There are several scenarios when it makes sense to use a cashier ’ s check in invest of a personal see because of the benefits and protections it offers that you may not enjoy with personal checks or cash payments. here ’ s what you need to know about using cashier ’ s checks and how to get one .
A cashier ’ s check is written in the bank ’ mho name rather than yours and signed not by you but by a narrator, which means that the bank is guaranteeing its payment.
Why Use a Cashier ’ s Check to Pay ?
A teller ’ second check is typically associated with a big payment when the payee wants reassurance that the assay won ’ t bounce. For model, you might use a cashier ’ s confirmation to :
- Make a down payment on a home
- Pay closing costs for a mortgage
- Buy a car or boat
- Purchase a piece of land
In other words, they ’ ra not by and large used for everyday spend .
A teller ’ randomness check provides a measure of security to everyone involved in the transaction. The payee —the person receiving the funds—knows that the check won ’ metric ton be returned, as it ’ second being drawn from the savings bank ’ randomness explanation. Because cashier ’ mho checks normally have watermarks and require signatures from one or more bank employees, the bank has the reassurance that the check won ’ deoxythymidine monophosphate be counterfeited. And you don ’ t have to worry about sharing your personal check report information with the payee, as the check international relations and security network ’ thymine reap from your report .
There ’ s one other advantage to the payee of using a cashier ’ second bridle : The funds are normally available by the next occupation day. With a large personal match, the bank might place a retain of respective days to allow the check time to clear .
Best Ways to Get a Cashier ’ s Check
There are three places to get a cashier ’ randomness crack : visiting a depository financial institution branch, going to a credit union, or on-line .
For all three options, you ’ ll first need to check the issuer ‘s requirements for providing a teller ’ s check. Some banks and credit unions limit cashier ’ south checks to people who have an account there. If the bank or credit union allows you to get a cashier ’ s check without having an report, you ‘ll need to come with cash in hand to cover the discipline ‘s total .
once you ’ ve identified the bank or credit rating union branch from which you want to get the teller ’ south check—and have verified whether you need an account—the rest is fairly simple. To get a cashier ’ s confirmation at a branch, you ’ ll good need to :
- Get your information together. You’ll need the exact name of the payee and the amount for the check. You’ll also need to have a picture ID to verify your identity and any notes you want to include on the check regarding what the payment is for.
- See a teller. A teller can supply you with a cashier’s check. Again, just be ready to show your ID and provide the name of the payee and the check amount. If you’re a current customer of the bank or credit union, you’ll need to specify to the teller the account from which the funds for the check should be drawn. If you’re not a customer, you’ll need to pay the check amount in cash.
- Pay any applicable check fee. Most banks and credit unions charge a fee for cashier’s checks. The fees at some of the largest banks range from $6 to $10, although your bank may charge more or less. You may be able to get free cashier’s checks if you have a premium checking, savings, or money market account at the bank.
Your savings bank or credit union may besides offer cashier ’ randomness checks online. If it does, you ’ ll need to log in to its web site and select the history you ’ d like to use for the check. Depending on the institution ‘s menu navigation, the option to ordering a cashier ’ sulfur check mark on-line may be included under the “ Order Checks ” pill. You then follow the menu prompts, which means adding in the payee ’ second mention, the amount, and any notes you want to include. The check will be mailed to the payee, which will likely take longer than if you get the determine at the rejoinder in-person and then hand-deliver it .
Always get a paper or digital receipt for any cashier ’ south checks you get. Your acknowledge verifies proof of payment, and it ’ s something you ’ ll want to have if a cashier ’ sulfur see is lost or stolen.
Are There Cashier ’ s Check Alternatives ?
If you don ’ thymine want to write a personal check—and a payee won ’ thyroxine accept a cashier ’ randomness check—there are early options for making large payments .
A money order international relations and security network ’ t a check, but it is a fasten form of payment. You purchase the money decree for a specific dollar amount and write it out to the payee. They take it to the bank and either deposits or cashes it .
Compared to a teller ’ south arrest, a money rate may be less expensive. The U.S. Postal Service, for model, offers them for $ 1.95 or less. They ’ re besides more convenient to get, as you ’ re not limited to finding them at banks and credit unions. You can purchase money orders at the position office, supermarkets, and some accelerator stations. And you don ’ t need a bank score to get a money club ; you merely need to have the cash to cover the money order and the fee .
attest checks are like cashier ’ randomness checks, but they ’ ra pull immediately against your report. It ’ s basically silent a personal check, but it ’ s signed by both you and the bank. That means the trust guarantees the measure of the discipline to the payee. however, if there are insufficient funds in your account to cover it, you ’ ll have to pay any consort fees the bank charges .
A certified check may be less secure than a cashier ’ second check. These checks may not have the lapp water line, making them easier to duplicate. In general, though, a certify check is placid a more fasten way to pay than a money order or a personal confirmation .
telegram transfers are a one-third teller ’ s check alternative to consider. With a wire transfer, money is sent electronically immediately from your history to person else ’ second, with no check needed. That ’ s a low-stress way to send money, but there are some downsides .
For one thing, wire transfers can be more expensive than cashier ’ randomness checks, certified checks, or money orders. Depending on the bank and where the money is going, you may pay between $ 14 to $ 50 to execute a wire transfer .
The early drawback is that wire transfers aren ’ triiodothyronine always blink of an eye. It can take several days for an external wire transfer to be completed, which may not be commodious for your payee if the money is needed cursorily .
sociable Payment Apps
social payment apps may be utilitarian for sending money to friends and family. With these apps, you can send money to person ’ s e-mail address or call count by using your depository financial institution report, debit card, credit tease, or a balance you have in the app. Transfers can be moment and—depending on where the money for the transfer comes from—you may pay zero fees .
Some apps limit how much you can send in a single transaction and per day. If you have a boastfully come to send, you may be better off looking at a cashier ’ sulfur check or one of the early options mentioned above.
What If a Cashier ’ mho Check Is Lost or Stolen ?
If you purchase a cashier ’ sulfur control and lose it, or it ’ second stolen, you ’ re not wholly at a loss. You can ask the bank to reissue the check. The caution is that the bank may ask for an damages bond first. This bond makes you liable for the check ’ sulfur replacement. And it ’ s not an instantaneous march. Depending on the bank, you may have to wait 30 to 90 days to receive a surrogate cashier ’ second check .
Read more: The Truth About Car Payments
The Bottom Line
Cashier ’ south checks are often the payment of choice when buying a home or car. Understanding how they work and where you can get one can help you decide if it ’ s the right way to pay .
And when you ’ re on the receiving end of a teller ’ s check, take care to avoid fraud. Accept cashier ’ s checks lone from people you know, if potential, and give the check clock time to clear after depositing it into your savings bank account .