A cashier's check can also be called an official check. Most banks and credit unions offer cashier's checks to their customers. Here's how to get one:. Have the exact amount and recipient's name ready before requesting the check, as well as personal identification.
Cashier's checks are drawn on a financial institution's funds, but you supply the check amount to your bank ahead of time. And you need the name of the "payee," the business or person you are paying, since you can't get a blank cashier's check.
You should also have your ID ready; the teller will probably ask to see it. Visit a nearby branch and request the check from a teller. This is the standard way, but some banks, especially online-focused ones, make other methods available, such as calling, ordering online or sending an online message to their customer support team.
In those cases, a cashier's check would then be mailed to your recipient, which takes longer. If you need the check that day, visit a branch if your bank has one, or find a bank or credit union that accepts non-customers. Pay the check amount plus any applicable fee. If the funds are in an account at that institution, the full amount of the check will be frozen in your account or withdrawn when the check is issued.
Have enough in the account to pay any fee as well. The teller will issue and sign the cashier's check. Get a receipt. Ask for proof of payment. You might be able to use this to track the check. If you don't have a checking account at a bank or credit union, you might need to open one. If opening a bank account isn't practical, a money order might be your next-best option. See the best checking accounts. The bank certifies that the signature is genuine and that the customer had sufficient funds to cover the check when it was issued.
Here are tips on when you should use a certified check. Money orders are a prepaid type of payment restricted by a maximum amount , such as the U. Here's the lowdown on when it makes sense to use a money order. Some financial institutions offer reduced fees or no fees for certain account holders. The funds are backed by that account. If there aren't enough funds there, the check won't clear and the payment will be reversed.
A cashier's check requires you to give the bank the cash, and the bank teller then generates the check for the amount you designate. When the recipient presents the check to her own bank, the funds are drawn against the bank's funds rather than your account. A cashier's check is typically seen as a more secure payment than a bank check because it was purchased with cash. Information about these fees and related policies can usually be found in the checking rates and fees pages that most institutions publish on their websites.
You must provide identification, supply the exact amount of the check you need and stipulate the name of the payee. Once the teller confirms you have the funds to cover the requested amount, the check will be written for the amount you requested, and the teller or a bank officer will sign it.
Office of the Comptroller of the Currency , a bank regulator. This bond ensures the purchaser is liable for the replacement check. You won't be able to simply stop payment on the check. Reach out to insurance companies you already have a policy with and ask if they sell indemnity bonds. If not, you may have to go through an insurance broker.
Even with an indemnity bond, the bank may require you to wait up to 90 days before you can get a replacement check. Choosing the Best Payment Option Whether to use a cashier's check or a certified check often comes down to the payee's preference. But if given the option, look into your bank's fees for each, and consider the extra security measures that a cashier's check provides.
For a large money transfer like making a down payment or buying a car, you may decide a cashier's check's additional safeguards are worthwhile. Learn what it takes to achieve a good credit score.
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