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What Do You Need To Cash A Personal Check – A cashier’s check is a type of payment that provides a certified payment 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 might need it.
What Do You Need To Cash A Personal Check
A cashier’s check works like a personal check but with one key difference: Instead of the check being endorsed by the funds in your bank account, it is endorsed by the bank or credit union that issued the check.
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In addition to having a bank guarantee or credit card, a depositary’s check also usually comes with additional security features, such as a watermark or the signatures of two bank or credit officers.
When you apply for a savings check, you will pay the issuing financial institution, either in cash or by debiting your checking account. The check is then issued to you, along with the name of the person or business you are paying on to the recipient. You can’t get a blank check.
Cashier’s checks are often required when you are making bulk purchases where the seller needs a high level of certainty that the check will not bounce.
Because they’re one of the most secure forms of payment available, they also tend to clear faster than personal checks – usually the next business day. However, larger checks may be held longer than that to ensure they are not fraudulent.
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While some recipients may require a cashier’s check to complete the transaction, you can use a certified check or money order instead in some cases.
A certified check is a type of personal check drawn on your checking account instead of a bank or credit check. But as an added security, the issuing bank or credit union guarantees that funds will be available for the check amount at the time of writing.
The bank or credit union also verifies that the signature on the check is correct and sets aside the money to be used only for that business. That action pretty much guarantees that the check won’t 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 not be feasible.
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Cashier’s checks are similar to savings checks in that both are prepaid and endorsed by the check issuer rather than the buyer. With money orders, however, the guarantor is usually a company like Western Union, the United States Postal Service or a retailer like Walmart, not a bank or credit union.
Money orders are also usually easier to purchase by cashier’s check or certified check due to their wide availability. If you need to send money safely or run errands or pay rent, a money order may be enough. Cash products usually have a $1,000,000 limit, however, which means they may not be an option when you need to buy more.
Cashier’s checks may be required for certain large transactions, such as when purchasing a car, motorcycle, boat or RV at a private or business event. It is also possible to use one to close on a home purchase, although the title company may require a wire transfer instead.
If you are buying a large item such as a car or home, ask the seller, dealer or company which payment methods they accept.
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You can get a savings check at any bank or credit union, but you may need to be an existing customer to purchase one. Whether you go to a local branch or submit your application online, here are some steps you should take.
Because a bank or credit union endorses a depositor’s check with its own funds, it will require you to pay the check amount up front. You can do this with cash or money from your personal or savings account. In some cases, you may be required to pay less.
If you want to cash a check, though, you may be required to provide some form of identification.
The bank or credit union writes the check to the bearer, including the name of the payee and the amount of the check. This means that you will need to have all the necessary information ready for the call.
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Once your request is complete, the bank may freeze the amount of the check or withdraw it from your account, plus any required fees. Once you have the check in hand, be sure to ask for a receipt, which can help you if you need to track the check or if it goes missing.
Generally, cashier’s checks are among the most reliable payment methods available. But despite their security features, they are not completely immune to 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 spending money until after the check has cleared your bank. It usually takes one day, but it can take longer depending on the bank and the number of checks. Avoid buyers who want to cash you a check for more than the purchase price or who give you a check that is written incorrectly or has no security features. These are both signs of a regular check.
If you received a check from the sale of a car or other item of value, consider making the sale based on the check instead of having the buyer give it to you. If the buyer refuses, you can always find another one.
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If you buy a cashier’s check and lose it before cashing it, the bank will require you to purchase a cashier’s check before it will issue a new one. The guarantee guarantees that you will be responsible for the original check instead of the bank when it is received and used for payment. You can also purchase an indemnity bond from select insurance companies, but it’s not easy to find one, so protect your savings check as much as you can.
A cashier’s check is a convenient way to send money or make a payment, but it’s not always necessary. Because some banks charge a fee for issuing a depositor’s check, check with your issuer to see what other options are available. If you can complete the sale with the simplest and least expensive method, you can save time and money. To determine which option best suits your needs, learn more about cashier’s checks and certified checks.
If you need to cash a check, though, make sure you have the required amount and information, and treat the check as you would until you receive it. At that time, they are responsible for maintenance until they save or deposit the money.
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