It's a tale involving thousands of dollars worth of industrial kitchen equipment, a hastily cashed certified cheque, and an amicable breakup that left me with a shawarma machine love child.
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When a certified cheque is drawn, the bank operating the account verifies there are currently sufficient funds in the drawer's account to honour the cheque. Those funds are then set aside in the bank's internal account until the cheque is cashed or returned by the payee. Thus, a certified cheque cannot "bounce", and its liquidity is similar to cash, absent failure of the bank. The bank indicates this fact by making a notation on the face of the cheque (technically called an acceptance).
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Throughout the race, Arny and Jim Lawrence (Brett Halsey) battle for the lead, with Jim repeatedly trying to force Arny off the road. However, Arny is a better driver than Jim and wins the race. When he's awarded the $1500 certified cheque and a trophy, he mumbles "thanks," stuffs the cheque into the back pocket of his jeans and casually tosses the trophy onto the seat of his car. Terri and the Road Devils approach Arny.
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A money order is purchased for the amount desired. In this way it is similar to a certified cheque. The main difference is that money orders are usually limited in maximum face value to some specified figure (for example, the United States Postal Service limits domestic postal money orders to US $1,000.00 ) while certified cheques are not. Money orders typically consist of two portions: the negotiable cheque for remittance to the payee, and a receipt or stub that the customer retains for his/her records.
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A call for tenders was sent out requiring a deposit of $150,000 which would be lost if the tendered offer was withdrawn. Ron Engineering submitted an offer along with the required deposit in the form of a certified cheque. The submitted tenders were opened by the owner and Ron Engineering was the low bidder by a substantial margin. It was then discovered that the price on the tender documents was far lower than the price that Ron Engineering had intended to submit, and that they had made a mistake in calculating their total bid price.
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For a transitional period another pictogram, the ec electronic cash pictogram, is still to be found as an acceptance mark on debit cards issued by the German credit services sector and on POS terminals. This mark was used during the transition from Eurocheque (payment via certified cheque) to payment via ec-card (card based payment with PIN). After the abolition of the Eurocheque, the allocation of ec-cards by the German credit services sector was suspended and the trademarks for Eurocheque were sold to MasterCard. The German banking sector no longer uses the ec electronic cash sign as an official acceptance mark for electronic cash.
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A certified check or certified cheque is a form of check or cheque for which the bank verifies that sufficient funds exist in the account to cover the check, and so certifies, at the time the check is written. Those funds are then set aside in the bank's internal account until the cheque is cashed or returned by the payee. Thus, a certified check cannot be stopped (can't "bounce"), and, in this manner, its liquidity is similar to cash, barring bank failure or illegal act (such as the funds being based on a fraudulent loan, at which point the check will be disavowed). In some countries, e.g.
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Germany, it is illegal for a regular bank to certify checks.Art. 4 of the German Cheque Code (Scheckgesetz) This regulation is supposed to prevent certified checks from becoming a universal substitute for cash, which is considered the only legal tender. The Deutsche Bundesbank (Federal Bank) is the only financial institution authorized to issue certified checks. Because of the liquidity and certainty of payment of a certified check, it is sometimes considered equivalent to cash, such as in the regulation of credit for casino gaming in Macau, where the law explicitly states that if a casino patron obtains casino chips and pays with a certified cheque, the transaction is not regarded as credit for gaming (see Law 5/2004, art. 2).
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