Describe situations in which you might use a certified check, cashier’s check, or money order.

Expert Solution

Certified Check: As we know that a certified cheque is a form of cheque in which firstly the account is checked for a credit and then only it is issued so it becomes really safer option. The aforesaid amount is kept separately as to be paid in the form of certified check.

It is used at places where the recipient requires certainty of the payments and is unsure of the creditworthiness of the account holder.

Cashier's Check: Since the cashiers check is taken out from the bank cash reserves and not the clients personal account it is guaranteed to be honored. The bank cashier generally signs the check so known as cashier's check.

These are generally used in the situations which demands high value transactions such buying a house where in safety of all parties are taken into consideration.

Money Order: Money order in the cheapest among all and can only take care of the transactions below or equal to 1000$ . Most common situation for its usage is mailed payments , to send money overseas. Also, really beneficial if one does have a checking account.

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