Where Can I Cash A Cashier S Check – Cashier’s checks and money orders are considered safer forms of payment than personal checks, but they differ in terms of where you can buy them, what they cost, and when it makes sense to use one over the other. You can use a cashier’s check or cashier’s check instead if you have to pay someone and don’t want to use cash or write a personal check.
The bank takes the money from your checking or savings account and deposits it into its own account when you buy a cashier’s check. The bank then writes a check to the person or business you want to pay. You’ll typically pay a fee at the bank for a cashier’s check at the bank, and the average fee at the nation’s largest banks hovers around $10.
Where Can I Cash A Cashier S Check
The advantage of using a cashier’s check to pay someone (or to receive payment) instead of a personal check or cash is that it is safe. The bank takes the money directly from your account and puts it in its own, so the check is guaranteed not to bounce. Whoever you want to pay is guaranteed to receive the money. And you don’t have to worry about any overdraft or non-sufficient funds (NSF) fees that may be charged when you don’t have enough funds in your account to cover a check.
Money Order Vs. Cashier’s Check: What’s The Best Option?
Cashier’s checks are not completely foolproof, however, and fraudulent cashier’s checks can introduce financial scams. A scammer might present you with what looks like an official cashier’s check, which you deposit into your account. Your bank may discover weeks later that the check is fake.
A cashier’s check is an official check from a bank. It is not the same as a certified check, which is drawn on a depositor’s checking account after the bank has certified and placed a hold on sufficient funds to pay the amount of the check.
Another key difference is that a bank representative will sign a cashier’s check because the funds are technically drawn from the bank’s own account whereas the bank certifies that the customer’s signature on a certified check is genuine.
A cashier’s check is a type of official check issued by a bank. Not to be confused with a certified check, which is a check drawn on a depositor’s checking account that the bank certifies has sufficient funds to pay.
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Money orders are also a safer form of payment compared to personal checks. You can buy money orders at a bank, the US Postal Service, convenience stores, drug stores, convenience stores and cash companies. Usually, these places will also cash a money order issued, or you can deposit a money order into your bank account.
You must pay for a money order with cash, a debit card or traveler’s check when you purchase one. In general, you can’t use a credit card or write a personal check, and the transaction can be treated as a cash advance if you can use a credit card. Like the cashier’s check, you’ll pay a fee for a money order, but it’s usually inexpensive. The fee can be as little as $1 or as much as $5 depending on where you buy a money order and how much it is for.
One of the advantages of orders over the cashier’s check is that they are usually easier to replace. You must request a new cashier’s check from the bank if it is lost or stolen, and, in most cases, you must purchase an indemnity bond from an insurance company. This bond protects the bank if you lose the cashier’s check a second time. It can take anywhere from 30 to 90 days for a new check to be issued after you complete your request for one.
Replacing a lost or stolen order is often as simple as returning it with your purchase receipt and requesting a replacement or refund. The person issuing the money order may charge you a fee to replace it, but you can get it right away instead of waiting months for a cashier’s check to be reissued.
Title Tip: With Check Fraud On The Rise, So Are Limits On Cashier’s Checks
Money orders are generally easier to buy, but cashier’s checks are safer. So what should you use and when?
The security factor makes cashier’s checks the best choice if you’re making a large payment, perhaps for a car or boat. In fact, a cashier’s check may be your only payment option in some cases. The lender may ask you to get a cashier’s check to pay what you owe at closing if you are buying a home.
Money orders are less expensive, making them more suitable for smaller payments or when writing a personal check is not an option. You might want to use a money order to pay rent or send a few hundred dollars to a friend who’s short on cash.
The maximum amount for a US Postal Service, MoneyGram, or Western Union money order is $1,000 as of 2023. However, different limits may apply if you purchase a money order from a retailer, and the amount may adjust each year.
Scammers Target Woman With Bogus Cashier’s Checks
Contact the bank named on the check to make sure it is genuine before accepting it for payment from an unknown party or attempting to cash or deposit it.
Contact the issuing bank immediately if your cashier’s check is lost or stolen. You will have to submit a written statement called a loss statement. The bank may refuse to honor the check if it has been stolen or presented for payment by someone other than the intended person or business if you have taken the necessary steps to report the loss.
Money orders and cashier’s checks can be a convenient way to pay someone or receive money. Remember to check the fees involved and if the company puts any limits on the dollar amount if you are planning to buy one. Most importantly, keep your receipt or statement of purchase of the order or cashier’s check in case it is lost, stolen or damaged.
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How To Cash A Check As Quickly As Possible
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What is the difference between a cashier’s check and a money order? Cashier’s checks and money orders are types of prepaid checks. But they are not the same.
Toni Husbands Staff Writer Toni Husbands is a staff writer with Money who enjoys exploring topics that promote financial wellness. He began writing about personal finance to document his experience paying off $107,000 in debt, which is detailed in his book, The Great Debt Dump. Previously, he contributed as a freelance writer for websites, including CreditCards.com, Centsai and Wisebread. He was also a regular contributor to Business AM TV, and his work was featured on Yahoo News. Being a part-time real estate investor and gardening enthusiast also brings his joy. See full bio
Peter Butler Writer Peter is a writer and editor for
Cashier’s Check: Definition, Uses, How To Buy One
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