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How to Get a Cashier's Check Without a Bank Account

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A cashier's check is a check that's written against its own funds, so it's very unlikely to bounce. They're commonly used for big purchases of things like vehicles and real estate. If you have a bank account, it often makes sense to get a cashier's check from a bank where you already do business. Some, but not all, banks will issue a cashier's check to a non-customer for a fee.

How Cashier's Checks Work

An ordinary personal check is a legal document that tells your bank to pay the amount written on the check to the person named on it. While it's illegal to purposely write a check knowing you don't have the funds in your account to pay it, it's not uncommon for checks to bounce, or fail to be backed by sufficient funds. That means that there's a risk in accepting checks as payment, since you may have to chase down the person who issued the check if it bounces.

In some cases, you can get around this risk problem by demanding payment in cash, but that's often not practical for big purchases such as real estate, cars and other expensive items. Another alternative is to require payment with what's called a cashier's check or bank check. A cashier's check is a check drawn against the bank's own funds rather than an individual account holder's, so it's very unlikely to bounce and can often clear faster than a traditional personal check.

Cashier's Check With No Bank

Many banks and credit unions will happily issue cashier's checks for customers, usually for a small fee. Simply tell a bank representative who you need the check made out to so that the bank can transfer money from your account into the bank's own account and issue the check.

If you can't make it into a bank branch, you may be able to have a cashier's check sent to you. Postage or delivery fees might then apply. For example, you can get a Wells Fargo cashier's check for a $10 fee, but you must pay an additional $8 delivery charge if you order the cashier's check online. Some banks offer free cashier's checks in certain circumstances.

If you don't have a bank where you regularly do business, it can be more difficult to get a cashier's check. Some banks and other financial institutions only issue cashier's checks to customers, which means if you don't have an account, you may be out of luck. Call banks near you to see if one will allow you to purchase a cashier's check without an account. You will generally need to pay cash for the cashier's check if you don't have an account where the funds can originate.

Opening a Bank Account

You can also open an account at a bank in order to take advantage of services it only offers to customers, including purchasing cashier's checks. Keep in mind that it can take some time for non-cash deposits at a bank to clear, so if you are depositing a paycheck or other check to fund your account, the money may not immediately be available for withdrawal via a cashier's check or other means. Contact banks near you to understand their funds availability policies for new accounts, including how they relate to cashier's checks.

Closing an Account

If you are unsatisfied with your current bank, moving out of its main service area or otherwise wish to close a bank account, you will want to receive the money that you have in the bank. If you only have a small balance, you can just request it in cash, but if you have a larger balance, it may not be practical or safe to request it in cash. In that case, you can often request that the bank issue you a cashier's check payable to you for any remaining funds. You can then take that check to another bank where you do business or wish to open an account.

It's also sometimes possible to remove all the funds from your account by writing yourself a check and depositing it in another bank, or transferring the funds through digital banking apps. But depending on the terms of your account, you may risk triggering minimum balance fees or not properly emptying the account if interest is due to be credited.

If you truly wish to close your account and move all funds, it's often easier to explicitly do so with your bank's assistance.

Cashier's Check Vs. Money Order

An alternative to a cashier's check is what's called a money order. This is a document that looks very similar to a check but is completely prepaid, so like a cashier's check, it is unlikely to bounce. They're sometimes used for paying for large purchases like cars or apartment deposits, especially to parties you haven't done business with before, and they're also used by people without bank accounts in lieu of checks.

You can get money orders from many different businesses, including supermarkets, convenience stores, drugstores and check-cashing stores. They usually issue the money order through a money transfer business such as MoneyGram or Western Union. The United States Postal Service and other post offices around the world also issue money orders.

In many situations where a cashier's check is needed, a money order will also do. Verify with anyone you are paying that they will accept a money order rather than a cashier's check before you purchase one.

Handling Money Orders

You generally must pay for a money order with cash, providing the full cash value plus a fee to the organization that issued it. Many organizations that sell money orders also have ATMs on site if you have a bank account or prepaid card you can withdraw money from. Many also cash checks, so you can potentially cash your paycheck or another check and then buy a money order in one stop.

Once you have a money order, carefully address it to the intended recipient. Keep the money order safe and hold on to the receipt that came with it. You may want to take a photo of the receipt so you have a duplicate copy, as you will need the information on it if the money order is lost or stolen or you wish to see if it is cashed.

If the money order is lost, stolen or damaged, contact the company that issued it immediately. You can often get it reissued or refunded, but there may be a fee and there may be a delay while the company verifies that, if it was cashed, it was in fact stolen and cashed by someone unauthorized.

If you receive a money order, you can usually deposit it as you would deposit a check or take it to a representative of the organization that issued it to cash it.

Understanding Certified Checks

Another type of checks called certified checks can function similarly to cashier's checks. Certified checks are personal checks where a bank guarantees, or certifies, that the money is present in the account on which they are written, usually by setting aside that money until the check is cashed. Certified checks can be a fine alternative to cashier's checks for people with bank accounts, but they're usually not useful for other people because they have no checks to certify.

Источник: https://www.sapling.com/6351803/cashiers-check-bank-account

What Is a Cashier's Check?

Cashier’s checks are checks that banks issue and guarantee. Your bank or credit union prints a document with the name of the payee and the amount. The recipient uses that check to collect funds from your bank when they cash it at theirs.

What Is a Cashier's Check?

A cashier's check is more secure for the recipient than a personal check. That's because there must be enough money in the account to guarantee it before a bank will issue it. This makes it unlikely to bounce.

Because of their relative security, cashier’s checks are typically used for high-dollar transactions and payments between entities that don't know each other. Instead of hoping that your buyer has funds available in their checking account, you can be reasonably confident that a bank has enough cash on hand to pay.

Alternate names:Bank drafts, bank check, teller's check

How Does a Cashier's Check Work?

Banks and credit unions have the money in hand before printing a cashier’s check. The bank immediately withdraws this money from the customer’s account. It sets this money aside and, as a result, can guarantee the check will clear. The bank prints out a check payable only to the entity with whom you are conducting a transaction and gives it to you.

This provides security for the recipient, who is often selling something, such as a used car. A personal check, on the other hand, will only clear if the funds are available in the checkwriter’s account when the recipient tries to deposit or cash the check.

After depositing a cashier’s check, the recipient can use the funds almost immediately. The first $5,525 typically must be made available within one business day. Banks are still allowed to hold amounts above $5,525, or any amount they suspect might be problematic, but cashier’s checks usually clear much faster than personal checks.

Cashier’s checks work well for transactions where you need the funds to be settled quickly.

When you deposit a check, you might see the money in your account, but you can't withdraw all of that money until the bank "clears" the deposit. Personal checks might take several days or weeks, but cashier's checks typically make the funds available within one business day.

Do I Need a Cashier's Check? 

You can use a cashier's check in real estate down payment transactions because they are typically such large amounts of money. Likewise, brokerage firms may require settled funds for certain transactions, and you might be able to use a cashier’s check with them as well.

You can also accept a cashier's check if you're privately selling something with a large price tag. Meet the person at the bank and conduct the transaction there for extra security.

Alternatives to Cashier's Checks

Money orders are similar to cashier's checks. They are considered "safe" forms of payment because you can only purchase them with cash (or cash-like instruments such as a debit card or cash advance on a credit card). As a result, they shouldn’t bounce (or be returned unpaid) like personal checks.

But money orders originate from different issuers. In addition to banks and credit unions, you can also buy money orders at post offices, retail stores, and money transfer businesses.

A wire transfer is another way you can pay for something. Wire transfers use secure electronic messaging through the banking system to move funds from your bank account to someone else's.

Money orders come with maximum issue limits, so they may only be adequate for smaller payments.

You could also use Western Union if you need to get funds to someone quickly without using the banking system.

How Much Does a Cashier's Check Cost?

Expect to pay anywhere between $5 and $15 for a cashier's check. The cost depends upon the bank you use and whether you have an account or not. Many financial institutions include cashier's checks in their account memberships, while others might charge account holders a small fee.

If you don't have an account at the bank you're getting a cashier's check from, you'll need to be able to pay the face value of the check and the fees at the time of purchase.

Pros and Cons of Cashier's Checks

Pros
  • Guaranteed payment

  • Fund availability

  • Creates a money trail

Cons
  • Easy to counterfeit

  • Funds might be available too quickly

  • Extra costs

Pros Explained

  • Guaranteed Payment: The bank that issues your cashier's check will transfer money from your account to theirs if you bank with them. If you don't, it will require you to pay the amount you're asking the check to be. This makes the check more reliable for the recipient since they know the funds are in the bank.
  • Fund Availability: The funds from a cashier's check are usually available overnight if it is less than $5,525 and you make the deposit in person. There are some circumstances where you might not be able to access the funds the next day. For instance, if you deposit the check on a Friday, the funds do not have to be made available until Monday. If you deposited them on Thursday, they should be accessible on Friday unless there is a hold for some reason.
  • Creates a Money Trail: When you use a cashier's check, the bank records the amount and check information. The receiving bank does the same, which creates a paper trail that can be followed if a problem appears.

