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Certified Check
A check that has been certified by the bank as having sufficient funds to cover the full amount, with the bank guaranteeing payment.
More Details
A certified check is a personal check that has been certified by the bank as having sufficient funds to cover the amount of the check. In order to certify the check, the bank will withdraw the funds from the account of the person who wrote the check and hold them until the check is deposited or cashed.
Example
If you are buying a car, paying with a certified check would provide the auto dealership with the assurance that the money is in your account and will be deposited for payment.
Related Terms
Checking Account
A type of bank account that allows the owner to deposit, withdraw, and manage their money using checks, debit cards, and electronic banking services.
Overdraft
A situation in which an account holder writes a check or makes an electronic transaction for more money than is available in their account.
Escrow Funds
Funds that are held by a third party on behalf of two parties in a transaction and are released when the terms of the transaction are met.