A banker's draft is a check that is guaranteed by the bank to clear. To ensure that the check will clear, the bank effectively sets aside the funds in the issuer's account so they are not used for any other payments.Know More
In the United States, a banker's draft is typically referred to as a cashier's check. Banks only issue cashier's checks to customers who have enough cash in their account to cover them or to customers who have cash to pay for the cashier's check.
In exchange for the payment, the bank gives the customer a paper cashier's check, and the bank prints the name of the check recipient and the amount on the check. Cashier's checks look different than regular checks so the recipient knows he is receiving guaranteed funds.
Many banks are willing to offer banker's drafts or cashier's checks to people who are not their customers. These checks can be bought over the counter of a bank for a small fee, but they must be purchased in cash. Because the funds are verified, banks are not willing to accept an unverified payment like a check from another account.
A money order is another type of verified payment. It is similar to a cashier's check. Money orders can be purchased at grocery stores, post offices or money stores.Learn more about Personal Banking
The specific method of checking a bank balance online varies from bank to bank, but the components for this task are similar with most financial institutions. First, log on to your bank's website. A great way to get the web address is to call your local branch.Full Answer >
When a consumer banks with a company that offers online banking services, he is typically able to check account balances online. Some bank customers neglect reconciling and monitoring account activity because of the convenience of reviewing account balances online, according to Bankrate.Full Answer >
Cashing a check without a bank account may be accomplished by visiting the check-issuing bank, a grocery store or a check-cashing institution. Another option is to sign the check over to a friend or family member, although this practice is not always accepted by financial institutions.Full Answer >
Bank of America provides an online account portal that is accessible at BankOfAmerica.com. It also has an online banking service that allows customers to check their balance or payment history from a laptop or phone, notes its official website.Full Answer >