Do Cashiers Checks Cost Money and How to Get One
Navigate the process of obtaining a cashier's check. Understand associated costs and the practical steps for this secure payment method.
A cashier’s check is a secure payment instrument, with funds guaranteed directly by the issuing financial institution. This makes it a reliable method for significant transactions where the recipient requires payment assurance. Cashier’s checks typically involve a fee for issuance.
Understanding Cashier’s Check Fees
Obtaining a cashier’s check usually incurs a fee, which varies across financial institutions. The typical cost ranges from approximately $5 to $20 per check. Several factors influence this fee, including whether the individual is an account holder at the issuing bank or credit union. Many institutions offer reduced or waived fees for their customers, particularly those with premium accounts or specific banking packages. To determine the precise fee, consult your bank’s published fee schedule online, contact their customer service, or inquire directly at a branch.
Where to Obtain a Cashier’s Check
Cashier’s checks are primarily issued by banks and credit unions. These financial institutions guarantee the funds, making them the sole providers of this type of payment. If you hold an account with a bank or credit union, obtaining a cashier’s check from your institution is generally the most straightforward option.
Some financial institutions may issue cashier’s checks to non-account holders, though this is less common and often comes with higher fees. Non-customers might also face additional requirements, such as providing specific forms of identification or paying for the check in cash. Contact the institution beforehand to confirm their policy on issuing cashier’s checks to non-customers and to understand any associated conditions.
Preparing to Obtain a Cashier’s Check
Before visiting a financial institution to request a cashier’s check, gathering specific information and items is necessary. You must know the exact amount for which the check needs to be written. The full legal name of the payee is also required.
It is helpful to have the purpose of the check, such as “down payment for home” or “vehicle purchase,” as this information is sometimes requested for the institution’s records or for inclusion on the check’s memo line. You must also ensure you have sufficient funds available in your account to cover the check’s amount and any associated fees, or have the exact cash amount ready if you are paying that way. A valid government-issued identification, such as a driver’s license or passport, is essential for identity verification.
Steps to Obtain a Cashier’s Check
To obtain a cashier’s check, visit a branch and approach a teller or designated service desk. Present the required information, including the exact amount, the payee’s full legal name, and your valid government-issued identification.
The teller will verify your identity and confirm that sufficient funds are available to cover the check and its fee. The financial institution will then issue the cashier’s check, deducting the amount from your designated account or receiving cash. You will receive the check and a receipt; it is important to immediately verify all details on the check, such as the payee’s name and the amount, to ensure accuracy.