How Much Is a Cashier’s Check & Where to Get One
Navigate the fees and steps for a cashier's check. Get clear insights on what you need to know before obtaining one.
A cashier’s check is a secure payment guaranteed by the issuing financial institution. Unlike a personal check, a cashier’s check is drawn from the bank’s own funds. This assures the recipient the money is available and not subject to insufficient funds. These checks are commonly used for significant transactions, such as purchasing a vehicle or making a down payment on real estate, where certainty of payment is important.
Typical Costs and Factors Influencing Fees
The cost of obtaining a cashier’s check typically ranges from $5 to $15 at most traditional banks; this fee is separate from the actual amount of the check itself. The fee structure for cashier’s checks can vary depending on the financial institution. Credit unions, for example, might offer lower fees or even waive them entirely for their members, sometimes allowing several free checks per month. Banks often provide free or reduced-cost cashier’s checks to account holders, especially those with premium banking relationships. Non-customers typically face higher fees for this service, and some institutions may not provide cashier’s checks to individuals without an account.
Information Needed to Get a Cashier’s Check
Before visiting a financial institution, gather specific information, including the exact dollar amount for the check, which cannot be changed once printed. You will also need the complete and correct legal name of the person or entity designated as the payee. You must also be prepared to provide the funds for the check, which will be withdrawn directly from your bank account or paid in cash. Ensure sufficient funds are available to cover both the check’s amount and any applicable fees. A valid government-issued photo identification, such as a driver’s license or passport, is required to verify your identity.
How to Obtain a Cashier’s Check
Cashier’s checks are primarily obtained in person at the branch of a bank or credit union; while generally most convenient at your own bank, many institutions will issue them to non-customers, often requiring cash payment for the full amount and a potentially higher fee. It is advisable for non-customers to contact the financial institution beforehand to confirm their specific policies and requirements. To initiate the process, approach a teller and provide the pre-gathered information, including the exact amount, the payee’s full legal name, and your government-issued identification. After verifying your identity and the availability of funds, the teller will process the request, withdrawing the money from your account or accepting your cash payment. Upon completion, you will receive the signed cashier’s check along with a receipt. Some financial institutions also offer the option for existing customers to order cashier’s checks online, which are then mailed directly to the recipient.