Cashier's Order vs Cheque ?

[htc_user]

Does presenting a Cashier's Order in my name at the bank teller result in the cash being available immediately unlike Cheque where there is a clearance time usually being presented before 3.30pm on a weekday and only available after 2pm the next working day ?

That is to say if I present a Cashier's order in my name at 4pm to a bank teller on a working day, it would be immediately credited as cash in the bank account and it can be withdrawn immediately as cash? Thanks.

 

[henrylbh]

Think clearing of CO should be same as cheque.

 

[arctician]

No co same as cheque. Only diff is when co is issued funds get pulled out immediately so if its done on a friday..u may lose out on interest over e weekend

 

[whitesand]

This is what I understood:

Does presenting a Cashier's Order in my name at the bank teller result in the cash being available immediately unlike Cheque where there is a clearance time usually being presented before 3.30pm on a weekday and only available after 2pm the next working day ?

No, CO will just work like chq - just that it is a cheque issued by bank and "guarantee" it will not bounce.

That is to say if I present a Cashier's order in my name at 4pm to a bank teller on a working day, it would be immediately credited as cash in the bank account and it can be withdrawn immediately as cash? Thanks.

No. It still works like a cheque.

 

[Laneige]

cashier order works like a chq. unless u have CASH written on yr chq and not strike off left and right (or bearer), u r able to get CASH out if that acc has $$$. u go to that chq bank to take the $$$.

cashier order clearance time same as chq

 

[pattanispirit]

i find Cashier Order really something belonging to 50s

last few days, i converted some warrant to shares. The process have not changed much since 50s :

1. go to Warrant Agent to get Conversion Form. Must prove u own the warrant by showing yr CDP statement

2. fill up form

3. buy bank to queue to buy Cashier Order to Company of shares.

4. go Warrant Agent and submit form + Cashier Order

5. wait for 3 weeks for the Conversion process.

i really surprised that Warrant Agent Office, Share Brokers, Law Firms, Property Agencies, etc in Financial or Legal or Administrative offices still practice these outdated processes.

i think they still employ office boys to run errands for them

personal cheques, electronic submission, electronics transfer, etc have yet to reach these ppl.

i went to a MY lawyer to settle my relative estate 2 years ago, i ask for their email, was told that they do not using internet ! ! !

 

[henrylbh]

You can wait another 10 years or even forever, personal cheques will never be accepted for certain transactions.

 

[technophobix]

Yea CO works like a cheque, also helps people who don't have cheque books.

 

[pattanispirit]

You can wait another 10 years or even forever, personal cheques will never be accepted for certain transactions.

3 wks is more than enough time to clear the cheque already.

Electronic transfer instantly still not fast enough ？

These industries really be major revamped, British left us >50 yrs already.