Personal Check

A personal check is payable only to the individual who is named on the check. The account holder is responsible for the available funds to cover the amount of the check. Personal checks are the most common check in the United States.

Bearer Check
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This check is payable to anyone who presents the check. The check can be marked "cash," without naming anyone in particular. This means that the person in possession of the check can take it into the paying bank and receive the money without having to bank the check into their own personal account.

Certified Check
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A certified check is issued by a bank after it has determined that there are enough funds in the owner's account to cover the amount of the check. The bank verifies the necessary funds and that the signature on the check is genuine. The bank will withdraw the amount of the check out of the owner's bank account and hold it to ensure the check will be paid out.

Cashier's Check
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Cashier's checks are issued by banks. The promise to pay is made by the bank, not the person using the check. This type of check is guaranteed and is often treated the same as cash. The bank will debit your account or you can pay in cash for the amount of the check. The check is then written by the financial institution and signed by the institution's cashier or manager. This type of check is usually used to pay out loans to a customer or a third party. This check is also known as an official check, treasurer's check or manager's check.

Travelers Check
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A traveler's check is a prepaid check that you use when traveling. You can get traveler's checks in any denomination, in all currencies. They are accepted the same as cash in most hotels, merchants and hotels. They are insured against loss, theft, damage or destruction.

Money Order
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A money order is a type of check that has been purchased at either the US Post Office or a financial institution. A money order is prepaid with cash, debit card or

traveler's check. You do not need to have an account with a financial institution to purchase or cash a money order.

Types Of Bank Accounts Used In Pakistan.!!!

Today I tell you which type of accounts are used in Pakistan. Its Help you to Know Which accounts is better for you to deposit your money.

1.Fixed Deposit Account:

This is the most important account which can be opened with commercial bank. In this account the money is deposit for the fixed period of time by the customer and the bank safely advance it in the loan and earn profit. At the time of opening the account the slip is given to customer and money is re paid on the presentation of the same slip on the expiry of the period. The rate of interest is varies with the time for which the money is deposited longer is the period higher the interest and vice versa. If the customer wants to withdrew money before the fixed period, he will have to surrender the interest for the expired period or he can get loan against deposit from the bank. This account is suitable for those person who can save money for sometime and want a higher rate of interest.

2.Current Account:
This account was introduce by the Goldsmiths of England. Due to advantages of this account almost all the commercial banks open this account as the part of their functions. This account is suitable for businessman who are very often in need of money for making payments. In this account the customer is authorized to deposit or withdraw money any time in or from the bank. The bank does not pay any interest, rather it charge from the depositors its services which are called "Incidental Charges" . The cheque book is issued to the customer and can be withdraw money any time. A dictionary of Economic and Commerce has defined current account as.. "The type of bank account required if a customer wishes to make payment by means of cheques"

3.Saving Bank Account:

This account is also very common in Pakistan. It was introduced by the banks for those who have low incomes and small savings. This account enable small savers to save and earn income on it. This account is also opened with the Post Office in Pakistan.

Following are the Features of Saving Account:

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The customer is entitled to withdraw the money twice a week, and if the amount exceed Rs: 6000/- then the notice in writing given to Bank. The facility of collection of cheques, bill and warrants is provided to the account holder.

Saving account holder is allowed to withdraw not more than a fixed amount in a month through limited withdrawals from this account.

4.Profit & Loss Sharing Account(PLS) :

A step toward Islamization of the economy a programmed was launched and interest free deposits were introduced which proved to be the great change in the history of Pakistani Banking. Separate counter started operating in all nationalized banks from 1st January 1981. The deposit accepted in these accounts are invested in different productive channels remuneration to depositers is made on the basis of profit and loss as the case may be. No concept of interest is involved. Considerable interest is shown by the people in these accounts and so far a large sum has been deposited in these account.

Rules of PLS Account: * The PLS saving account can be opened with a sum of Rs: 100/* * *
The bank has full right to make of deposits in the PLS saving account. Withdrawal of amount can only be made through cheque.

Withdrawal of amount from PLS account are allowed 8 times in a month and total amount should not exceeding Rs: 15000/- for withdrawals of large amount 7 days notice is required.

Statement of PLS saving account will be supplied to the account holder at periodical interval.

5.Home Saving Account:

It was introduced in India. The interest rate is as same as saving account. In this type of account, the bank supplies saving box to the depositors, to enable him to drop his small saving into it from time to time. The box is taken to the bank periodically where the amount is taken out from the box and credited to the customer's account. This account was basically introduced to inculcate the habit of saving in children in India and in some part of Pakistan.