When many people open up a bank account, they tend to only know about the basics. It may be a good idea to learn about the details that come with banking—one of those details being a cashier’s check.
A cashier’s check is a check where the funding comes from the bank rather than the person who is presenting the check. Because of this, the funds with cashier’s checks are guaranteed.
Individuals thinking about using this type of payment may be wondering how they can get a cashier’s check. This article will cover how to go about getting a cashier’s check as well as what they are.
Why Do People Use Cashier’s Checks and Why Consider Using Them?
You may be wondering why people use cashier’s checks in the first place. Here are a few reasons why:
- More Businesses Accept Cashier’s Checks vs. Regular Checks—Cashier’s checks are funded by the bank rather than the individual person. For this reason, many more businesses may be willing to accept them as a form of payment—adding convenience and reducing stress with the payment process.
- For All Kinds of Large Transactions—Cashier’s checks are a great option for transactions that have a large amount of money involved, especially between two business/parties that do not know each other.
- Quick Availability of Funding for the Recipient—Once a cashier’s check is deposited by the person or business receiving the funds, the money from it can be used almost immediately. This is another reason why some people/businesses may ask for cashier’s checks.
Another advantage with quick availability is that it protects the person paying from overdrawing their bank account.
- They are Inexpensive—Cashier’s checks cost about $8 per check but are a lot more secure.
What to Do If I Want to Get a Cashier’s Check?
If you want to get a cashier’s check, there are a few steps to the process. The first step is to get in contact with your bank via phone, email, or in person to request a cashier’s check.
Once you get in contact with your bank, they will ask you about some details pertaining to the check and the transaction:
- Your State ID—If you visit your bank in person, they will ask to see some sort of identifying document (driver’s license, state ID, passport, etc.)
- Have Some Way to Pay for the Cashier’s Check—If you are going to your bank in person, make sure to have your wallet handy to pay for the cashier’s check. When doing this process over the phone or online, many banks will simply withdraw the money from your checking account.
- The Check Amount—Be sure to know the exact amount for the check that you need printed, as this cannot be changed or edited once the check is printed.
- Information Pertaining to the Payee—Make sure to have accurate information about the payee (person or business the check is being made out to).
Once all that information is taken, your cashier’s check should be printed and ready to use for payment. When the payee cashes the check then the money will be taken out straight from the bank’s account.
Can I Get A Cashier’s Check If I Don’t Have A Bank Account?
Some people who do not have bank accounts may be wondering whether they can get a cashier’s check.
Although many banks will ask that you have an account in order to acquire a cashier’s check, some banks will not. Additionally, you may be able to get a cashier’s check from a credit union, but chances are that you will have to be a member.
Every bank and credit union works a little differently so it may be a good idea to ask before going in.
What to Know When Using a Cashier’s Check
If you are using a cashier’s check, it is important to remember a few things:
- As soon as your check is printed, the money will be taken out of your account and stored in the bank’s account. So before requesting a cashier’s check, it is extremely important to make sure that you have the funding available right away.
- Make sure to double check all the information on the check before and after it is printed. The amount and the payee are especially important to pay attention to.
- Cashier’s checks are not always acceptable, so make sure to double check before taking on the time, effort, and cost of getting one printed.
If you are trying to get the most from your banking and money, you may want to look into cashier’s checks. Cashier’s checks make it easy to send and receive secure money because the funding comes straight from a bank’s account. Getting a cashier’s check is also very simple, it requires a few pieces of information and quick contact with a financial institution, such as a bank or a credit union.