BANKING AFFAIRS

Detailed explanation-1: -money order. an order for the payment of a certain amount of money; resembles a check and is typically used to pay a bill.

Detailed explanation-2: -Cashier’s Check: A check drawn by the bank on itself, rather than on a drawer’s account, which constitutes the bank’s (i) promise to pay the payee on presentment and (ii) assumption of liability if the bank fails to pay. A teller’s check is usually drawn by a bank on another bank.

Detailed explanation-3: -A Check Card Authorization is simply a hold put on the account to verify that the account is active and that there are funds in the account. The authorization is done by the merchant. An example of this type of transaction is a pay at the pump transaction. This is usually done without your pin.

Detailed explanation-4: -They are called demand deposits or checkable deposits because the banking institution must give the deposit holder his money “on demand” when a check is written or a debit card is used.