doug@terak.UUCP (Doug Pardee) (10/14/85)
Many so-called "check guarantee" cards aren't. That is, there is
no guarantee to the merchant that he will be paid. The card is
just an I.D. card, with the added assurance that at one time the
issuing bank had a checking account in that name plus whatever
other criteria the bank has for issuing the card.
In some cases, there is a "half-guarantee": if the guarantee card
number is written on the check, then it will be cashed even if the
account-holder has issued a "stop-payment", but not if there are
insufficient funds or the account has been closed.
Here in the Phoenix area, "gold" checking cards are truly guarantee
cards, others are not. This convention probably isn't universal.
--
Doug Pardee -- CalComp -- {calcom1,savax,seismo,decvax,ihnp4}!terak!doug