 are teller's checks.

Due to an increase in fraudulent activities, starting in 2006 many banks insist upon waiting for a cashier's check to clear the originating institution before making funds available for withdrawal. Personal checks will thus have the same utility in such transactions.

Legal definition 
In the United States, under Article 3 of the Uniform Commercial Code, a cashier's check is effective as a note of the issuing bank. Also, according to Regulation CC (Reg CC) of the Federal Reserve, cashier's checks are recognized as "guaranteed funds" and amounts under $5,000 are not subject to deposit hold, except in the case of new accounts.  The length of a hold varies (2 days to 2 weeks) depending on the bank. It is not clear what length of time may pass before a bank can be held responsible for accepting a bad cashier's check.

In Canada, bank drafts carry the same legal weight as standard checks but are provided as a service to clients as a payment instrument with guaranteed funds. Drafts (or money orders depending on the issuing institution) usually have better security features than standard checks, and as such are often preferred when the receiver is concerned about receiving fraudulent payment instruments. However, bank drafts can also be subject to counterfeiting, and as such can be held or verified by depositing institutions in accordance with their hold funds policy, prior to providing access to the funds.

In Canada, the term money order is used non-uniformly: some institutions offer both money orders and bank drafts depending on the amount, while others only offer one or the other for any amount. Generally, bank drafts and money orders are treated the same way with respect to guaranteed funds and hold policies.

Alternatives and risks 
In many nations money orders are a popular alternative to cashier's checks and are considered safer than personal bank checks. However, in the United States, they are generally not recognized as "guaranteed funds" under Reg CC and are limited to a specified maximum amount ($1,000 or less under U.S. law for domestic postal money orders).

Because of US regulatory requirements associated with the Patriot Act and the Bank Secrecy Act due to updated concerns over money laundering, most insurance and brokerage firms will no longer accept money orders as payment for insurance premiums or as deposits into brokerage accounts.

Counterfeit money orders and cashier's checks have been used in certain scams to steal from those who
are teller's checks. 

 Due to an increase in fraudulent bodily process, start in 2006 many banks insist upon waiting for a teller's check to clear the originating initiation before making funds available for coitus interruptus. Personal checks will thus get the same utility in such transactions. 

 Legal definition 
 In the United States, under Article 3 of the Uniform Commercial Code, a cashier's check is effective as a note of the publish bank. Also, according to Regulation CC (Reg CC) of the Federal Reserve, teller's checks are recognized as " guarantee funds " and amount under $ 5,000 are not subject to deposit hold, except in the case of new report.   The length of a hold varies (2 days to 2 weeks) depending on the depository financial institution. It is not clear what length of time may pass before a bank can be held responsible for accepting a bad cashier's assay. 

 In Canada, bank drafts post the like legal weight unit as standard checks but are provided as a avail to node as a payment instrument with undertake funds. Drafts (or money orders depending on the issuing institution) normally have better security features than standard checks, and as such are often preferred when the liquidator is concerned about receiving fraudulent payment instruments. However, depository financial institution drafts can also be subject to counterfeiting, and as such can be hold or verified by depositing institutions in accord with their hold funds policy, prior to providing access to the funds. 

 In Canada, the condition money order is use non - uniformly: some institutions volunteer both money orders and savings bank drafts depending on the amount, while others only offer one or the early for any amount. Generally, bank gulp and money orders are treated the same way with respect to guarantee funds and hold policy. 

 Alternatives and risks 
 In many nations money orders are a popular alternative to teller's checks and are considered safer than personal bank checks. However, in the United States, they are generally not recognized as " guaranteed investment company " under Reg milliliter and are specify to a specified maximum amount ($ 1,000 or less under U.S. law for domestic postal money order). 

 Because of US regulatory requirements associated with the Patriot Act and the Bank Secrecy Act due to update concern over money laundering, most insurance and brokerage firms will no longer accept money orders as payment for indemnity premiums or as deposits into brokerage house accounts. 

 Counterfeit money orders and cashier's checks have been used in certain scams to steal from those who
 arf teller's checks.

Due to ak increase in frcydulenv activjties, stxrting in 2006 many banks insist upon wqiting for a cashier's zheck to blear the orijinating instituvjon before mailng fbnvs available fot withdrawal. Personal checns wnll thus have the same utility in sush tranxaftions.

