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When you need to make a payment or transfer a significant amount of money, you may consider using a cashier’s check. This type of check is a secure payment method because it’s guaranteed by the bank or credit union that issues it. This means that the funds are guaranteed to be available to the recipient when they deposit or cash the check.
In this article, we will discuss the process of finding cashier’s checks near you, the benefits of using them, and the fees associated with purchasing one.
What is a cashier’s check?
A cashier’s check is a check issued by a bank or credit union that is guaranteed by the institution’s funds. It’s a secure payment method because the bank or credit union verifies that the funds are available before issuing the check.
Using a cashier’s check is ideal for making large payments because it ensures that the recipient will receive the money. You might use a cashier’s check to purchase a car, make a down payment on a home, purchase a piece of land, or buy a boat. Additionally, some entities, such as landlords or government agencies, may require you to use a cashier’s check for certain transactions.
How much does a cashier’s check cost?
The cost of a cashier’s check varies depending on the financial institution you use, whether or not you have an account with them, and the amount of the check. In general, you can expect to pay a flat fee of between $5 and $15 or a percentage of the check’s value.
However, some banks and credit unions may waive the fee if you have a certain balance or type of checking account. For example, if you have a premium checking account or maintain a high balance in your account, you may be able to get cashier’s checks for free.
It’s always a good idea to check with your bank or credit union to see what their specific policy is on cashier’s check fees. This will help you determine how much you can expect to pay and whether or not there are any ways to avoid the fee.
How to find cashier’s checks near you?
There are several ways to find cashier’s checks near you. Some of the most common methods include:
1. Visit your local bank
One of the most reliable ways to obtain a cashier’s check is to visit your local bank. Most financial institutions offer cashier’s checks to their customers, and you can usually purchase them in person.
When you visit your local bank, be sure to bring identification and the funds necessary to purchase the cashier’s check.
Here are some banks that offer cashier’s checks:
Ally Bank
- Account needed: Yes
- Fees: None
Bank of America
- Account needed: Yes
- Fees: Preferred Rewards members get a $15 fee waiver
BBVA
- Account needed: Yes
- Fees: $10
Capital One Bank
- Account needed: Yes
- Fees: $10
Chase Bank
- Account needed: Yes
- Fees: $8 fee is waived for Premier Plus & Platinum account holders.
Citibank
- Account needed: Yes
- Fees: $10 fee is waived for Citi Priority & Citigold account holders.
Citizens Bank & Trust
- Account needed: Yes
- Fees: $10
Comerica Bank
- Account needed: Yes
- Fees: $10
Fidelity
- Account needed: Yes
- Fees: $8
Fifth Third Bank
- Account needed: Yes
- Fees: $7 fee is waived for Preferred & Private Bank account holders.
HSBC
- Account needed: Yes
- Fees: Fee is waived for Basic & Choice members.
Huntington Bank
- Account needed: Yes
- Fees: $6
KeyBank
- Account needed: Yes
- Fees: $8 fee is waived for Privilege & Privilege Select account holders.
M&T Bank
- Account needed: Yes
- Fees: $10
PNC Bank
- Account needed: Yes
- Fees: $10 fee is waived for Performance & Performance Select account holders.
Regions Bank
- Account needed: Yes
- Fees: $10
SunTrust Bank
- Account needed: No
- Fees: $8 and $15 for non-account holders fee is waived for Advantage Checking, Exclusive Checking, and Signature Advantage accounts.
TD Bank
- Account needed: Yes
- Fees: $8 fee is waived for most checking, savings, and money market accounts.
Union Bank
- Account needed: Yes
- Fees: $3
USAA
- Account needed: Yes
- Fees: $10
US Bank
- Account needed: Yes
- Fees: $10 fee is waived for military service members.
Wells Fargo
- Account needed: Yes
- Fees: $10 fee is waived for Preferred, Premier, & Portfolio Checking
Woodforest National Bank
- Account needed: Yes
- Fees: $10 fee
2. Credit Unions
Like banks, credit unions also offer cashier’s checks to their members.
