![]() On a cashier's check, the name of the issuing bank along with its location and issue date are listed. ![]() ![]() The physical features of cashier's checks are a lot more complex than personal checks - which will only include your name and address. With a cashier's check, however, the funds are debited immediately to cover the amount on the check.Īdditionally, cashier’s checks will clear more quickly - the funds become available by the end of the next business day of the deposit - unlike personal checks, which can take a week or more to clear. With a personal check, the bank does not debit the amount from the customer’s account until the check is deposited or cashed. There are significant differences between cashier’s checks and personal checks. If you’re not a customer of the bank you’re purchasing a cashier’s check from, you will need to provide the full amount in cash at the time of purchase.Ī cashier’s check must be cashed within 90 to 120 days of the date it is issued. The amount will be debited from the account immediately to pay for the check, at which time the bank will assume full responsibility for covering the amount on the cashier's check. If you’re a customer of the bank you wish to get the cashier’s check from, you can purchase the check with cash or funds from your account. To purchase a cashier’s check, you will have to provide the bank with the exact name recipient's name. It wouldn’t make sense to buy cashier's checks for small transactions because they will not offset the cost of getting an official check, which can be quite pricey. For this reason, cashier’s checks provide good reassurance that the check will clear when deposited since the money is already held by the bank and ready to be transferred.Ĭashier’s checks are not commonly used for everyday expenses but for major transactions - such as real estate - since the recipient requires guaranteed payment. With a cashier's check, funds are guaranteed by the bank that issues the check. In some cases, a bank may refuse to grant a cashier’s check to those who are not customers of the bank.Ī cashier’s check (also known as an official check, teller’s cheque, bank cheque, etc.) is a check that differs from regular checks because it is a more secure form of payment. It may be a flat rate or a percentage of the check's total. If you are not a customer of the bank where you plan to buy a cashier’s check, the bank may charge you a different price. Some banks may waive the fees for cashier’s checks if a customer has a high-tiered checking account. Note that these figures represent the fee that pertains to basic checking account holders at a given bank. ![]() banks: Cashier's Check Fee at the Top Banks BankĪccording to the banking analysis by MyBankTracker, the average cost of a cashier’s check was $9.10 at the ten biggest banks in America.Ĭurrently, the most expensive cashier’s check is $10.75. The following is a MyBankTracker basic overview on cashier’s checks including a comparison of costs at the top U.S. Comprehensive Coverage Options Ways to Lock in Lower Homeowners Insurance Premiums How to Choose the Right Life Insurance Policy Compare the Different Types of Health Insurance Plans Popular Reviews Progressive GEICO State Farm AIG Allstate Banking Best Products Best Savings Accounts Best Checking Accounts Best CD Rates Best Money Market Accounts Best Business Checking Accounts Best Student Checking Accounts Calculate Checking Accounts 101 Emergency Savings Calculator Compare CD Rates Checking Accounts Personal Loans Best Products Best Personal Loans Best Debt Consolidation Loans Best Home Improvement Loans Best Medical Expenses Loans Calculators & Guides Personal Loans Calculator Guide to Personal Loans Guide to Refinancing Student Loans How to Consolidate Credit Card Debt Popular Reviews Upstart Payoff Sofi Lending Club Investing Best Products Where to Invest Money Best Brokerages Best Robo Advisors Read & Learn Investing 101 How to Buy First Stock How to Invest in Mutual Funds How to Pick a Financial Advisor How Much to Save for Retirement Popular Reviews Betterment Merill Edge Wealthfront Insurance Best Products Best Auto Insurance Best Home Insurance Best Life Insurance Best Health Insurance Read & Learn Figure Out How Much Auto Coverage You Need Collision vs. ![]()
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