For generations cheques, both large and small, have been vulnerable to copy but more regularly to alteration with the payee name being changed or the amount being increased. Cheque security is an important consideration across banks, government departments and multi-national companies.
Bank drafts issued by banks are usually of very high values and present a profitable target with the payee name and amount vulnerable to alteration.
While central banks’ printing of banknotes is not an everyday part of Security Foiling’s business it is a field where the company has been able to provide expertise. Securigrafix™ is offered as a solution for bank notes, as licensed by the Bank of England for the formation of the silver rose on the UK £50 note.
A cashier's check (cashier's cheque, banker's cheque, bank cheque, official cheque, demand draft, teller's cheque, bank draft or treasurer's cheque) is a cheque guaranteed by a bank, drawn on the bank's own funds and signed by a cashier Cashier's checks are treated as guaranteed funds because the bank, rather than the purchaser, is responsible for paying the amount. They are commonly required for real estate and brokerage transactions.
When a customer asks a bank for a cashier's check, the bank debits the amount from the customer's account immediately, and then the bank assumes the responsibility for covering the cashier's check.
This is in contrast with a personal cheque where the bank does not debit the amount from the customer's account until the check is deposited or cashed by the recipient.
Cashier's checks deposited into a bank account are usually cleared the next day. It is the customer's right to request "next-day availability" when depositing a cashier's check in person. Most banks do not clear them instantly. However, banks are permitted to take back money from a "cleared" check one or two weeks later if subsequent processing finds it to be fraudulent. Because customers believe the checks have been found valid and have been converted to cash in hand, customers are readily defrauded by schemes that ask them to part with goods or a portion of the money if it is cleared in a timely manner.
A cashier's check is different from a certified cheque which is a personal check written by the customer and drawn on the customer's account, on which the bank certifies that the signature is genuine and that the customer has sufficient funds in the account to cover the checkit should not be confused with a counter check, which is a non-personalized check provided by the bank for the convenience of a customer in making withdrawals or payments, but which is not guaranteed and is functionally equivalent to a personal check.