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cashier's check definition
a check issued by a bank on its own account for the amount paid to the bank by the
purchaser with a named payee, and stating the name of the party purchasing the check
(the remitter). The check is received as cash since it is guaranteed by the bank
and does not depend on the account of a private individual or business. Cashiers'
checks are commonly used when payment must be credited immediately upon receipt
for business, real estate transfers, tax payments and the like.
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