Cons Explained

  • Easy to counterfeit: While cashier's checks are among the most secure payment methods, they can still be used in counterfeiting and scam operations to steal money from people who rely on their security.
  • Funds available too quickly: While it's nice to access the funds the day after you cash a check, this quick access can cause problems if you withdraw the money the next day. The bank might find that the check was fraudulent a few days later and ask you to pay the money back. In this case, you will have lost whatever someone "paid" for, and you'll owe the bank money.
  • Extra costs: Cashier's checks cost money. It might only be $5 or $10, but it's still money you might have used for something else.

How to Get a Cashier's Check

Ask your bank about the requirements for ordering a check. You typically need cleared funds available in your account, or you need to deliver cash to the bank. You can walk into most brick-and-mortar banks to get a check issued.

Within a few minutes, you should have a check in hand, and you can pay the recipient immediately. Some financial institutions may only issue cashier's checks to account holders, so you may need to call around and ask banks about the requirements.

Some banks—particularly online banks—allow you to request cashier’s checks online. The bank might only mail checks to your verified mailing address, so you need to wait for the check and then forward it to the person you're paying.

If you bank at a credit union, you can often obtain cashier's checks from almost any credit union location nationwide (not just your credit union) with shared branching. Bring your ID and account information with you. Call ahead to be sure the credit union you plan to visit offers cashier’s checks.

You can walk into any bank or credit union and ask for a cashier's check. However, some institutions only issue checks for customers, so you may have to try several different locations (or open an account).

Key Takeaways

Key Takeaways

  • A cashier's check is a check issued by a bank and is guaranteed to have the funds available.
  • Cashier's checks are suitable for high-dollar transactions such as real estate or other large purchases.
  • You can use money orders or wire transfers in place of cashier's checks.
  • Some banks and credit unions provide cashier's checks as a service to members, sometimes with a fee. Non-members might be able to have a check issued also.
Источник: https://www.thebalance.com/cashier-s-checks-overview-315286

Avoiding Cashier's Check Fraud

Many consumers have become victims of scams involving a fraudulent cashier's check. A cashier's check is a check that is issued by a bank, and sold to its customer or another purchaser, that is a direct obligation of the bank. Cashier's checks are viewed as relatively risk-free instruments and, therefore, are often used as a trusted form of payment to consumers for goods and services.

However, cashier's checks lately have become an attractive vehicle for fraud when used for payments to consumers. Although, the amount of a cashier's check quickly becomes "available" for withdrawal by the consumer after the consumer deposits the check, these funds do not belong to the consumer if the check proves to be fraudulent. It may take weeks to discover that a cashier's check is fraudulent. In the meantime, the consumer may have irrevocably wired the funds to a scam artist or otherwise used the funds—only to find out later, when the fraud is detected—that the consumer owes the bank the full amount of the cashier's check that had been deposited.

This OCC Consumer Advisory on Avoiding Cashier's Check Fraud gives you information on some common scams and some steps you can take to avoid becoming a victim. Although this advisory focuses on cashier's checks, you may find the information useful if you transact business using other official bank instruments, such as money orders and official checks.

Common Scams - Each scam involving a fraudulent cashier's check may be different, but some of the more common scenarios are:

  • Selling goods – You sell goods in the marketplace – for example, over the Internet. A buyer sends you a cashier's check for the price that you have agreed on, and you ship the goods to the buyer.
  • Excess of purchase price - This scenario is similar to the one described above. However, the buyer sends you a cashier's check for more than the purchase price and asks you to wire some or all of the excess to a third party, often in a foreign country. The buyer may explain that this procedure allows the buyer to satisfy its obligations to you and the third party with a single check. The cashier's check turns out to be fraudulent.
  • Unexpected windfall - You receive a letter informing you that you have the right to receive a substantial sum of money. For example, the letter may state that you have won a foreign lottery or are the beneficiary of someone's estate. The letter will state that you have to pay a processing/transfer tax or fee before you receive the money, but a cashier's check will be enclosed to cover that fee. The letter will ask you to deposit the cashier's check into your account and wire the fee to a third party, often in a foreign country. The cashier's check turns out to be fraudulent.
  • Mystery shopping - You receive a letter informing you that you have been chosen to act as a mystery shopper. The letter includes a cashier's check, and you are told to deposit the check into your account. You are told to use a portion of the funds to purchase merchandise at designated stores, transfer a portion of the funds to a third party using a designated wire service company, and keep the remainder. The cashier's check turns out to be fraudulent.

Scams also may involve other types of checks. For example, the fraudulent check may appear to be written on the account of a real person or company or be written on an account that contains insufficient funds to cover the check. Other scams involve fraudulent postal service money orders or fraudulent money orders that appear to have been issued by a bank.

The result of these scams is that the fraudulent check will be returned unpaid. The bank will then deduct the amount of the check from your account or otherwise seek repayment from you, and you will lose either the goods that you sold, the money that you sent to the third party, or both.

What is a fraudulent cashier's check?

A cashier's check is a check issued by a bank and payable to a specific person. Because a cashier's check is issued by a bank, itself, the cashier's check is paid by funds of the bank and not the depositor. Therefore, if an item is genuine, there is very little risk that the instrument will be returned.

Sometimes, however, a cashier's check is not genuine, and, if you unknowingly accept a fraudulent cashier's check in exchange for goods or services, you will likely be the one who suffers the financial loss.

How can you tell if a cashier's check is fraudulent?

It can be very difficult for either you or your bank to tell. When you deposit a check into your account, your bank generally is required by law to make the funds available within a specific period of time (usually, one business day for a cashier's check or other official instrument). This is true even if the check has not yet cleared through the banking system. Therefore, even if the funds have been made available in your account, you cannot be certain that the check has cleared or is "good."

Your bank also may not be able to determine that the check is fraudulent when you deposit it. Rather, your bank may learn of the problem only when the check is returned unpaid by the other bank—which may take a couple weeks or more. Scammers try to make the item look genuine, which will delay discovery of the fraud. Once the item has been returned unpaid, your bank, generally, will be able to reverse the deposit to your account and collect the amount of the deposit from you.

What are your rights?

If you find yourself in this situation, you ordinarily would have a remedy against the person who wrote the check. However, you will have great difficulty pursuing any remedy against these scammers, especially if they reside in a foreign country or have disguised their identities.

What steps should you take to protect yourself from becoming a victim of fraudulent cashier's check scams?

Keep the following tips in mind.

Tips for Avoiding Cashier's Check Fraud

  • Try to know the people with whom you do business. When possible, verify information about the buyer from an independent third party such as a telephone directory. Be cautious about accepting checks—even a cashier's check—from people that you do not know, especially since it may be difficult to pursue a remedy if the transaction goes wrong.
  • When you use the Internet to sell goods or services, consider other options such as escrow services or online payment systems rather than payment by a cashier's check.
  • If you do accept a cashier's check for payment, never accept a check for more than your selling price if you are expected to pay the excess to someone else. Ask yourself why the buyer would be willing to trust you, who may be a perfect stranger, with funds that properly belong to a third party.
  • A cashier's check is less risky than other types of checks only if the item is genuine. If you can, ask for a cashier's check drawn on a bank with a branch in your area.
  • If you want to find out whether a check is genuine, call or visit the bank on which the check is written. That bank will be in a better position to tell you whether the check is one they issued and is genuine.
  • Know the difference between funds being available for withdrawal from your account and a check having finally cleared. Your bank may be required by law to make funds available to you even if the check has not yet cleared. However, it could take several weeks to know if the check will clear or not.

Act with Caution

  • Be wary of taking action before you can be sure that the payment you received is good.
  • Be suspicious if someone insists that you send funds by wire transfer or otherwise pressures you to act quickly before you know the payment you received is good.
  • If you receive a letter offering you a large sum of money for little effort other than sending a "processing" fee, remember: if something sounds too good to be true, it probably is.
  • Reject any offer that asks you to pay for a "prize" or "gift."
  • Save your documents—you may need this paperwork if something goes wrong.

If you have become victimized by a fraudulent check scam, please follow these guidelines:

Anytime a scam involves a cashier's check, official check, or money order from a bank, and you believe that it could be counterfeit, you should contact the issuing bank directly to report receipt of the check and to verify authenticity. When contacting the bank, do not use the telephone number provided on the instrument, as this number is probably not associated with the bank, but rather with the scam artist.

