Q:

What is a manager's check?

A:

Quick Answer

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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