Name
Cashier's check
Introduction
It is a kind of instrument issued by the bank according to customer's application, promising to unconditionally pay a certain amount of money to the payee or bearer upon presentation. There are two kinds of cashier's check: cash check and transfer check. The presentation period of the cashier's check is two months.
Features
1. The amount of money has been deposited into the bank before the issuance of the bill, and the credit of Bank of China is regarded as the payment guarantee;
2. The agency paying bank will pay the cashier's check for transfer upon presentation if the transfer check falls in the same region of check settlement;
3. During cross-system presentment for payment, it is directly connected to the system of the issuing bank, also, the payment can be credited in a safe manner with real-time arrival.
Scope of Application
It is applicable to corporate customers or individual customers for all varieties of payment settlement within the domestic bill settlement area.
Process
1. The applicant should fill cashier's check application form and affixes the seal which is reserved in the bank;
2. After the completed application form mentioned above has been approved, the payment has been debited and charged by the bank, the bank issues the cashier's check and delivers the cashier's check to the applicant together with customer payment receipt.
3. If the customer applies to open a cashier's check for cash, both the applicant and the payee should be individual and the money must be deposited;
4. The applicant submits the cashier's check to the payee whose name is written on the check; the payee may endorse and transfer the cashier's check to the endorsee as long as the endorsee's name and endorsement date are written by the payee or endorser in designated area with signatures and seals affixed on it upon endorsement and transfer;
5. When the payee (the bearer) cashes the check in the bank by presenting the cashier's check and bank deposit receipt, he or she should affix signature and seal in designated area. The signature and seal must be identical to the ones which are reserved in the bank.
Kind Reminder
1. The validity period of cashier's check is two months; please conduct the payment procedures before the expiry day.
2. The bearer should properly keep the cashier's check and avoid damages to the surface due to breakage and/or water scrubbing.
3. Those who lost cashier's check should immediately report the loss to Bank of China and apply for the procedure of loss report and payment suspension.
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