To locate a bank's mailing address, you can check the FDIC's website at: http://research.fdic.gov/bankfind/

In addition to contacting the appropriate banks, there are others whom you also should notify if you receive a counterfeit item. They include:

  • Scams, generally–Federal Trade Commission (FTC):by telephone at 1-877-FTC-HELP or file an electronic complaint via their Internet site at http://www.ftc.gov.
  • Internet-based scams–Federal Bureau of Investigation (FBI) Internet Fraud Complaint Center: http://www.ic3.gov.
  • Mail-based scams–U.S. Postal Inspector Service:by telephone at 1-888-877-7644, by mail at U.S. Postal Inspection Service, Office of Inspector General, Operations Support Group, 222 S. Riverside Plaza, Suite 1250, Chicago, IL60606-6100 or via email at https://ehome.uspis.gov/fcsexternal/default.aspx.

Finally, if you have a complaint or problem involving a check written on, or deposited in an account at, a national bank, and you cannot resolve the problem with the bank, contact the Office of the Comptroller of the Currency's Customer Assistance Group by calling (800) 613-6743 or by sending an email to: [email protected].

Related Links

Источник: https://www.occ.gov/news-events/news-and-events-archive/consumer-advisories/consumer-advisory-2007-1.html

Where to Cash a Personal or Cashier’s Check

You have a check in hand that you need to cash right away. Maybe it’s a credit card cash-back refund or a mail-in rebate check. Or perhaps it’s a paycheck. Whatever the case, it should be no problem at all, right? You visit the bank, give the check to the teller, and walk away with the cash. It sounds simple, but that’s not always how it works.

cashing a check

Why so? According to a recent survey conducted by the Federal Deposit Insurance Corporation (FDIC), seven percent of households are unbanked. That’s a whopping 9 million consumers. And if you fall into this category, using the bank may not even be an option. However, the good news is there are other ways to cash a check without spending a fortune.

So, where can I cash a check? Read on to explore your options.

Where to Cash a Check if You Have a Bank Account

Do you have a checking or savings account at a bank or credit union? If so, you don’t have to think twice about where to cash personal checks. In fact, you should be able to do so via the mobile app or ATM if you’re unable to make it to the branch.

Credit union members get the luxury of depositing at locations across the United States that are a part of the shared network. (ATM deposit capabilities may also be available).

But there’s a significant drawback you should be mindful of: some banks don’t release the funds to you right away. For larger amounts, the funds availability policy may restrict your access for one business day or longer. And if you are a new account holder, there’s a chance the funds won’t be available until the check clears the writer’s bank.

Where to Cash a Check Without a Bank Account

Don’t have a bank account? No problem. You still have several options to cash checks without spending a fortune. And depending on which place you choose, you may be able to cash your check for free.

Open a New Bank Account

Have you considered opening a new account to cash your check? This is a free way to cash the check. And depending on the amount, you can use the check to make the opening deposit. But, the hold time may be longer if you’re new to the bank or credit union.

What if you don’t qualify for a traditional checking account because of your poor banking history? Some banks offer second chance banking to consumers with ChexSystems or Early Warning Services (EWS) reports. So, try speaking with a banker to determine if you qualify.

Bank of Origin

You can visit the issuing bank or credit union listed on the check. It usually appears on the left-hand sign below the line designated for the long-form amount of the check.

Depending on the bank, a nominal check-cashing fee may apply. (Note: you should expect to pay a fee if you don’t have an account). Also, prepare to present a valid form of identification, like a driver’s license, passport, or state-issued ID card, so that the bank can confirm your identity. But you’ll have the funds right away if they’re available in the account.

This option may also be worth considering if you have a bank account but prefer not to wait to access your funds.

Major Retailers and Grocery Stores

Big-box retailers, like Walmart and Kmart, offer check-cashing services to consumers. It’s unnecessary to make a purchase, but prepare to fork over a small percentage of the check amount and a flat fee to complete the transaction.

Walmart will cash payroll checks, government checks, tax refund checks, cashier’s checks, insurance settlement checks, and retirement disbursement checks. The amount of the check cannot exceed $5,000, and the maximum fee is $6.00.

Kmart will also cash payroll checks and two-party checks, but this service is only available to ShopYourWay members. Checks are limited to $5,000 ($500 if two-party personal), and the fee will not exceed $1.

Visit the store and speak with a customer service representative to learn more. If there isn’t a Walmart or Kmart in your local area, check with other major retailers or local grocers, as they may also offer check-cashing services.

Payday Lenders

You can also visit a payday lending or check cashing store to swap out your check for cash. These types of stores also sell money orders. Check cashing fees vary by location and brand but expect to pay a flat fee plus a percentage of your check. Generally, the funds will be issued at the time of your visit. But the representative will have to call the bank to confirm that you have an adequate balance to cover the check.

Prepaid Debit Card Accounts

Prefer not to open a bank account or visit a check cashing establishment? You can buy a prepaid debit card and deposit the check into the account to access funds. Most prepaid debit cards, like NetSpend, and Bluebird by American Express, allow you to make deposits from your smartphone. But you may have to wait until the check clears to make withdrawals or purchases.

Convenience Stores

Some convenience stores, like 7-Eleven, have self-serve kiosks from Refund Advantage that enable you to cash checks for a fee. Most are available for use during business hours, but you may also be able to use select check-cashing kiosks 24/7.

Where to Cash a Cashier’s Check

Cashier’s checks can be cashed at all of the same places mentioned above. In addition, most banks and credit unions will cash a cashier’s check for you. If it’s not your bank or the bank that issued the check, you will most likely be charged a fee.

The main difference between a cashier’s check and a personal check is that the funds for a cashier’s check are guaranteed by the financial institution that issued the check. Therefore, they are generally less likely to bounce.

Which option is best?

It depends on how fast you need the funds and what you’re willing to spend. Banked consumers have the luxury of fee-free check cashing, and not all checks are subject to extended (if any) holds.

If you’re an unbanked consumer, opening a checking or a prepaid account is always an option. And even if you’re forced to deposit the check and wait until it to use the funds, you’ll save money. But if you need cash fast, you can visit the writer’s bank, local check cashing establishment, or stores that offer these services.

What happens when a check bounces?

If you deposited a personal check at your bank, there’s a possibility the entire amount was reflected in your balance but unavailable for withdrawal. The funds were also available to cover any debit card purchases, electronic funds transfers, or ACH transactions.

But what if the check doesn’t clear or is returned to the issuer for insufficient funds? You’ll be on the hook for the amount spent and any overdraft fees incurred.

Bottom Line

Whether you’re a banked or unbanked consumer, there are several ways to cash a check and access the funds you need without pulling your hair out. However, you’ll probably have to pay a small fee if you don’t have an account at a financial institution.

But if you cash checks often and are getting fed up with paying fees, it may be worthwhile to explore checking account options. Even if you’re in ChexSystems or EWS for poor banking issues, there may be low-cost second chance banking options available to you.

Источник: https://www.crediful.com/where-to-cash-a-check/

Cashier’s Check Fee Comparison at Top 10 U.S. Banks

Cashier’s Check

The following is a MyBankTracker basic overview on cashier’s checks including a comparison of costs at the top banks:

Cashier’s Check Basics

A cashier’s check (also known as an official check, teller’s cheque, bank cheque, etc.) is a check that differs from regular checks because it is a more secure form of payment.

With a cashier's check, funds are guaranteed by the bank that issues the check. For this reason, cashier’s checks provide good reassurance that the check will clear when deposited since the money is already held by the bank and ready to be transferred.

Cashier’s checks are not commonly used for everyday expenses but for major transactions -- such as real estate -- since the recipient requires guaranteed payment.

It wouldn’t make sense to buy cashier's checks for small transactions because they will not offset the cost of getting an official check, which can be quite pricey.

Cashier's Check Fee at the Top Banks

BankCashier's Check
Chase$8
Bank of America$10
Wells Fargo$10
Citibank$10
U.S. Bank$7
PNC Bank$10
Capital One$10
TD Bank$8
BB&T$10
SunTrust$8
Citizens Bank$3
Fifth Third Bank$10.75
KeyBank$8
Regions Bank$8
Comerica Bank$10
BBVA Compass$10
BMO Harris Bank$10
Santander$10

Cashier’s Check Fees Compared

According to the banking analysis by MyBankTracker, the average cost of a cashier’s check was $9.10 at the ten biggest banks in America.

Currently, the most expensive cashier’s check is $10.75.

Note that these figures represent the fee that pertains to basic checking account holders at a given bank. Some banks may waive the fees for cashier’s checks if a customer has a high-tiered checking account.

If you are not a customer of the bank where you plan to buy a cashier’s check, the bank may charge you a different price.

It may be a flat rate or a percentage of the check's total. In some cases, a bank may refuse to grant a cashier’s check to those who are not customers of the bank.

How to Get a Cashier’s Check

To purchase a cashier’s check, you will have to provide the bank with the exact name recipient's name.

If you’re a customer of the bank you wish to get the cashier’s check from, you can purchase the check with cash or funds from your account.

The amount will be debited from the account immediately to pay for the check, at which time the bank will assume full responsibility for covering the amount on the cashier's check.

