a manager’s check ????
Do you mean a payroll check? A business check?
None, except the name. A business account or a personal account.
A payroll check may show deductions, taxes, SS, Medical, etc.
A personal cheque is one issued by an individual. A Manager’s cheque is one that is issued by a bank, purchased from the bank by an individual, payable to a specific beneficiary (the person who should receive the money).
Manager’s cheques are often used in business transaction such as real estate, etc. because it is a more secure transaction, where the recipient is guaranteed payment. This is because the amount of the Manager’s cheque has to be paid in full to the bank by the person buying it from the bank.
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Personal Check Definition
A manager’s checque is a cheque you bought from the bank at the value you asked the bank for. And since you bought it from the bank, you have paid cash up front for it. The manager’s cheque can be named to a person or firm you want it to be named for, and the receiving bank will ask for the persons identity before cashing or depositing it. But the main thing is, you have paid or lost your money to the bank.
A personal cheque is a cheque against your account at the bank where you have a deposit. when you issue a personal checque from your chequing account, the account only gets debited when the person you named the checque to use the checque by depositing it to his account. In effect the velocity of losing money is the difference.
In the manager’s cheque you pay the bank uprfront, in a personal cheque only when the receiving person deposits the cheque to his account does your deposit get debited.
some minor difference — in a manger’s checque you pay the bank for issuing the cheque – maybe a transaction fee of Php 100 or US$2. In a personal Cheque, you do not need to shell out any other payment but you do have to have a checquing account at the bank and a maintaining balance for the checquing account.
If the manager’s checque get’s lost, you lose you money unless you report it to the bank and ask for a replacement, wherein some banks asks for affidavit of lose and other legal papers. A personal cheque when it get’s lost you just report it to the bank and they will cancel that serial number so the checque would not be honored anymore.
Checking basically holds your money ready to use whenever you want to use a check or debit card. Savings holds your money in an account that yields interest and cannot be withdrawn as easily. 1> Savings usually requires a small amount like 5 dollars to keep the account open. 2> Not sure about that one. 3> Yes. 4> No. You can only deposit in person. However, some banks allow you to take a picture of your checks and send them through an iPhone app to deposit checks only.
A Manager’s Check(MC) is a cheque issued by the bank, payable to a payee as indicated by the person who buys the MC. It is often used in situations when the beneficiary does not accept cash or personal cheques.