Cashier's checks: what they are, how to get one, and how much they cost, among other related questions
A cashier's check is a check issued by a bank using its own funds rather than those in your account. and a teller's or cashier's signature was affixed to it A cashier's check differs from a personal check in that the bank, not the check's author, is responsible for ensuring its payment. Cashier's checks are also known as government checks or cashier's drafts.
Large purchases, like the purchase of a car or a house, are best paid for with a cashier's check. whenever you won't be able to use a bank card and carrying cash is too risky Watermarks and, in some cases, the signatures of two bank employees further complicate any attempt to forge these checks. Consequently, the transaction is safe and the risk of theft or fraud is low when you buy one from a bank or credit union.
To What Extent Should I intermediation between a cashier's check and a money order
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When it comes to cashier's checks, most financial institutions only offer them to their customers, though some may extend this service to those who aren't bank or credit union members. To obtain a cashier's check, follow these steps:
Be prepared to show identification and the exact sum due. A cashier's check is a check drawn on the funds of a financial institution, but the funds for the check itself must be provided by the customer in advance. Since you cannot obtain a blank cashier's check, you will also need the name of the company or individual you are paying (the "payee"). The teller will likely ask to see identification, so be prepared to show it.
Pay a visit to the branch closest to you and ask to borrow a check from a teller. You may be able to place an order for a cashier's check over the phone or online with some banks. Instead, you'd have to wait longer while the recipient waits for a cashier's check to arrive in the mail. Go to a branch if your bank has one, or locate a bank or credit union that works with non-customers if you need the check immediately.
Cover the cost of the check plus any additional charges. If the money is already in an account there, the entire check amount will be frozen or taken out of the account the moment the check is issued. Check that there is enough money in the account to cover the fee. Unless you're already a customer, you probably won't want to write a check to a bank that doesn't already have your money. The cashier's check will be issued and signed by the teller.
Obtain a proof of purchase. You should get a receipt as proof of payment. If the check gets lost or stolen, or if you just want to know if it was cashed, you can use this to do either.
Checking accounts are available at most financial institutions and should be opened if necessary. Cashier's checks can only be issued by banks and credit unions, and many of these financial institutions won't even give them to people who aren't already customers. If you need a cashier's check but aren't a customer at the institution, call up the branch and ask if you can still get one. If it is not feasible for you to open a bank account, a money order could be the next best thing.
When looking for a financial institution, one might say, See the finest banking institutions
You can get cashier's checks from a number of different financial institutions. but there is some disagreement over the name, with "official checks" being used by some and "official audits" by Please contact your financial institution for current pricing and availability. A few banks and credit unions provide a lowering or elimination of account maintenance fees Many businesses only offer them to registered users.
The following is a list of some of the most common banks' cashier's check fees:
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Members of the Preferred Rewards Program
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When purchasing overnight shipping online, you will pay $20 versus $10 in store.
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Clients with Private Client Checking, Premier PlusSM Checking, SapphireSM Checking, and Secure Checking
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Checking accounts are limited to two free transactions per day.
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Users of Performance Checking, Performance Select Checking, and Foundation Checking
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Customers who maintain either a Checking Account or a Money Market Account
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Clients with accounts in the Beyond Checking and Savings, Private Tiered Checking and Savings, and 60-Plus Checking tiers *
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Purchases made in person cost $10, while those made online cost $18.
Asset allocation of Wells Fargo customers
* Connecticut (CT), Delaware (DE), Florida (FL), Maryland (MD), Massachusetts (MA), New Hampshire (NH), New Jersey (NJ), New York (NY), Pennsylvania (PA), Rhode Island (RI), South Carolina (SC), Vermont (VT), and Virginia (VA) are the only East Coast states where TD Bank operates.
Unlike personal checks, cashier's checks cannot be canceled. The bank may request an indemnity bond from you in order to issue a replacement cashier's check in the event of its loss. ( Indemnity bonds are explained in more detail below. And If You Lose a Cashier's Check )
The replacement check will be your responsibility once you obtain the bond, which is not easy to do in the United States. S Department of the Treasury's Office of the Comptroller of the Currency Consult an insurance agent if you need assistance, says the OCC.
The bank may still make you wait longer than a month for a replacement check, bond or no bond.
Unlike personal checks, cashier's checks are written on the bank's own money and not yours. To clarify, a certified check is a check that is both written and drawn by you. The bank guarantees the check is yours and that you have enough money in your account to cover its total amount at the time it was written. ( Consider the following advice when deciding whether or not to use a certified check. )
Prepaid payments such as money orders are common. They typically have a cap on how much they can spend. To give just one example, the United States S Money orders purchased through the USPS are limited to a maximum of $1,000. Although both cash and debit cards can be used to purchase cashier's checks, money orders are not bank-backed. ( When this occurs, a money order is the most practical option. )
In general, you shouldn't accept a cashier's check from an unknown person. If you do get a check, don't spend the money until at least a few days after depositing it, or double-check with your bank to make sure it has cleared. In the event that a check's total is more than $5,525, many financial institutions will hold the funds until the issuing bank clears the check.
» Find out more about Tips for Keeping Your Cashier's Checks Safe
To obtain a cashier's check, follow these simple instructions:
Before asking for a check, you should have the correct amount, the name of the intended recipient, and your identification ready.
Stop by the branch and have a teller write you a check.
You must cover the entire amount of the check plus any additional fees.
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