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USAA Bank calls its cashier’s check product a teller’s check or certified check. Don’t let the two names confuse you — both products are the same. However, to compare USAA Bank products with other financial institutions, certified checks will be referred to as cashier’s checks in this article.
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You can purchase cashier’s checks at USAA Bank for a fee of $10 per check, but each USAA member is entitled to one free cashier’s check per calendar year. However, the cashier’s check fee is only one important piece of information. Scams, price comparisons, and steps to buy a cashier’s check are equally important things to consider when getting a cashier’s check at USAA Bank.
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A cashier’s check is a form of payment typically purchased at a financial institution — a credit union or bank such as USAA Bank — and written by a bank teller to a third party, such as a homeowner. Cashier’s checks are funded by the bank, meaning they are not funded from your personal bank account.
Because you must purchase the product for the full amount, this check guarantees payment and greatly reduces the risk of fraudsters gaining access to your sensitive account information. Cashier’s checks are mostly used for large purchases, like when you need to make a down payment on an apartment.
Any financial institution can issue cashier’s checks, but you are usually required to have a bank account — either a checking account or a savings account — with that institution. The USAA Bank Cashier’s/Teller’s Check Request Form has a section that requires an account number to debit, meaning you must have an account with USAA Bank to get a cashier’s check.
As with any financial institution, you must provide the full amount paid by cashier’s check at the time of purchase — otherwise it cannot be written down.
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Here are four important steps to get a cashier’s check at a financial institution like USAA Bank:
If you are considering becoming a USAA Bank customer, you may want to compare cashier’s check fees and charges with other financial institutions to see the best option for you.
Although USAA Bank’s $10 cashier’s check fee is one of the most expensive, members are offered one free check per calendar year. One free cashier’s check may be enough if you don’t expect to make large purchases in the next calendar year. However, cashier’s check fees are banking fees that you do not have to pay.
According to the Better Business Bureau, all of the following check fraud scams occur during the time lag between when you deposit a fake check sent to you by a fraudster and when the check is verified by the bank.
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Cashier’s checks pass through a clearinghouse, usually run by the Federal Reserve Board, which can take up to two weeks to verify the money. During this time, the fraudster will ask you to send back some or all of the funds from your account and support the request with detailed and sometimes personal reasons.
Before you or the bank realizes that this check is fake, you have sent the requested funds to the fraudster and now owe the bank money to cover the fake check. Plus, you run out of money you sent to the scammers.
You should treat this form of payment with the same scrutiny as any other form of payment, and take appropriate steps to help yourself if you become a victim of cashier’s check fraud.
You can find many other payment methods that appear to function similarly to USAA Bank cashier’s checks, but have notable differences when looking at the specifics.
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A personal checking account allows you to write checks against available funds. Therefore, personal checks allow a “stop payment” to cancel any payment, and cashier’s checks do not.
However, personal checks include your account number on the front, which provides access to sensitive information. Once fraudsters have your sensitive information, they can commit fraud using your identity.
This type of check is like a personal check but has been certified by a bank officer who guarantees the funds. There is no way for a person to know whether a personal check is any good until they deposit it at the bank, and the funds are verified.
Certified checks and cashier’s checks guarantee available funds. The main difference between the two certified checks is that certified checks are funded from a personal bank account, while cashier’s checks are funded from a bank.
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A money order functions like a cashier’s check in all respects, except that money orders are generally written for smaller amounts of money. Because the amount is smaller, money orders can be purchased at places other than banks and the fees are cheaper. Grocery stores, gas stations, and post offices often sell money orders.
A wire transfer is a digital transfer of money between bank accounts without having to fill out any type of check. Both cashier’s checks and wire transfers must be backed by available funds, but only one can be handled digitally.
USAA Bank’s cashier’s check fee is $10 per cashier’s check after using one free cashier’s check per calendar year. These fees may seem unnecessary, but purchasing these payment products guarantees payment to your recipient and is a way to distribute money without providing account information.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, assessments, or recommendations expressed in this article are those of the author alone and have not been reviewed, approved, or endorsed by any entity mentioned in this article.
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In the latest development in electronic banking, customers of financial services company USAA can now deposit checks directly via their iPhone. USAA on Tuesday updated its iPhone app to allow customers to deposit checks wirelessly. By taking a photo of both sides of the check using the iPhone’s built-in camera, customers can send the check image directly to USAA for verification and storage. USAA The new USAA Deposit@Mobile feature expands on the bank’s existing iPhone app, which debuted in May and has been downloaded nearly 140,000 times, USAA said. This free mobile app allows customers to check balances, transfer funds and find ATMs. Mobile check deposit is also the next step up from USAA’s Deposit@Home service, which allows customers to scan and deposit checks using a PC and scanner. “Our members are always on the go and need to be able to manage their accounts at any time, from any location,” said Wayne Peacock, USAA’s executive vice president of corporate business operations, in a statement. “Nearly 50 percent of our 1 million mobile phone users are active duty military, who can be stationed anywhere. Convenient mobile access is critical to providing the highest possible level of customer service.” Driven by the shift to 3G wireless technology, mobile phone operators and financial institutions in recent months have introduced a number of services and applications aimed at mobile banking. Last September, for example, Sprint Nextel introduced the MyMoneyManager app, which lets users check bank balances and pay bills wirelessly, while credit card provider Visa introduced several similar initiatives. The video from USAA below shows how the check deposit feature works. USAA is a financial institution that provides a variety of banking and insurance services to its customers. One of the services USAA offers is wire transfer, which allows customers to transfer funds from a USAA account to another bank account. In this article we will discuss USAA wire transfers in detail, including how to use them as well as USAA international wire transfers.
USAA is a financial services provider that offers a variety of banking products and services to its members, including insurance, banking, investments, and retirement planning. The company was founded in 1922 and has since grown to become one of the largest financial institutions in the United States. USAA is