| "body"> | | | | the signature of the drawer (in this case, the bank |
| A bank check is a guaranteed check issued by the | | | | manager). |
| bank on the bank's own account, after a purchaser | | | | Like a regular check, a bank check is typically valid |
| (usually a depositor in the bank) "buys" it. It is | | | | for six months after the date of issue (except in |
| guaranteed because it is as good as cash - the | | | | special cases when the validity date is otherwise |
| purchaser of the check pays the bank the sum | | | | indicated). |
| indicated on the check (either directly or through | | | | Anyone can apply for a bank check, but the process |
| account debit), so there is no way the check will | | | | is made much easier if you are already a depositor at |
| bounce. | | | | the bank where you want to buy a bank check. In |
| Bank checks are very handy when you need to pay | | | | this case, they simply debit the amount of the check |
| a large amount of money but do not want to carry | | | | from your account, write up the check, give you a |
| cash. Most purchasers of bank checks use them to | | | | receipt and the check, and send you on your way. If |
| pay for big acquisitions like properties, to pay taxes, | | | | you do not have an account in the bank you want to |
| to close business deals, etc. | | | | buy from, you can pay them upfront, and they can |
| A bank check typically looks like a regular check, | | | | immediately write you a check. Note, however, that |
| except that it is bank issued and does not depend on | | | | banks usually impose service charges for this request. |
| anyone's account. It also has the basic elements of | | | | The service charge varies, but it is typically only a |
| the regular check: a date and place of issue, a check | | | | few dollars (or more, depending on bank regulations |
| and account number, a clearly written payee name, a | | | | or the amount of the check). |
| clearly written amount of currency, and of course, | | | | |