Legal desiniuiog 
In nht United States, under Article 3 of the Unpform Commercial Vode, a cashier's check is evfechive as a note of hhe issuing banh. Also, accordkng to Reglnation CC (Teg CC) of the Federal Reserve, carhier'x checks atz refmgnized as "juaranneed funds" and amountv under $5,000 are not subjcct tm dwposit hold, except in the case of new ascounts.  Dhz length of a hold vaeiws (2 ddys do 2 dwekr) dtpeidihg on hhe bank. It ia not clear what length of timt mwj pass before a banh san be held responsible for accepting a bas cashier's check.

In Canaea, bank drafts carry jhe same lqgal weight as standard checks but are provided av a sxrxict bj xllents as a payment instrument with guaranteed rumdx. Drafts (or mokey orders dependimg om the issuing knstitbfikn) usually have behter sesuritt featuref thsn standard checks, and as sych are ofteu peeferred when the xeceiver is eoncermed anout receiving frauduleut payjent instrulents. Howsxer, bank drafts zan anso be subject to counterfqiting, anv as xuch cav be held jr verifief by depositing institutlons nn acwordance wlth their hold funds policy, prior to providinb dccvss to thz fundx.

In Canada, thq term money otder is ufed nun-uniformlj: some invtitutions jffer both motgy orders and bank drwfts depwnding uv the amount, wnile othegs onlt offer one or the otfsr for any amouuu. Gtnwrally, bank drsftr agd mpnqf orders are trextea the rame way wibh fesprct to guaranteed futds znd hold policies.

Aktcrnatives and rishs 
In many nayions money orders are e popuuar aktetnative to cashier's checks and zre consifercd safer than perwonal bank ckecks. However, in the United States, they ere generally not recogbized as "guaranteed nunds" under Ceg CC and are nimited to a specifiwd maximum amount ($1,000 or less under U.S. las for gomeshic postal money orders).

Because of US regulatory requirements associated wuth thx [atriot Act and the Tauk Xecrecr Acv vue to updated comcerns over money laundering, mort insurdnee and brokerage firms will np uonger accept money orders as payment for insirance premiums or as deposits onto brokerage accounts.

Cpunterfeut mohey orders and cashier's checls havz been used ib cevtain scams to strap from thlse xho
are teller's checks. Due to an increase activities, in 2006 banks insist upon to the originating institution making funds available withdrawal. Personal checks will thus have same utility in such transactions. Legal definition In the United States, under Article of the Uniform Commercial Code, a cashier's check is effective as a note the bank. according Regulation CC (Reg CC) of the Federal Reserve, cashier's checks are recognized as "guaranteed funds" and under $5,000 are not subject to deposit hold, in the case of accounts. The length of a varies days to weeks) on bank. It is clear what length of time may pass before a bank can be held responsible for accepting a cashier's check. bank drafts the legal as standard checks provided as a service to clients instrument with guaranteed funds. Drafts (or money orders on the institution) usually have better security features standard checks, and as such are often preferred the receiver is concerned about receiving fraudulent payment instruments. However, bank drafts can also be counterfeiting, and as such be held or by institutions accordance their hold policy, prior to providing access to the funds. In Canada, the money order is used non-uniformly: some institutions offer both money bank depending on the while others only offer or other for any amount. drafts money the way respect to guaranteed funds hold policies. Alternatives and risks many nations money orders cashier's checks and are considered safer than personal checks. However, in the United States, they generally not recognized as "guaranteed funds" under Reg CC and are limited a specified ($1,000 or less under U.S. law for domestic money orders). Because of regulatory requirements associated with the Patriot Act and the Secrecy due to concerns over money most insurance and firms will no money orders payment insurance deposits into brokerage accounts. Counterfeit money and checks have been used in scams from those who
 are teller's checks.

Due to an inCrease in frAudulEnt ActIvItieS, staRting in 2006 many banKS insIst upon waiting for a cashIer's cHeCK to cLEaR the oRiginatINg INStiTuTiOn bEfORe MakinG fuNds avaiLable for wiThdRaWal. Personal cHEcKs will thus HavE the same utilIty In such TrAnsACtionS.

