- Best Place To Order Checks
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Best Place To Order Checks – If you’re expecting a large payment, you may be wondering what’s the safest way to receive it. And if you need to make a large payment – such as a down payment on a house or the purchase of a car – the payee may request a more secure form of payment than cash or a personal check.
In these cases, both cashier’s checks and certified checks can be good choices. Although the names are similar and share some features – including increased security compared to personal checks – there are some key differences between the two.
Best Place To Order Checks
A cashier’s check is drawn on the bank’s balance, not on the money in your checking account. To get a cashier’s check, you transfer money from your checking or savings account to the bank’s account (plus a small bonus for the service).
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A bank representative then issues the cashier’s check with the bank’s name and account information, as well as the payee’s and sender’s names. The money is then usually available to the payee on the next working day.
When you write a certified check, the funds are deducted directly from your personal checking account and your name and account number appear on the check. In addition to your signature, the check is also signed by a representative of the bank and the words “certified” or “accepted” are printed somewhere on the check.
The bank has guaranteed this check and can hold these funds until the check clears.
Even if the bank confirms that the person issuing a certified check has the money in his or her account, the money remains in that person’s bank account until the certified check is deposited by the payee.
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Provided the check is genuine, both cashier’s checks and certified checks are safe forms of payment. However, a cashier’s check is generally considered the safer payment method because the amount is deducted from the bank’s account rather than an individual or company’s account.
Additionally, certified checks do not have the same watermarks as cashier’s checks, making them somewhat easier to forge.
Fraudulent check scams can take many forms, but one of the most common involves a fraudster passing off a counterfeit certified check or cashier’s check as payment for a purchase. For example, let’s say you list a car for sale on an online marketplace. The scammer contacts you to express interest and presents you with an official-looking check from a bank as payment for the car.
However, after you deposit the check, the bank tells you that it is counterfeit. Not only did you lose the money, but you also lost the car in the process. The Office of the Comptroller of the Currency (OCC) warns about this type of fraud.
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Generally, banks are required by law to make funds from official bank checks (including cashier’s checks and certified checks) available to you within one business day of depositing them into your account. However, the presence of available funds is not a guarantee that the check is valid.
According to the Federal Trade Commission (FTC), it can take weeks for a bank to detect check fraud.
If the bank determines that the check you received is counterfeit, you may have written checks or made purchases with your debit card for that amount. If these debit payments are returned or your checks are cashed, this may subject you to overdraft or NSF fees.
The FTC and the Office of the OCC offer some tips for avoiding fraud involving cashier’s checks and certified checks. First, think carefully before accepting official checks from people or companies you don’t know well. If a buyer specifically requests payment with a certified or cashier’s check, you may want to suggest an alternative payment method, such as an escrow service or online payment.
Cashier’s Check Vs. Money Order
If you choose to accept a cashier’s check or certified check as payment, call the bank that issued the check to verify that it is genuine. Instead of dialing the number printed on the check (which could be fake), look up the bank’s phone number online.
If you end up receiving a cashier’s check or certified check that you weren’t expecting, think again before depositing it into your account. Lottery and sweepstakes fraud is another form of check fraud.
Cashier’s checks and certified checks are not cashed immediately. Federal regulations require banks to make funds deposited into an account using cashier’s checks, certified checks, or cashier’s checks available for withdrawal no later than the business day following the banking day on which the deposit is made, so the funds are not immediately available to the recipient.
It is best to use a cashier’s check when you need to make a large payment and a personal check or credit card is not accepted, or paying with cash is not safe or practical. Consider using this type of check if you are paying more than $1,000.
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A bank check can be cashed. Cashier’s checks are not the same as cash. Just because the money appears to be available in your account doesn’t mean the check has cleared and is legitimate. Fake bank checks can look very authentic. The check can still be cashed if it is a counterfeit.
Both cashier’s checks and certified checks can be a secure payment method. However, a cashier’s check is generally considered the safer payment method because the amount is deducted from the bank’s account rather than a personal or business account.
You should be familiar with the signs of check fraud if you accept one of these checks from someone you don’t know. And if you suspect that an official check you received and deposited into your account is counterfeit, contact your bank immediately to minimize any insufficient funds or repayment charges.
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Money orders are easily accepted and converted into cash and are often used by people who do not have access to a standard checking account. They are an acceptable form of payment for personal and business debts and can be purchased from most institutions for a small service fee. Money orders were first issued by American Express in 1882 and later became popular as traveler’s checks.
When you purchase a money order, you must write on a form the name of the recipient and the amount you want the recipient to receive. Most money orders have a maximum limit of $1,000. Therefore, you would have to purchase multiple orders if you need more than this amount. Fill out the money order carefully. This is a one-time purchase and you must keep good records of it.
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The financial institution or authorized entity that issues the money order to the paying person has the name of the person or entity receiving the payment, the name of the issuer, and the amount of money that can be cashed. This dollar value does not include fees charged. When purchasing money orders, consider all costs. A bank or credit union typically charges more to issue money orders than a supermarket.
When you pay a money order, you will receive a receipt with the money order serial number. You should retain this information until you are sure the money order has cleared. Without a receipt, it may be difficult or even impossible to trace a money order.
A money order is more difficult to trace than a check. Therefore, keep your receipt until you are sure that the order has been received and redeemed.
You can purchase a money order at any bank or credit union, as well as most grocery stores, convenience stores, and any store that offers check cashing or money services such as MoneyGram or Western Union. The US Postal Service also offers money orders.
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To place an order, all you need to do is bring enough money to pay the money order, either cash or direct debit
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