How To Get A Cashier’s Check

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A cashier’s check is a check that is a drawn on a bank’s funds instead of your own personal funds. It offers a secure thanks to pay in situations where a private check isn’t appropriate, like land transactions. What makes a treasurer’s check different from a private check is that the guarantee. Anyone can write a private check for any amount, but that does not mean the check is any good. Because cashier’s checks are checks issued by banks, they represent a guarantee of existing funds. Like any check, fraud is feasible, however with cashier’s checks there are fewer opportunities.

Table of Contents

What is a cashier’s check?

A cashier’s check may be a check drawn from the bank’s own funds and signed by a cashier or teller. Unlike a daily check, the bank, not the check writer, guarantees payment of a cashier’s check.

When do I want a cashier’s check?

Cashier’s checks are best for giant purchases, like a car or house sale, once you likely can’t use a debit or Mastercard. These checks have extra security measures — like watermarks and sometimes signatures by two bank employees — that make counterfeiting harder. So once you purchase one from a bank or depository financial institution, all parties are often confident that the transaction is secure and therefore the risk of theft or fraud is minimal.

Why Use a Cashier’s Check to Pay?

A cashier’s check is usually related to an outsized payment when the payee wants reassurance that the check won’t bounce. For instance, you would possibly use a cashier’s check to:

  • Make a deposit on a home
  • Pay closing costs for a mortgage
  • Buy a car or boat
  • Purchase a bit of land

In other words, they’re not generally used for everyday spending.

A cashier’s check provides a measure of security to everyone involved within the transaction. The payee—the person receiving the funds—knows that the check won’t be returned, as it’s being drawn from the bank’s account. Because cashier’s checks usually have watermarks and need signatures from one or more bank employees, the bank has the reassurance that the check won’t be counterfeited. And you don’t need to worry about sharing your personal bank account information with the payee, because the check isn’t drawn from your account.

There’s one other advantage to the payee of employing a cashier’s check: The funds are usually available by the subsequent business day. With an outsized personal check , the bank might place a hold of several days to permit the check time to clear.

Purchasing the treasurer’s check

Prepare the required funds. Deposit enough money into your account to hide the quantity of the treasurer’s check. If you’re purchasing the check from a bank where you do not have an account, bring the quantity in cash. You’ll need to pay a little fee to buy the service the bank provides.

  • If you’re a customer of the bank where you buy the treasurer’s check, you’ll receive a reduced price for the service.
  • If you’re not a customer of the bank where you buy the check, you’ll need to pay a better fee (typically some percentage of the check amount). Banks aren’t required to issue these checks to the overall public.
  • Some upper-level bank accounts may qualify for free of charge treasurer’s check service.

Securing a treasurer’s check

Get a receipt for your treasurer’s check. Confirm to urge a receipt just in case you lose or damage the check; unlike a private check, you cannot simply tear it up and write a replacement one. The receipt will have the check number and date, allowing you to contact the bank just in case you ought to lose the check for any reason.

Make certain to stay your receipt during a safe place, a minimum of until the check has cleared.

Warnings

  • Be wary of accepting cashier’s checks in certain situations. Although they’re generally viewed as secure, treasurer’s check fraud may be a fairly common practice; a fraudulent treasurer’s check will clear your checking account several days before it’s discovered to be bad, and you, not the charlatan, are going to be susceptible to repay the bank for the complete amount.
How To Get A Cashier’s Check

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