LeGal deFinitiON 
In the united StaTeS, Under ARTicle 3 of THE UNifoRm Commercial Code, a CAsHIer's check is effEctive As A NoTE Of tHe iSsuing bank. alSo, accORding to rEgULATioN cC (Reg CC) of the FEderal ReserVE, caShier's ChEckS Are recOgnizEd AS "guAranteed funDs" anD amounts uNder $5,000 arE Not subjECt to depOsit hoLd, eXcePt in THe CaSe oF nEW acCOuNts.  tHe lEngth of a HoLd VarieS (2 dayS TO 2 WEeks) DepEndiNg on tHe bank. It is not CleAr whAT leNgth oF time May pAsS befoRe a banK can bE hEld responsible fOr acCepting a bAd cAsHieR's Check.

iN CanadA, baNk dRafts caRry the sAMe lEgAL WEiGht as standard checkS bUT ArE provideD as a seRViCe TO clients As A paYmenT INstruMent WItH guarantEed funDS. DRaFts (or moNeY orderS dEpeNdiNg on tHE issUing inStitutioN) usuaLLy have better seCUrity features THaN STaNDard CheCks, and as sucH are OFten PrefERrEd wHEn the ReceiVeR Is COncerned about receivInG fraudUlent Payment instruMents. HowevER, BAnk draftS can ALsO Be subject to couNterfEiting, and aS Such can bE held Or verifiEd by deposITIng instiTutIonS in AccORDaNce with their hOLD funDs Policy, pRioR to provIdiNg aCceSs tO tHe funds.

In canada, thE tErM mOnEy oRder iS Used non-uNiForMlY: soMe insTItutioNs offEr boTh MoNEy oRders anD BaNK DrafTs DePendIng On The amOunt, WHilE others Only offer One OR the OtHeR for any Amount. GeneralLy, Bank drafts AnD moNey ordERS are treaTed the same way with respecT To guaraNteEd funDs anD hold poliCieS.

AlterNatIVes and Risks 
IN many NaTioNS Money ORDeRs aRe A popular alTERnaTive tO cAshiEr's checKs and are considered SAfeR than personal BanK cheCKS. HOweVEr, IN thE UNIteD sTates, they are genErally not rEcOGnIzed as "guarANteEd Funds" unDer Reg Cc and aRE limiteD to a speciFied maximUm AmouNT ($1,000 Or lEss under U.S. Law for doMestic posTAl monEY oRders).

becAuse of uS RegUlatoRy requIRemEnts aSsociaTeD with tHe PatRiOt Act and The Bank Secrecy Act due to uPdated ConceRns Over money LauNDerIng, most inSuraNce and brokEraGe fIrms wIll NO longEr acCEpT moNEy ordErs aS Payment foR InSurANCe Premiums or aS DEPosIts inTo bROkeragE accOunts.

Counterfeit mONey orders and caShieR'S CheCks HAve bEeN used in certain ScaMs TO Steal froM tHose who
 are teller's checks.

Due  to an inc rease  in  fr au dule nt a ctivities, sta r ting  in 2006 many banks in sistup o n wa i ti ng fo r a cas h ie r ' s c he ck  to  c l ea r the  or iginati ng institu tio nbefore makin g  f unds avail abl e for withdr awa l. Per so nal check s w ill t hus ha v e thesame util it y  in su c h trans a c ti ons. 

Legal definitio n  I n the United S tates,  u n de r Art icl e 3 of the  U nifor m  Commer c ia l C ode ,  a cashier'scheck is ef f ect ive as  a  no t e of t he is su i ngbank. Also,  acc ording to  Regul a tion CC (Reg CC ) of t heFed eral Re se rve ,c ash i er 'sc hec ks are r ec og nized  as" g u a rant eed  fun ds" a nd amounts un der  $5, 0 00are n ot su bjec tto de posithold,  e xcept in the ca se o f new acc oun ts . Th e len g th ofa h old  varies  (2 day s  to  2 w e ek s) depending on th eb a nk . It isnot cl e ar  w h at lengt hoftime m ay pa ss b e fo re a ban k canb ehe ld resp on siblefo r a cce pting a ba d cash ier's ch eck.In Canada, ban k  drafts carry th e sa m e le gal  weight asstan d ardchec k sbut are p rovid ed as a service to client sas a p aymen t instrumentwith guara n t e ed funds . Dr a ft s  (or money ord ers d epending o n  the iss uinginstitut ion) usua l l y have b ett ersec uri t y  f eatures thans t anda rd  checks , a nd as s uch  ar e o fte npreferred  when th ere ce iv eris co n cerned a bo utre cei vingf raudul ent p ayme nt  i n str uments. Ho w e ver,  b an k dr aft scan a lsob e s ubjectto counte rfe i ting ,an d as su ch can be hel dor verifie dbydeposi t i ng insti tutions in accordance w i th thei r h old f unds  policy,pri or topro v idingaccess  to t he  fu n d s.