Here are some credit unions that offer cashier’s checks:
Alliant Credit Union
- Account needed: Yes
- Fees: None
BECU
- Account needed: Yes
- Fees: $5
Chartway Federal Credit Union
- Account needed: Yes
- Fees: $3
Navy Federal Credit Union
- Account needed: Yes
- Fees: $5
Northrop Grumman Federal Credit Union
- Account needed: Yes
- Fees: $5
PenFed Credit Union
- Account needed: Yes
- Fees: None
Tucson Federal Credit Union
- Account needed: Yes
- Fees: $3
3. Use a bank or credit union’s website
Some banks and credit unions allow their customers to order cashier’s checks online through their websites. This option is convenient because you can purchase the check from the comfort of your home.
However, keep in mind that it may take several business days for the check to arrive in the mail.
4. Check with retail stores
Some retail stores, such as Walmart or 7-Eleven, offer cashier’s checks as a service to their customers. However, be sure to check with the store beforehand to confirm that they offer this service.
5. Visit a check-cashing store
Check-cashing stores are another option for purchasing a cashier’s check. These stores specialize in cashing checks, but many also offer other services, such as money orders and cashier’s checks.
However, keep in mind that these stores may charge higher fees than traditional banks or credit unions.
Benefits of using a cashier’s check
There are several benefits to using a cashier’s check, including:
Security
Cashier’s checks are a secure payment method because they are guaranteed by the issuing bank or credit union. This means that the recipient can be assured that the funds are available and that the check won’t bounce.
Acceptance
Some entities, such as landlords or government agencies, may require you to use a cashier’s check for certain transactions. Using a cashier’s check ensures that your payment will be accepted.
Convenience
Many banks and credit unions offer cashier’s checks as a service to their customers. Additionally, some retail stores and check-cashing stores offer this service as well.
How to get a cashier’s check without a bank account
If you do not have a bank account, there are still some options available to obtain a cashier’s check. However, it may be more difficult and require additional steps.
Some banks, such as Huntington Bank and SunTrust, may allow you to purchase a cashier’s check without being an account holder. However, you may need to have another type of account with the bank, such as a traditional deposit account, loan, investment account, insurance policy, safe deposit box rental, or credit card.
If you have any of these types of accounts with the bank, you may be able to obtain a cashier’s check. It’s best to contact the bank ahead of time to confirm their specific requirements and any fees associated with obtaining a cashier’s check without a bank account.
Another option may be to obtain a money order, which is similar to a cashier’s check but can be purchased at many retail locations such as post offices, convenience stores, and supermarkets. However, keep in mind that there are usually limits on the amount of money you can send with a money order and fees may vary depending on the location where you purchase it.
Can I get a cashier’s check at Walmart?
Walmart cannot issue cashier’s checks because it is not a bank. However, customers can use the Walmart MoneyCenter to perform a variety of financial transactions. The MoneyCenter can help customers with tasks such as cashing checks, sending and receiving money, and paying bills. While the MoneyCenter cannot issue cashier’s checks, it can provide other financial services to customers.
Lost or stolen cashier’s check
If you lose a cashier’s check, the first step is to contact the bank that issued the check as soon as possible. The bank may be able to stop payment on the check if it hasn’t been cashed yet, although this isn’t guaranteed. You may also be required to purchase an indemnity bond, which is essentially an insurance policy that protects the bank from financial loss if the original check is cashed as well as the replacement check.
If the lost cashier’s check is found and cashed, you will be responsible for that particular check, and not the bank. In this case, the bank would not issue a replacement check, and you would have to try to recover the funds from the person who cashed the check. This process can be time-consuming and difficult, so it’s important to take steps to prevent the check from being lost or stolen in the first place.
If the bank does agree to issue a replacement cashier’s check, they will typically require you to purchase an indemnity bond before doing so. This is to protect the bank from any potential losses. You can purchase an indemnity bond through an insurance broker, although it’s important to note that this can be an expensive and time-consuming process.
Additionally, you may be required to pay a fee for stopping payment on a cashier’s check. This fee can vary depending on the bank and can range from $30 or more. It’s also important to note that the bank may have a waiting period of 30 to 90 days before issuing a replacement check, and it could take up to 180 days for the bank to refund the money to your account.