What is a banker's cheque?

This is a cheque drawn on the bank. This means that payment is guaranteed by the bank.

It is often used in situations where the payment needs to be secured, e.g., payment for a large purchase item such as a car or house.

Reprinted with permission from BankingInfo (A Consumer Education Programme by Bank Negara Malaysia)

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Knowledge Base ID :   1390
Last Reviewed :   April 30, 2014
Source :   BankingInfo
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