How To Cash Cashiers Check – A cashier’s check is a type of payment that provides guarantee funds to the payee. It is often used for large-dollar transactions, such as buying a car or making a down payment on a home.
Here’s how a cashier’s check differs from a personal check, certified check or money order, as well as how to get one and when you need one.
How To Cash Cashiers Check
A cashier’s check works like a personal check but with one important difference: instead of the check being guaranteed by the money in your bank account, it’s guaranteed by the bank or credit union that issued the check.
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In addition to having a bank or credit union guarantee, cashier’s checks also usually come with added security features, such as a watermark or signatures from two bank or credit union employees.
When you request a cashier’s check, you pay the financial institution that issued it, either in cash or by withdrawing it from your bank account. The check is then issued to you, with the name of the person or business you’re paying in the recipient line. You cannot get a blank cashier’s check.
Cashier’s checks are often required when you are making a large purchase in which the seller needs a high level of assurance that the check will not bounce.
Because they are one of the safest payment methods available, they also clear more quickly than personal checks—usually by the next business day. However, larger checks may be held longer than this to ensure they are not fraudulent.
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While some recipients may require a cashier’s check to complete the transaction, you may be able to use a certified check or money order in some cases.
A certified check is a type of personal check that is drawn on your account rather than on bank or credit union deposits. But as additional security, the issuing bank or credit union certifies that funds were available for the amount of the check at the time you wrote it.
The bank or credit union also verifies that the signature on the check is genuine and designates the amount to be used only for that transaction. This process essentially guarantees that the check will not bounce.
A certified check can be a good option when the purchase is large enough that you cannot use a money order, and using cash or a personal check would be impractical.
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Money orders are similar to cashier’s checks, in that they are both prepaid and guaranteed by the issuer of the check instead of the person buying it. However, with a money order, the guarantor is usually a company such as Western Union, the US Postal Service or a retailer such as Walmart, and not a bank or credit union.
Money orders are also generally easier to purchase than a cashier’s check or certified check due to their wide availability. If you need to send money securely or make a utility or rent payment, a money order may be sufficient. Money orders usually have a limit of $1,000, however, which means it won’t be an option if you need to make a large purchase.
Cashier’s checks may be required on some larger transactions, such as when you are purchasing a car, motorcycle, boat or RV from a private party or dealership. It may also be possible to use it to close on a home purchase, although the title company may request a wire transfer instead.
If you are making a large purchase such as a vehicle or home, ask the seller, dealership or title company about the payment methods they accept.
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You can get a cashier’s check from any bank or credit union, but you’ll need to be an existing customer to purchase one. Whether you’re visiting a local branch or submitting your application online, here are some steps you’ll need to take.
Because the bank or credit union guarantees the cashier’s check with its own funds, it will require you to pay the amount of the check. You can do this with cash or money from your own checking or savings account. In some cases, you may need to pay a small fee.
If you want to withdraw funds for a cashier’s check, however, you may be required to provide some form of identification.
The bank or credit union prints the cashier’s check, including the payee’s name and check amount. This means that you will need to prepare all the necessary information to give to the listener.
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Once your application is complete, the bank will either freeze the check amount or deduct it from your account balance, along with any applicable fees. Once you have the check in hand, be sure to also ask for a receipt, which can be helpful if you need to track the check or it goes missing.
In general, cashier’s checks are among the safest payment methods available. But even with the security features they include, they are not completely safe from fraud. Here are some best practices to keep in mind.
If you don’t know the person who gave you the check, it’s best to avoid using the funds until the check clears with your bank. This usually only takes one day, but it can take longer depending on the bank and the amount of the check. Avoid buyers who want to give you a cashier’s check for more than the purchase price or who offer you checks with misspellings or security features. Both of these are signs of common cashier’s check scams.
If you’re receiving a check in the sale of a car or something else of value, consider selling the check to the buyer rather than handing it to you. If the buyer refuses, you can always find someone else.
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If you buy a cashier’s check and lose it before giving it to the payee, the bank will require you to purchase an indemnity bond before it is a new issue. The bond ensures that you, rather than the bank, will be responsible for the original check if it is found and used for payment. You can also purchase an indemnity bond from select insurance companies, but this is not easy to obtain, so save the cashier’s check as you would cash.
Cashier’s checks are a safe way to send money or make payments, but they’re not always necessary. Because some banks charge a fee for issuing a cashier’s check, check with the payee to see what other options are available. If you can complete the transaction with a more convenient and less expensive option, you may save time and money. To be sure of the option that best meets your needs, learn more about a cashier’s check vs. a certified check.
If you need a cashier’s check, though, make sure you have the money and information required, and treat the check the same as you would cash until you hand it to the payee. At that point, they are responsible for its safety until they deposit or cash it.
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Certified Check Vs. Cashier’s Check: Differences
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