If you’re not a customer of the bank you’re purchasing a cashier’s check from, you will need to provide the full amount in cash at the time of purchase.

A cashier’s check must be cashed within 90 to 120 days of the date it is issued.

Cashier’s Check vs. Personal Check

There are significant differences between cashier’s checks and personal checks. With a personal check, the bank does not debit the amount from the customer’s account until the check is deposited or cashed.

With a cashier's check, however, the funds are debited immediately to cover the amount on the check.

Additionally, cashier’s checks will clear more quickly -- the funds become available by the end of the next business day of the deposit -- unlike personal checks, which can take a week or more to clear.

More information printed on the check

The physical features of cashier's checks are a lot more complex than personal checks -- which will only include your name and address.

On a cashier's check, the name of the issuing bank along with its location and issue date are listed. In addition, the name of the recipient, amount and other tracking information will be on the cashier’s check, generally signed by at least one bank representative.

Because cashier's checks are more secure than personal checks, they will exhibit at least one security feature such as color-shifting ink, watermarks, security thread, and special bond paper.

Not the same as counter checks

Note that counter checks are not cashier's checks, though you can get both at a bank.

Counter checks are more like personal checks available to bank customers when you run out of your own. The bank will encode your banking information and tracking number at the bottom of a check.

Unlike a personal check, a counter check won't include your name or address on it, therefore providing the least amount of security.

Cashier’s Check vs. Money Order

Money orders are essentially the same thing as cashier’s checks with some differences.

Although funds for both money orders and cashier's checks are guaranteed, a cashier's check is issued by a bank while a money order is not.

Money orders have a maximum limit while cashier's checks don't -- allowing consumers to transfer larger amounts of funds. Usually, a money order has a limit of around $1,000.

Finally, you only can get a cashier's check from a bank while money orders can be purchased at a variety of locations -- including the grocery store, post office, etc.

Generally, a cashier's check is the more expensive option.

However, if you're dealing with a large amount of money, a single cashier's check could end up being cheaper than paying for multiple money orders.

Scams Involving Cashier's Checks

Like money orders, cashier’s checks are susceptible to scams. As a recipient of a cashier's check, you should be aware of these fraudulent practices.

One popular scam involves a sales transaction where a fake buyer pays you with a cashier’s check for more than the amount agreed.

Soon after, they will ask you to deposit the check and pay them the difference in cash. Later, the fraudulent check will bounce, leaving you to lose out on that amount.

You should take appropriate steps if you suspect that a check is fake. 

Even if you're not an expert at spotting a counterfeit cashier's check, you can avoid becoming a victim of cashier’s check scams by calling or visiting the bank that issued the check to confirm its legitimacy.

Stop Payments on Cashier's Checks

Sometimes, cashier's checks get lost or a transaction is canceled.

You'll want to put a stop payment order on the check so that the funds don't get up in the wrong hands -- you want it back in your bank account as soon as possible.

A stop payment fee does apply, but it is nothing compared to what you can lose if a cashier's check is deposited fraudulently.

However, expect to wait up to 90 days until the funds are returned to your account while the bank investigates and processed the stop payment.

This is why some people prefer to use other payment methods, including money orders and personal checks, which tend to require less time -- around 30 days -- to complete a stop payment order.

Other Ways to Make Payments

While cashier's checks are viable for making large payments, remember that you also have alternative payment methods at your disposal -- with features that you may prefer over those found with cashier's checks:

Online payment platforms & services

Some people may find comfort in an electronic trail to follow the movement of their funds. Online payment platforms, such as PayPal and Venmo, allow you to trace your money when you pay someone.

Usually, these payment services don't charge hefty fees (or any fees at all) when you are making payments from a bank account to another bank account.

Wire transfers

A wire transfer is an expensive, but very quick, method of transferring money or making a payment to someone else. Typically, a wire transfer will move the money within 24 hours -- usually much faster.

This payment method benefits the recipient significantly because the money arrives quickly. Before you perform a wire transfer for large sum of money, it is important to verify the legitimacy of the transaction.

Like with cashier's checks, once that money is gone, it is very hard to get back if a dispute comes along.

Frustrated with your bank?

Check out these top online banks that people are talking about:

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Источник: https://www.mybanktracker.com

Can You Use a Credit Card to Get a Cashier's Check or Money Order?

When a financial institution – such as a bank or credit union – issues a cashier's check, they certify it, or guarantee its payment. Unlike a normal check, the bank can't refuse to pay the cashier's check. That's why they require cash upfront and charge a fee for the service. Money orders are similar. They must be paid for in cash before the money order is issued. Some merchants take debit cards, but the only way to use a credit card is by getting a cash advance, and using the cash to make the payment.

Defining Money Orders

A money order is a form of payment that is similar to a check, but because it’s paid for in advance, you can use it like cash, as there's no chance it will "bounce" like a bad check could. Different types of businesses sell money orders, including banks, the post offices, gas stations, convenience stores or retail stores. Fees vary based on the amount of the money order and the issuer, but usually range from a few cents to around five dollars.

Defining Cashier's Checks

Only financial institutions can issue cashier’s checks, which are similar to money orders. The bank takes a cash payment or withdrawal from your account when the check is issued and guarantees its payment. The checks usually cost more than money orders – around $5 to $10. For example, Bank of America and Wells Fargo generally each charge around $10 for cashier's checks. If you bank with the institution, it may provide it for free or at a discount. Also, the bank will issue cashier's checks for much larger amounts than the $1,000 cap for money orders.

Buying With a Credit Card

Before you can buy a money order or cashier’s check with a credit card, you’ll have to get a cash advance. Typically, the amount for a cash advance is the same as the available credit on the card, but you'll pay an upfront fee, and possibly a higher interest rate. In addition, you don’t get an interest-free grace period as you do with regular purchases. You can get cash advances at any bank or through some ATMs, but it's best to go to your bank or the one that issued the credit card.

Deciding Which Method To Use

Which payment method – money order or cashier's check – is best? It all depends on why you need it. Money orders work best If you mail payments under $1,000 or buy something from a private individual, and don't want the person to have access to your banking information. Cashier's checks provide a higher level of security and are normally used for amounts that exceed $1,000. If you accept these forms of payment, you should still examine them closely, as forgeries can occur, just like with regular checks.

References

  • GoBankingRates.com: Money Order Vs. Cashier’s Check — Here's the Difference
  • My Bank Tracker: Frequently Asked Questions About Cashier’s Checks
  • MyBankTracker: Cashier's Check Fee Comparison at Top 10 U.S. Banks
  • CreditCards: 10 Things You Can't Easily Buy With Credit Cards
  • Bank of America: Account Information & Access FAQs
  • Wells Fargo: Wells Fargo Consumer and Business Account Fees
  • Capital One. "What's a Cashier's Check and How Do You Use It?" Accessed March 27, 2020.
  • Capital One. "How Do I Order a Cashier’s Check?" Accessed March 27, 2020.
  • Washington State Department of Financial Institutions. "Cashier’s Check Scams." Accessed March 27, 2020.
  • Citizens Bank. "What Is a Cashier’s Check?" Accessed March 27, 2020.
  • Western Union. "How Do I Request a Money Order Refund?" Accessed March 27, 2020.
  • HelpWithMyBank.gov. "Answers About Cashier's Checks." Accessed March 27, 2020.
  • HelpWithMyBank.gov. "Answers About Funds Availability." Accessed March 27, 2020.
  • Federal Deposit Insurance Corporation. "Expedited Funds Availability Act," Page 3. Accessed March 27, 2020.
  • Consumer Financial Protection Bureau (CFPB). "I Deposited a USPS Money Order, Cashier's Check, Certified Check, or Teller's Check. When Can I Access This Money?" Accessed March 27, 2020.
  • Citizens Bank. "What Is a Money Order?" Accessed March 27, 2020.

Writer Bio

Chris Brantley began writing professionally for a financial analysis firm in 1997. From 2000 to 2004, he worked as a financial advisor, specializing in retirement planning and earned his Series 7, Series 66 and insurance licenses. Brantley started his full-time writing career in 2012 and has written for a variety of financial websites, including insurance, real estate, loan and investment sites. He holds a Bachelor of Arts in English from the University of Georgia.

Источник: https://pocketsense.com/can-use-credit-card-cashiers-check-money-order-17374.html

Avoiding Cashier's Check Fraud

Many consumers have become victims of scams involving a fraudulent cashier's check. A cashier's check is a check that is issued by a bank, and sold to its customer or another purchaser, that is a direct obligation of the bank. Cashier's checks are viewed as relatively risk-free instruments and, therefore, are often used as a trusted form of payment to consumers for goods and services.

However, cashier's checks lately have become an attractive vehicle for fraud when used for payments to consumers. Although, the amount of a cashier's check quickly becomes "available" for withdrawal by the consumer after the consumer deposits the check, these funds do not belong to the consumer if the check proves to be fraudulent. It may take weeks to discover that a cashier's check is fraudulent. In the meantime, the consumer may have irrevocably wired the funds to a scam artist or otherwise used the funds—only to find out later, when the fraud is detected—that the consumer owes the bank the full amount of the cashier's check that had been deposited.

