are comparable to the routing numbers that banks in the United States use. Banks generally use different sort codes for different types of accounts, and there may be multiple sort codes used for one account category. For example, the bank Nationwide has four sort codes for current accounts as of January 2015.Full Answer >