How to Cash a cashier’s Check | Online, ATM, Bank
How to Cash a cashier’s Check | Online, ATM, Bank. Cashier’s checks are often viewed as very secure forms as payment that are almost as good as cash. This method of payment was often used between two parties when one will not accept a personal check from the other, for fear that the check will not clear.
However, fraudulent cashier’s checks have made the process of trying to cash a cashier’s check more difficult. Note that cashing a cashier’s check is a simple process as long as you bring your identification, and the check is made out to you. Endorse the check properly as well by signing your name the way it appears on the check.
What is a Cashier’s Check?
A cashier’s check is a check written by your bank on your behalf. Unlike traditional checks, which draw their payment amounts from the funds available in your checking account, the recipient of a cashier’s check is paid directly by from the bank’s funds. Cashier’s checks aren’t just for purchases.
If you are transferring money between banks or closing an account, you may receive the full balance in a cashier’s check to deposit into your new account. Of course, electronic money transfers have become more common today.
Where Can I Get a Cashier’s Check without a Bank?
Cashier’s checks can only be provided at a bank or a credit union and usually only at such institutions where you are a member. Some banks will offer cashier’s checks to non-members for a fee, but you will need some method of paying the amount on your cashier’s check to the bank, whether it’s cash, a personal check, or a debit card.
You can request a cashier’s check online or through the mail by contacting the bank’s customer support if you can’t make it to the bank. Make sure you specify the amount that the check should be written for and who it should be made out to in your communications.
How To Cash a Cashier’s Check
When cashing a cashier’s check, it’s important to be aware of any fees that may be a part of the process. Check the check cashing fees chart of the banking authority. If you are the recipient of a cashier’s check, then your priority should be to cash that check. Since cashier’s checks are guaranteed by the bank’s funds rather than the funds of the person who gave you the check, you can be sure that the money is there.
The process of cashing a cashier’s check involves bringing the check to an appropriate financial institution and either trading the check for cash, or depositing that amount given on the check into an account of your choosing.
Best Ways To Cash a Cashier’s Check
There are many places where you can cash a cashier’s check. The most important part of cashing a cashier’s check is finding the right place to do it. Your should make your decision based on potential fees, speed, and convenience.
1. A bank where you have an account
If you have an account at a bank, you can take a cashier’s check there, even if that bank didn’t write the check.
2. The bank that wrote the cashier’s check
As long as it’s convenient for you, this should be one of the first stops on your list.
3. Large retail stores like Walmart
Sometimes retailers like Walmart will cash checks for you. They may charge a fee for check cashing services.
4. A special check-cashing store
Some stores will cash a cashier’s check for you, sometimes at lower fees than a bank would charge. These include check-cashing stores like Moneytree or Money Mart.
5. Another bank that didn’t write the cashier’s check
Many banks will cash cashier’s checks that they did not write for non-members as long as you’re willing to pay a fee.
Steps on Getting a Cashier’s Check
Follow these steps below to get a cashier’s check from your bank:
1. Have the necessary funds in your bank account.
A cashier’s check may end up drawing its payment amount from the bank’s funds, but that doesn’t mean you’re off the hook. The bank will reimburse itself from your bank account when the write the check. Some banks charge fees for cashier’s checks, so make sure you ask about their fee.
2. Know the amount that the check should cover
Know the amount and who the check should be made out to. A cashier’s check is written at the bank, so there won’t be any opportunities to wait and see what the expected payment amount is and fill it in right before making your purchase. Know in advance to avoid hiccups.
3. Visit your bank or credit union and ask for a cashier’s check from the teller.
If there isn’t a bank location that’s convenient for you, you may be able to request a check from your bank through the mail or online, but this process will take much longer.
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