This OCC Consumer Advisory on Avoiding Cashier's Check Fraud gives you information on some common scams and some steps you can take to avoid becoming a victim. Although this advisory focuses on cashier's checks, you may find the information useful if you transact business using other official bank instruments, such as money orders and official checks.

Common Scams - Each scam involving a fraudulent cashier's check may be different, but some of the more common scenarios are:

  • Selling goods – You sell goods in the marketplace – for example, over the Internet. A buyer sends you a cashier's check for the price that you have agreed on, and you ship the goods to the buyer.
  • Excess of purchase price - This scenario is similar to the one described above. However, the buyer sends you a cashier's check for more than the purchase price and asks you to wire some or all of the excess to a third party, often in a foreign country. The buyer may explain that this procedure allows the buyer to satisfy its obligations to you and the third party with a single check. The cashier's check turns out to be fraudulent.
  • Unexpected windfall - You receive a letter informing you that you have the right to receive a substantial sum of money. For example, the letter may state that you have won a foreign lottery or are the beneficiary of someone's estate. The letter will state that you have to pay a processing/transfer tax or fee before you receive the money, but a cashier's check will be enclosed to cover that fee. The letter will ask you to deposit the cashier's check into your account and wire the fee to a third party, often in a foreign country. The cashier's check turns out to be fraudulent.
  • Mystery shopping - You receive a letter informing you that you have been chosen to act as a mystery shopper. The letter includes a cashier's check, and you are told to deposit the cashiers check bank of america cost into your account. You are told to use a portion of the funds to purchase merchandise at designated stores, transfer a portion of the funds to a third party using a designated wire service company, and keep the remainder. The cashier's check turns out to be fraudulent.

Scams also may involve other types of checks. For example, the fraudulent check may appear to be written on the account of a real person or company or be written on an account that contains insufficient funds to cover the check. Other scams involve fraudulent postal service money orders or fraudulent money orders that appear to have been issued by a bank.

The result of these scams is that the fraudulent check will be returned unpaid. The bank will then deduct the amount of the check from your account or otherwise seek repayment from you, and you will lose either the goods that you sold, the money that you sent to the third party, or both.

What is a fraudulent cashier's check?

A cashier's check is a check issued by a bank and payable to a specific person. Because a cashier's check is issued by a bank, itself, the cashier's check is paid by funds of the bank and not the depositor. Therefore, if an item is genuine, there is very little risk that the instrument will be returned.

Sometimes, however, a cashier's check is not genuine, and, if you unknowingly accept a fraudulent cashier's check in exchange for goods or services, you will likely be the one who suffers the financial loss.

How can you tell if a cashier's check is fraudulent?

It can be very difficult for either you or your bank to tell. When you deposit a check into your account, your bank generally is required by law to make the funds available within a specific period of time (usually, one business day for a cashier's check or other official instrument). This is true even if the check has not yet cleared through the banking system. Therefore, even if the funds have been made available in your account, you cannot be certain that the check has cleared or is "good."

Your bank also may not be able to determine that the check is fraudulent when you deposit it. Rather, your bank may learn of the problem only when the check is returned unpaid by the other bank—which may take a couple weeks or more. Scammers try to make the item look genuine, which will delay discovery of the fraud. Once the item has been returned unpaid, your bank, generally, will be able to reverse the deposit to your account and collect the amount of the deposit from you.

What are your rights?

If you find yourself in this situation, you ordinarily would have a remedy against the person who wrote the check. However, you will have great difficulty pursuing any remedy against these scammers, especially if they reside in a foreign country or have disguised their identities.

What steps should you take to protect yourself from becoming a victim of fraudulent cashier's check scams?

Keep the following tips in mind.

Tips for Avoiding Cashier's Check Fraud

  • Try to know the people with whom you do business. When possible, verify information about the buyer from an independent third party such as a telephone directory. Be cautious about accepting checks—even a cashier's check—from people that you do not know, especially since it may be difficult to pursue a remedy if the transaction goes wrong.
  • When you use the Internet to sell goods or services, consider other options such as escrow services or online payment systems rather than payment by a cashier's check.
  • If you do accept a cashier's check for payment, never accept a check for more than your selling price if you are expected to pay the excess to someone else. Ask yourself why the buyer would be willing to trust you, who may be a perfect stranger, with funds that properly belong to a third party.
  • A cashier's check is less risky than other types of checks only if the item is genuine. If you can, ask for a cashier's check drawn on a bank with a branch in your area.
  • If you want to find out whether a check is genuine, call or visit the bank on which the check is written. That bank will be in a better position to tell you whether the check is one they issued and is genuine.
  • Know the difference between funds being available for withdrawal from your account and a check having finally cleared. Your bank may be required by law to make funds available amazon black friday coupon you even if the check has not yet cleared. However, it could take several weeks to know if the check will clear or not.

Act with Caution

  • Be wary of taking action before you can be sure that the payment you received is good.
  • Be suspicious if someone insists that you send funds by wire transfer northern bank and trust melrose otherwise pressures you to act quickly before you know the payment you received is good.
  • If you receive a letter offering you a large sum of money for little effort other than sending a "processing" fee, remember: if something sounds too good to be true, tcf daily atm limit probably is.
  • Reject any offer that asks you to pay for a "prize" or "gift."
  • Save your documents—you may need this paperwork if something goes wrong.

If you have become victimized by a fraudulent check scam, please follow these guidelines:

Anytime a scam involves a cashier's check, official check, or money order from a bank, and you believe that it could be counterfeit, you should contact the issuing bank directly to report receipt of the check and to verify authenticity. When contacting the bank, do not use the telephone number provided on the instrument, as this number is probably not associated with the bank, but rather with the scam artist.

To locate a bank's mailing address, you can check the FDIC's website at: http://research.fdic.gov/bankfind/

In addition to contacting the appropriate banks, there are others whom you also should notify if you receive a counterfeit item. They include:

  • Scams, generally–Federal Trade Commission (FTC):by telephone at 1-877-FTC-HELP or file an electronic complaint via their Internet site at http://www.ftc.gov.
  • Internet-based scams–Federal Bureau of Investigation (FBI) Internet Fraud Complaint Center: http://www.ic3.gov.
  • Mail-based scams–U.S. Postal Inspector Service:by telephone at 1-888-877-7644, by mail at U.S. Postal Inspection Service, Office of Inspector General, Operations Support Group, 222 S. Riverside Plaza, Suite 1250, Chicago, IL60606-6100 or via email at https://ehome.uspis.gov/fcsexternal/default.aspx.

Finally, if you have a complaint or problem involving a check written on, or deposited in an account at, a national bank, and you cannot resolve the problem with the bank, contact the Office of the Comptroller of the Currency's Customer Assistance Group by calling (800) 613-6743 or by sending an email to: [email protected].

Related Links

Источник: https://www.occ.gov/news-events/news-and-events-archive/consumer-advisories/consumer-advisory-2007-1.html

Can You Use a Credit Card to Get a Cashier's Check or Money Order?

When a financial institution – such as a bank or credit union – issues a cashier's check, they certify it, or guarantee its payment. Unlike a normal check, the bank can't refuse to pay the cashier's check. That's why they require cash upfront and charge a fee for the service. Money orders are similar. They must be paid for in cash before the money amazon photos online is issued. Some merchants take debit cards, but the only way to use a credit card is by getting a cash advance, and using the cash to make the payment.

Defining Money Orders

A money order is a form of payment that is similar to a check, but because it’s paid for in advance, you can use it like cash, as there's no chance it will "bounce" like a bad check could. Different types of businesses sell money orders, including banks, the post offices, gas stations, convenience stores or retail stores. Fees vary based on the amount of the money order and the issuer, but usually range from a few cents to around five dollars.

Defining Cashier's Checks

Only financial institutions can issue cashier’s checks, which are similar to money orders. The bank takes a cash payment or withdrawal from your account when the check is which island in the keys has the best beaches and guarantees its payment. The checks usually cost more than money orders – around $5 to $10. For example, Bank of America and Wells Fargo generally each charge around $10 for cashier's checks. If you bank with the institution, it may provide it for free or at a discount. Also, the bank will issue cashier's checks for much larger amounts than the $1,000 cap for money orders.

Buying With a Credit Card

Before you can buy a money order or cashier’s check with a credit card, you’ll have to get a cash advance. Typically, the amount for a cash advance is the same as the available credit on the card, but you'll pay an upfront fee, and possibly a higher interest rate. In addition, you don’t get an interest-free grace period as you do with regular purchases. You can get cash advances at any bank or through some ATMs, but it's best to go to your bank or the one that issued the credit card.

