Certified funds are monies that are guaranteed by the bank. When a bank issues certified funds, the monies are already taken from the customer's bank account and are guaranteed to be available to the creditor, according to About.com.Continue Reading
According to Select CD Rates, a bank can disperse certified funds as a certified check, cashier's check, money order or wire transfer. In each of these instances, the funds must be immediately available and given to the bank before the bank can issue the certified funds payment.
The Missouri Department of Insurance explains that a certified funds payment may be required for some large purchases, such as the down payment for purchasing a home, as a method of guarantee of funds for the seller.Learn more about Personal Banking
The length of time a bank can withhold the availability of funds from a check depends on the type of check, the amount of time the account has been active, the amount of money for which the check is written and the bank's availability policy. Certain types of checks, including United States Treasury checks and government checks, must be made available to the customer on the business day following the deposit, according to the Federal Reserve Board.Full Answer >
A bank draft offers guaranteed funding, as the institution issuing it has already collected money to cover its value, while a check draws funds from an individual's account. Unless the purchaser of the bank draft asks the bank to stop payment, the bank pays it; however, banks sometimes return checks due to insufficient funds in the account, according to About.com.Full Answer >
Associated Bank offers a range of online banking services for its customers, including access to account balances and transaction history, an online bill payment system and online funds transfers. Associated Bank customers can also use the company's online banking system to set up alerts on their account that automatically sends emails or texts when certain activities occur. Associated Bank offers the Popmoney money sending program that allows its customers to send funds via text or email.Full Answer >
Deutsche Bank's db Online Banking platform provides a number of services, including the ability to view one's account information, make payments, and transfer funds, according to the bank's website. Other features include the ability to set up text and email alerts, as well as access exclusive shopping promotions.Full Answer >