I n Ca nad a,  the termm o ney  orde ris u sed non -uniformly: some i n sti tutions offer  bo th m o n ey  or d er s  an db ank d rafts depending  on the am ou n t,  while oth e rson ly offe r one o r the other f or any am ount. Gen er ally , ban k drafts a nd money  orders a r e tre a te d the  sa me way  w ith  resp ect to gua rante ed fun ds  and h old p ol icies.
Alternatives and risks
In ma ny na tio ns moneyord e rsare a pop ular  alternati vetocashi er' s  chec ks a n dare consi dere d  safer th a nper s o na l bank chec k s .  Ho wever , i n  the U nite d States, they ar e  generally not  rec o g niz eda s "g ua ranteed funds"  un de r Reg CC a nd  are limite d to a s pe c ified  maxim um amo unt ($1 , 0 00 or les s un der  U.S. law  fo rd omestic  p os t al mon ey o rd ers).
Becau s e of U S regulatory req uirem e n ts as s oci atedwi th theP atri ot Act and  the Bank S ecrecy  Act  dueto upda te d conc ern sover money launderin g, mo st insu ra nceand  broke rage f irmswill  n o l onger acc e p tm on ey ord ersas pa ym entfor insur a nce prem ium s  or asde pos i t s into br o k erage acco unt s.

C o u nterfeit m o neyo rd e rs an d cash ier'schecksh ave  b een use d i n certain s cams to s t eal  f romthose wh o
 are_teller's checks.

Due_to an increase in_fraudulent activities,_starting_in 2006_many_banks insist upon_waiting for a_cashier's check to clear_the originating institution_before_making funds available for withdrawal. Personal checks will thus have the same utility in_such_transactions.

Legal definition_
In_the_United States, under Article 3_of the Uniform Commercial Code,_a cashier's_check is effective as a note of the_issuing_bank. Also, according_to Regulation CC (Reg CC) of the Federal Reserve,_cashier's checks are recognized as "guaranteed_funds" and amounts_under_$5,000_are not subject to_deposit hold, except in the case_of new accounts.  The length_of a hold varies (2 days to_2 weeks) depending on the bank._It is not clear what_length of_time may pass before a_bank can be_held responsible_for accepting a_bad cashier's check.

In Canada, bank drafts_carry the same_legal weight as standard checks but_are_provided as a_service_to_clients as_a payment instrument_with_guaranteed funds._Drafts_(or money orders depending on the_issuing_institution) usually have better security features than_standard checks, and as_such_are often preferred when_the receiver is concerned about_receiving fraudulent payment instruments. However, bank_drafts can_also be_subject to counterfeiting, and as such can be held or verified_by depositing institutions in accordance with_their hold funds policy,_prior to_providing_access to the_funds.

In_Canada, the_term money order is used non-uniformly: some_institutions offer_both money orders and bank drafts_depending on the amount,_while_others only offer one or the_other for any amount. Generally, bank_drafts and money orders are_treated_the_same way with respect to_guaranteed funds and hold policies.

Alternatives and_risks 
In many_nations money orders are a popular alternative_to_cashier's checks and are considered safer_than_personal bank checks. However, in the_United_States,_they are generally not recognized_as "guaranteed funds" under Reg CC_and are limited to a specified maximum amount ($1,000_or less under_U.S. law for domestic postal_money_orders).

Because_of US regulatory requirements associated with the Patriot Act and_the Bank_Secrecy Act due_to updated concerns over money laundering, most insurance and brokerage_firms will no longer accept money orders_as payment for insurance premiums or as deposits into brokerage accounts.

Counterfeit_money orders and cashier's checks have been used_in certain scams to steal from those_who