Deciding Which Method To Use

Which payment method – money order or cashier's check – is best? It all depends on why you need it. Money orders work best If you mail payments under $1,000 or buy something from a private individual, and don't want the person to have access to your banking information. Cashier's checks provide a higher level of security and are normally used for amounts that exceed $1,000. If you accept these forms of payment, you should still examine them closely, as forgeries can occur, just like with regular checks.

References

  • GoBankingRates.com: Money Order Vs. Cashier’s Check — Here's the Difference
  • My Bank Tracker: Frequently Asked Questions About Cashier’s Checks
  • MyBankTracker: Cashier's Check Fee Comparison at Top 10 U.S. Banks
  • CreditCards: 10 Things You Can't Easily Buy With Credit Cards
  • Bank of America: Account Information & Access FAQs
  • Wells Fargo: Wells Fargo Consumer and Business Account Fees
  • Capital One. "What's a Cashier's Check and How Do You Use It?" Accessed March 27, 2020.
  • Capital One. "How Do I Order a Cashier’s Check?" Accessed March 27, 2020.
  • Washington State Department of Financial Institutions. "Cashier’s Check Scams." Accessed March 27, 2020.
  • Citizens Bank. "What Is a Cashier’s Check?" Accessed March 27, 2020.
  • Western Union. "How Do I Request a Money Order Refund?" Accessed March 27, 2020.
  • HelpWithMyBank.gov. "Answers About Cashier's Checks." Accessed March 27, 2020.
  • HelpWithMyBank.gov. "Answers About Funds Qdoba mukwonago Accessed March 27, 2020.
  • Federal Deposit Insurance Corporation. "Expedited Funds Availability Act," Page 3. Accessed March 27, 2020.
  • Consumer Financial Protection Bureau (CFPB). "I Deposited a USPS Money Order, Cashier's Check, Certified Check, or Teller's Check. When Can I Access This Money?" Accessed March 27, 2020.
  • Citizens Bank. "What Is a Money Order?" Accessed March 27, 2020.

Writer Bio

Chris Brantley began writing professionally for a financial analysis firm in 1997. From 2000 to 2004, he worked as a financial advisor, specializing in retirement planning and earned his Series 7, Series 66 and insurance licenses. Brantley started his full-time writing career in 2012 and has written for a variety of financial websites, including insurance, real estate, loan and investment sites. He holds a Bachelor of Arts in English from the University of Georgia.

Источник: https://pocketsense.com/can-use-credit-card-cashiers-check-money-order-17374.html

What Is A Cashier’s Check?

Cashier’s checks are official checks that a bank or credit union guarantees, often for a fee. As with personal checks, you can use cashier’s checks to pay bills, make purchases or pay other debts owed. But there are situations when it’s better to use a cashier’s check to send or receive payments. This is generally because cashier’s checks can offer more security than personal checks.

But what is a cashier’s check and how does it work? And where can you get a cashier’s check? This guide breaks down the basics of cashier’s checks, how they work and when you may want to use one in lieu of other payment methods.

What Is a Cashier’s Check?

Typically, when you write a personal check to a business or individual, the funds to pay it are drawn from your checking account. A cashier’s check is an official check drawn against a bank or credit union’s account. That’s a simple definition of a cashier’s check.

So, what does a cashier’s check look like? Much the same as any other check. There should be a line listing the payee’s name, as well as one for the amount. At the very top of the check, you should see the words “Cashier’s Check” printed. The bank’s information, including the bank name, account number and routing number should be listed on the front of the check. Cashier’s checks may also include watermarks to identify them as legitimate financial instruments.

Cashier’s checks can be the preferred way to pay in certain financial situations when you need to make a large payment or you’re concerned about payment security. This type of payment is guaranteed by the bank, which can offer reassurance to payees that the check won’t be returned for insufficient funds.

How Do Cashier’s Checks Work?

When you request a cashier’s check to pay a business or person, the financial institution first checks your account to make sure you have the amount you need to pay available. That amount is then withdrawn from your account and deposited into the bank’s account. The bank may charge a fee to issue a cashier’s check for you.

Next, the financial institution prints the cashier’s check with the payee’s name and the amount to be paid. But in place of your bank account and routing number printed at the bottom, the bank’s account number is printed instead. When the payee deposits the cashier’s check, the funds used to pay it are then drawn from the bank’s account. Depending on the bank or credit union, there may be a cashier’s check minimum limit for the check amount.

How and Where to Get a Cashier’s Check

Both banks and credit unions may offer cashier’s checks to customers. If you have a bank account or credit union account, you may be able to get a cashier’s check by visiting great west truck insurance branch or the financial institution’s website.

Here’s what you’ll need to have to get a cashier’s check:

  • Payee’s name
  • Check amount
  • Valid identification
  • Sufficient funds in your account to cover the cashier’s check amount and any fees the bank charges

When requesting a cashier’s check at your bank branch (or online, if your bank offers this service), it’s important to be specific about the payee and payment details. Getting the amount wrong could create problems if you ask the bank to reissue a new cashier’s check.

Here are the general steps to get a cashier’s check at a branch:

  • You tell your bank or credit union the exact amount you need and the person or business name that will receive the check.
  • The bank or credit union draws the cashier’s checks against the institution’s funds.
  • You pay the amount of the cashier’s check, along with any cashier’s check fee your bank or credit union charges.

You should be given a copy of your receipt. If not, ask for one. This way, you have a paper trail to track the cashier’s check if it’s lost or stolen.

Where to Get a Cashier’s Check Without a Bank Account

Getting a cashier’s check without a bank account can be difficult. In most cases, you won’t be able to get a cashier’s check without a bank account unless it’s for some specific reason. Here are two instances when you may be able to get a cashier’s check without a bank account:

  • You’re closing an account on behalf of someone deceased and you’re listed as their beneficiary.
  • You had an account that was closed with an overdrawn balance and the bank requires you to purchase a cashier’s check to settle up what you owe.

If you don’t have a bank account, you can try calling different banks to see if they’ll allow you to purchase a cashier’s check without an account. If not, you may need to open a new bank account to get a cashier’s check or use a different form of payment.

Pros and Cons of Cashier’s Checks

Cashier’s checks can offer several benefits when making payments, but there are a few potential downsides to keep in mind. Here’s a quick look at the pros and cons.

Advantages of Cashier’s Checks

  • Payment is secure. Since the funds are drawn against the bank’s account and guaranteed by cashiers check bank of america cost bank, you don’t have to worry about the check being returned for insufficient funds. This can help you avoid insufficient funds, overdraft and returned payment fees.
  • Funds availability may be faster. Banks have funds availability policies that determine when deposits will clear. For instance, it can take some payments up to five business days to clear, or longer for large deposits. Since a cashier’s check is guaranteed, there may be a shorter hold period compared to personal check payments, depending on your deposit method.
  • Security is increased. A cashier’s check can reduce the potential for check fraud since only the person it’s issued to can cash it. Cashier’s checks also typically feature enhanced security provisions, such as watermarks, to prevent them from being fraudulently duplicated.

Disadvantages of Cashier’s Checks

  • They’re not foolproof. Cashier’s checks are more secure than other types of check payments, but they can still be targets for fraud. Scammers cashiers check bank of america cost create seemingly authentic-looking cashier’s checks to pay you with that are only revealed as fake when you try to deposit them at your bank.
  • Cashier’s checks tend to have a fee attached. While some banks may offer cashier’s checks for free, that benefit may only be available if you have a premium checking account. More often, you’ll pay a fee of around $5 to $15 for a cashier’s check.
  • You usually have to visit your bank branch. While you can quickly write a personal check from your checkbook at home, you’ll typically need to go to the bank to get a cashier’s check if your financial institution doesn’t allow you to order them online. This could be difficult to do if you need to make a payment outside of regular banking hours. For example, attempting to buy a car on a Saturday might require waiting until Monday if your bank doesn’t have weekend or evening hours.

When You May Need to Use a Cashier’s Check

Cashier’s checks are generally meant to be used when you need to make or receive large payments securely. Situations when you may need to issue or be issued a cashier’s check include:

  • Buying or selling a vehicle
  • Buying or selling a home
  • Paying a security deposit for an apartment
  • Paying college tuition and fees
  • Repaying a large personal debt to a friend or family member
  • Receiving a lump sum amount from a lawsuit settlement
  • Receiving a lump sum withdrawal from an investment or retirement account

You also may choose to get a cashier’s check in any situation where you need to make a payment, but you don’t want the payee to have your bank account information.

Is a Cashier’s Check Safe?

Cashier’s checks can be a safe way to pay for goods and services or to receive payments. They’re often considered to be safer than personal checks or money orders since the money to fund them is drawn on the bank’s account instead of your own. Say you’re selling a car, for instance. It could make more sense to ask for a cashier’s check than a personal check, as there’s a risk that it could be returned if they don’t have sufficient funds in their account.

