| Warrants vs. Checks |
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A check is a draft which a customer of a bank (a payor) issues to a payee and authorizes the bank, upon presentment to the bank, to pay the payee with funds drawn from the payor's bank account. A warrant is a draft issued by the State of Minnesota to a payee which advises any person in possession of the warrant that, upon presenting the warrant to the Minnesota State Treasurer through banks and financial institutions, the State Treasurer will pay to that person through the financial community, the amount indicated on the warrant. For most purposes, a warrant functions exactly like a check. |
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