Q:

What is a manager's check?

A:

A manager's check is a secure check that a bank issues for an individual who has purchased it. All parties involved in a transaction benefit from the use of a manager's check.

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Full Answer

There are several advantages for paying by manager's check. The person who purchases the check pays the bank the amount of money for which the check is issued either in cash or from his bank account. He is then guaranteed acceptance of his check by the party receiving it. Paying by such a check is preferable to paying with large sums of cash for both convenience and safety. If the check is lost or stolen, the bank replaces it. The recipient of the check knows the check is good for the amount written and does not waste time or money on a check backed with insufficient funds. Another common name for a manager's check is a cashier's check.

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Related Questions

  • Q:

    Will a bank take a torn check?

    A:

    The bank on which the check is drawn should be able to honor it with no problems. However, if the recipient takes it to his bank, the processing machine might have problems reading the material at the bottom of the check.

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  • Q:

    Can you stop payment on an certified check?

    A:

    The bank can chose to honor a stop payment request on a certified check. The bank may be liable for damages relating to a wrongful dishonor if it chooses to enforce the stop payment request.

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  • Q:

    Can I deposit a torn check?

    A:

    You can try depositing a torn check, but if it's accepted or not depends on the bank. If the bank clears checks automatically, then the check may not be processed. Checks with small cuts or tears are generally accepted but ripped or Sellotaped ones may not be.

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  • Q:

    How do you check if your license is suspended?

    A:

    An individual can go to the Department of Motor Vehicles website of the issuing state and check to see if a license has been suspended. There is often a phone number where one can reach out to a representative who can assist with finding an answer, according to DMV.org

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