That doesn’t mean that cashier’s check scams don’t exist, however. The biggest risk of accepting a cashier’s check as a form of payment is the possibility that it might be fraudulent. The easiest way to minimize this risk is to only accept cashier’s checks from people you know.

Fees for a Cashier’s Check

Banks and credit unions may charge fees for issuing cashier’s checks. The amount you pay can depend on which financial institution you use. Some financial institutions may waive cashier’s check fees when you open certain types of accounts.

Here’s an overview of how cashier’s check fees compare at various banks and credit unions.

Alternatives to Cashier’s Checks

If getting a cashier’s check isn’t an option, foreclosed homes for sale tulsa are other forms of payment you may consider. Some of the best cashier’s check alternatives include:

  • Money orders
  • Certified checks
  • Wire transfers
  • Personal checks
  • ACH payments
  • Mobile payment apps
  • Credit card payments
  • Debit card payments
  • Prepaid cards
  • Cash

Keep in mind that each one is different when it comes to convenience, speed and cost. A wire transfer makes it easy to send or receive money in a matter of hours, for example, but it can mean paying a steep wire transfer fee.

Cashier’s Check vs. Certified Check vs. Money Order

A cashier’s check should not be confused with a certified check or a money order. So what’s the difference between a money order and a cashier’s check? Or a cashier’s check and a certified check?

While a certified check is also an official form of payment, these checks are drafted against your account directly instead of the bank’s. A money order is essentially a prepaid check since you have to pay money up front to purchase one.

Cashier’s checks, certified checks and money orders all can be issued by banks or credit unions. The main difference between a money order and a cashier’s check or certified check is cashiers check bank of america cost you don’t necessarily need a bank account to purchase a money order. You can also get money orders at other locations, such as grocery stores or post offices.

This table highlights the key differences to weigh when comparing a certified check vs. cashier’s check or cashier’s check vs. money order.

Watch Out for Cashier’s Check Scams

As mentioned earlier, cashier’s checks are not immune to being targeted by scammers. The most common type of cashier’s check scam usually involves someone using a fraudulent check to pay you for goods and services. Other cashier’s check scams can involve:

  • Requesting payment from you via a cashier’s check for goods or services that are never delivered
  • Lottery scams
  • Mystery shopping and work-at-home scams
  • Property rental scams

Knowing how to recognize cashier’s check scams can help you avoid falling victim to fraud. These tips can help you avoid scams related to cashier’s checks:

  • Stick with trusted payers. Be wary of accepting cashier’s check payments from businesses or individuals you don’t know.
  • Verify cashier’s checks before acceptance. Before you accept a cashier’s check as payment, contact the issuing bank to verify the check is genuine. Get the bank’s direct number or visit a branch for verification.
  • Look for obvious red flags. Some obvious signs that a cashier’s check could be fake include smeared writing or missing details, such as the bank’s routing number or watermark.
  • Wait for the check to clear. Don’t make payments or purchases against the cashier’s check amount until you’ve verified with your bank cashiers check bank of america cost the check has cleared. If the check bounces, you could be on the hook for insufficient funds fees, overdraft fees or returned check fees.

On the whole, a cashier’s check offers higher security than the use of a personal check or money order. Different types of transactions are suited to different types of payment. For larger transactions, providing (or receiving) a cashier’s check may be the best choice.

What Happens if a Cashier’s Check Is Lost or Stolen?

If someone uses a cashier’s check to pay you, it’s important to keep careful track of it until you can deposit it at your bank. The same goes if you get a cashier’s check from your bank to pay someone else.

That’s because replacing a lost or stolen cashier’s check isn’t often an easy process. If you lose a cashier’s check that you requested from your bank or credit union, the financial institution may require you to obtain an indemnity bond for the amount of the check before issuing a new one. This essentially reassures the bank that they won’t have to cover the payment for both checks if the lost one is found.

While that sounds simple enough, it can take time to secure an indemnity bond through an insurance company. And the bank may require you to wait 30 to 90 days before it will issue a replacement cashier’s check to give the original one time to be found. This can be inconvenient if you still need to make a payment, but you don’t have funds in your account to cover a new cashier’s check.

Bottom Line

Cashier’s checks can come in handy when you need to pay for something and you don’t want to use cash, write a personal check or swipe your credit card. Knowing how cashier’s checks work and where to get a cashier’s check can help you make the most of this payment option.

Frequently Asked Questions (FAQs)

How do you verify a cashier's check is real?

To verify a cashier’s check is real, the easiest option is to contact the bank or credit union that issued it. You can call the bank or visit a branch to ask for verification. If you’re calling the bank to confirm a cashier’s check, be prepared to tell the bank the check number, payment amount and the name of the person who gave it to you.

Can you cancel a cashier's check?

Wondering if you can stop payment on a cashier’s check? It depends. You can cancel a cashier’s check that you purchased if you still have it in your possession. You’d need to take the check back to the bank and request a cancellation. If you send a cashier’s check to someone else, there’s typically nothing you can do to cancel the payment.

What if you have a lost cashier’s check? If you purchase a cashier’s check and it’s lost or stolen, you’d need to contact the bank to find out what your options are for getting the money back.

How do you know when a cashier's check is cashed?

If you need to verify whether a cashier’s check has been cashed, you can contact the bank that issued it. If it hasn’t been cashed yet, but you think it’s been lost or stolen, you may be able to cancel the check or put a stop payment on it through the bank.

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Источник: https://www.forbes.com/advisor/banking/what-is-a-cashiers-check/

Where to Cash a Personal or Cashier’s Check

You have a check in hand that you need to cash right away. Maybe it’s a credit card cash-back refund or a mail-in rebate check. Or perhaps it’s a paycheck. Whatever the hillsborough county mls search, it should be no problem at all, right? You visit the bank, give the check to the teller, and walk away with the cash. It sounds simple, but that’s not always how it works.

cashing a check

Why so? According to a recent survey conducted by the Federal Deposit Insurance Corporation (FDIC), seven percent of households are unbanked. That’s a whopping 9 million consumers. And if you fall into this category, using the bank may not even be an option. However, the good news is there are other ways to cash a check without spending a fortune.

So, where can I cash a check? Read on to explore your options.

Where to Cash a Check if You Have a Bank Account

Do you have a checking or savings account at a bank or credit union? If so, you don’t have to think twice about where to cash personal checks. In fact, you should be able to do so via the mobile app or ATM if you’re unable to make it to the branch.

Credit union members get the luxury of depositing at locations across the United States that are a part of the shared network. (ATM deposit capabilities may also be available).

But there’s a significant drawback you should be mindful of: some banks don’t release the funds to you right away. For larger amounts, the funds availability policy may restrict your access for one business day or longer. And if you are a new account holder, there’s a chance the funds won’t be available until the check clears the writer’s bank.

Where to Cash a Check Without a Bank Account

Don’t have a bank account? No problem. You still have several options to cash checks without spending a fortune. And depending on which place you choose, you may be able to cashiers check bank of america cost your check for free.

Open a New Bank Account

Have you considered opening a new account to cash your check? This is a free way to cash the check. And depending on the amount, you can use the check to make the opening deposit. But, the hold time may be longer if you’re new to the bank or credit union.

What if you don’t qualify for a traditional checking account because of your poor banking history? Some banks offer second chance banking to consumers with ChexSystems or Early Warning Services (EWS) reports. So, try speaking with a banker to determine if you qualify.

Bank of Origin

You can visit the issuing bank or credit union listed on the check. It usually appears on the left-hand sign below the line designated for the long-form amount of the check.

Depending on the bank, a nominal check-cashing fee may apply. (Note: you should expect to pay a fee if you don’t have an account). Also, prepare to present a valid form of identification, like a driver’s license, passport, or state-issued ID card, so that the bank can confirm rockland trust bank attleboro ma identity. But you’ll have the funds right away if they’re available in the account.

This option may also be worth considering if you have a bank account but prefer not to wait to access your funds.

Major Retailers and Grocery Stores

Big-box retailers, like Walmart and Kmart, offer check-cashing services to consumers. It’s unnecessary to make a purchase, but prepare to fork over a small percentage of the check amount and a flat fee to complete the transaction.

Walmart will cash payroll checks, government checks, tax refund checks, cashier’s checks, insurance settlement checks, and retirement disbursement checks. The amount of the check cannot exceed $5,000, and the maximum fee is $6.00.

Kmart will also cash payroll checks and two-party checks, but this service is only available to ShopYourWay members. Checks are limited to $5,000 ($500 if two-party personal), and the fee will not exceed $1.

Visit the store and speak with a customer service cashiers check bank of america cost to learn more. If there isn’t a Walmart or Kmart in your local area, check with other major retailers or local grocers, as they may also offer check-cashing services.

Payday Lenders

You can also visit a payday lending or check cashing store to swap out your check for cash. These types of stores also sell money orders. Check cashing fees vary by location and brand but expect to pay a flat fee plus a percentage of your check. Generally, the funds will be issued at the time of your visit. But the representative will have to call the bank to confirm that you have an adequate balance to cover the check.

Prepaid Debit Card Accounts

Prefer not to open a bank account or visit a check cashing establishment? You can buy a prepaid debit card and deposit the check into the account to access funds. Most prepaid debit cards, like NetSpend, and Bluebird by American Express, allow you to make deposits from your smartphone. But you may have to wait until the check clears to make withdrawals or purchases.

Convenience Stores

Some convenience stores, like 7-Eleven, have self-serve kiosks from Refund Advantage that enable you to cash checks for a fee. Most are available for use during business hours, but you may also be able to use select check-cashing kiosks 24/7.

Where to Cash a Cashier’s Check

Cashier’s checks can be cashed at all of the same places mentioned above. In addition, most banks and credit unions will cash a cashier’s check for you. If it’s not your bank or the bank that issued the check, you will most likely wellsfargo com cardholders bobs furniture charged a fee.

The main difference between a cashier’s check and a personal check is that the funds for a cashier’s check are guaranteed by the financial institution that issued the check. Therefore, they are generally less likely to bounce.

Which option is best?

It depends on how fast you need the funds and what you’re willing to spend. Banked consumers have the luxury of fee-free check cashing, and not all checks are subject to extended (if any) holds.

If you’re an unbanked consumer, opening a checking or a prepaid account is always an option. And even if you’re forced to deposit the check and wait until it to use the funds, you’ll save money. But if you need cash fast, you can visit the writer’s bank, local check cashing establishment, or stores that offer these services.

What happens when a check bounces?

If you deposited a personal check at your bank, there’s a possibility the entire amount was reflected in your balance but unavailable for withdrawal. The funds were also available to cover any debit card purchases, electronic funds transfers, or ACH transactions.

But what if the check doesn’t clear or is returned to the issuer for insufficient funds? You’ll be on the hook for the amount spent and any overdraft fees incurred.

Bottom Line

Whether you’re a banked or unbanked consumer, there are several ways to cash a check and access the funds you need without pulling your hair out. However, you’ll probably have to pay a small fee if you don’t have an account at a financial institution.

But if you cash checks often and are getting fed up with paying fees, it may be worthwhile to explore checking account options. Even if you’re in ChexSystems or EWS for poor banking issues, there may be low-cost second chance banking options available to you.

Источник: https://www.crediful.com/where-to-cash-a-check/

Cashier’s Check Fee Comparison at Top 10 U.S. Banks

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The following is a MyBankTracker basic overview on cashier’s checks including a comparison of costs at the top banks:

Cashier’s Check Basics

A cashier’s check (also known as an official check, teller’s cheque, bank cheque, etc.) is a check that differs from regular checks because it is a more secure form of payment.

With a cashier's check, funds are guaranteed by the bank that issues the check. For this reason, cashier’s checks provide good reassurance that the check will clear when deposited since the money is already held by the bank and ready to be transferred.

Cashier’s checks are not commonly used for everyday expenses but for major transactions -- such as real estate -- since the recipient requires guaranteed payment.

It wouldn’t make sense to buy cashier's checks for small transactions because they will not offset the cost of getting an official check, which can be quite pricey.

Cashier's Check Fee at the Top Banks

BankCashier's Check
Chase$8
Bank of America$10
Wells Fargo$10
Citibank$10
U.S. Bank$7
PNC Bank$10
Capital One$10
TD Bank$8
BB&T$10
SunTrust$8
Citizens Bank$3
Fifth Third Bank$10.75
KeyBank$8
Regions Bank$8
Comerica Bank$10
BBVA Compass$10
BMO Harris Bank$10
Santander$10

Cashier’s Check Fees Compared

According to the banking analysis by MyBankTracker, the average cost of a cashier’s check was $9.10 at the ten biggest banks in America.

Currently, the most expensive cashier’s check is $10.75.

Note that these figures represent the fee that pertains to basic checking account holders at a given bank. Some banks may waive the fees for cashier’s checks if a customer has a high-tiered checking account.

If you are not a customer of the bank where you plan to buy a cashier’s check, the bank may charge you a different price.

It may be a flat rate or a percentage of the check's total. In some cases, a bank may refuse to grant a cashier’s check to those who are not customers of the bank.

How to Get a Cashier’s Check

To purchase a cashier’s check, you will have to provide the bank with the exact name recipient's name.

If you’re a customer of the bank you wish to get the cashier’s check from, you can purchase the check with cash or funds from your account.

The amount will be debited from the account immediately to pay for the check, at which time the bank will assume full responsibility for covering the amount on the cashier's check.

If you’re not a customer of the bank you’re purchasing a cashier’s check from, you will need to provide the full amount in cash at the time of purchase.

A cashier’s check must be cashed within 90 to 120 days of the date it is issued.

Cashier’s Check vs. Personal Check

There are significant differences between cashier’s checks and personal checks. With cashiers check bank of america cost personal check, the bank does not debit the amount from the customer’s account until the check is deposited or cashed.

With a cashier's check, however, the funds are debited immediately to cover the amount on the check.

Additionally, cashier’s checks will clear more quickly -- the funds become available by the end of the next business day of the deposit -- unlike personal checks, which can take a week or more to clear.

More information printed on the check

The physical features of cashier's checks are a lot more complex than personal checks -- which will only include your name and address.

On a cashier's check, the name of the issuing bank along with its location and issue date are listed. In addition, the name of the recipient, amount and other tracking information will be on the cashier’s check, generally signed by at least one bank representative.

Because cashier's checks are more secure than personal checks, they will exhibit at least one security feature such as color-shifting ink, watermarks, security thread, and special bond paper.

Not the same as counter checks

Note that counter checks are not cashier's checks, though you can get both at a bank.

Counter checks are more like personal checks available to bank customers when you run out of your own. The bank will encode your banking information and tracking number at the bottom of a check.

Unlike a personal check, a counter check won't include your name or address on it, therefore providing the least amount of security.

Cashier’s Check cashiers check bank of america cost. Chase bank warren mi Order

Money orders are essentially the same thing as cashier’s checks with some differences.

Although funds for both money orders and cashier's checks are guaranteed, a cashier's check is issued by a bank while a money order is not.

Money orders have a maximum limit while cashier's checks don't -- allowing consumers to transfer larger amounts of funds. Usually, a money order has a limit of cashiers check bank of america cost $1,000.

Finally, you only can get a cashier's check from a bank while money orders can be purchased at a variety of locations -- including the grocery store, post office, etc.

Generally, a cashier's check is the more expensive option.

However, if you're dealing with a large amount of money, a single cashier's check could end up being cheaper than paying for multiple money orders.

Scams Involving Cashier's Checks

Like money orders, cashier’s checks are susceptible to scams. As a recipient of a cashier's check, you should be aware of these fraudulent practices.

One popular scam involves a sales transaction where a fake buyer pays you with a cashier’s check for more than the amount agreed.

Soon after, they will ask you to deposit the check and pay them the difference in cash. Later, the fraudulent check will bounce, leaving you to lose out on that amount.

You should take appropriate steps if you suspect that a check is fake. 

Even if you're not an expert at spotting a counterfeit cashier's check, you can avoid becoming a victim of cashier’s check scams by calling or visiting the bank that cashiers check bank of america cost the check to confirm its legitimacy.

Stop Payments on Cashier's Checks

Sometimes, cashier's checks get lost or a transaction is canceled.

You'll want to put a stop payment order on the check so chase marriott business credit card login the funds don't get up in the wrong hands -- you want it back in your bank account as soon as possible.

A stop payment fee does apply, but it is nothing compared to what you can lose if a cashier's check is deposited fraudulently.

However, expect to wait up to 90 days until the funds are returned to your account while the bank investigates and processed the stop payment.

This is why some people prefer to use other payment methods, including money orders and personal checks, which tend to require less time -- around 30 days -- to complete a stop payment order.

Other Ways to Make Payments

While cashier's checks are viable for making large payments, remember that you also have alternative payment methods at your disposal -- with features that you may prefer over those found with cashier's checks:

Online payment platforms & services

Some people may find comfort in an electronic trail to follow the movement of their funds. Online payment platforms, such as PayPal and Venmo, allow you to trace your money when you pay someone.

Usually, these payment services don't charge hefty fees (or any fees at all) when you are making payments from a bank account to another bank account.

Wire transfers

A wire transfer is an expensive, but very quick, method of transferring money or making a payment to someone else. Typically, a wire transfer will move the money within 24 cashiers check bank of america cost -- usually much faster.

This payment method benefits the recipient significantly because the money arrives quickly. Before you perform a wire transfer for large sum of money, it is important to verify the legitimacy of the transaction.

Like with cashier's checks, once that money is gone, it is very hard to get back if a dispute comes along.

Frustrated with your bank?

Check out these top online banks that people are talking about:

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Источник: https://www.mybanktracker.com

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