The fees vary from store to store, and with some, you have to pay a minimum fee or a nominal sign-up fee for first-time use. So if you’re cashing a $2,000 cashier’s check at a store that charges a 5% fee, you’ll pay $100 just to get your money. You can also cash a cashier’s check at many check cashing stores such as Ace Cash Express, Check ’n Go, Check Into Cash, Pay-O-Matic, PLS Check Cashing, Money Mart, and Moneytree.Ĭheck-cashing stores make money by charging a fee to cash your checks, and the fees can be significant because they’re sometimes charged as a percentage of the check’s face value. You’ll have to show a photo ID almost anywhere you go, but some places, such as Bank of America and Citibank, require two forms of ID. Bank requires you to provide your Social Security number to cash any check of more than $500. If you’re not a customer of the financial institution, you’ll likely have to pay a fee. You can cash a cashier’s check at banks and credit unions. Where can you cash a cashier’s check? Banks and credit unions You just pay the amount of the money order plus the fee, then keep the receipt for tracking purposes. The post office will take payment in the form of cash, a debit card, or a traveler’s check, but won’t take a credit card. Postal money orders issued by military facilities are just fifty cents. You can purchase a money order worth up to $500 at any post office for $1.45, or you can pay 50 cents more for any amount up to the maximum of $1,000. That’s right: You don’t have to go to a bank to get a money order, and that convenience can be a big advantage. You might balk at spending $15 in fees to pay a $100 repair bill with a cashier’s check, but paying $1 for a money order at Walmart or a dollar or two at the post office is a lot more reasonable for a small purchase or payment. Money orders are generally used for smaller purchases, and they’re a helpful option for people who don’t have bank accounts. money orderĪ money order is used, like a cashier’s check, to guarantee the funds you’re paying are available. However, not all banks issue them, and you can’t get them online because you need the issuer to stamp the physical check you’ve written as certified. Some people or companies may ask for a certified check as payment, particularly on large payments, such as a down payment on a house. This assures the payee that the check won’t bounce. Once that’s verified, the bank will print the word “certified” or “accepted” on the check. However, with a certified check, the bank checks to confirm there’s enough money in that account to cover the amount of the check. certified checkĪ certified check, like a regular check, is a form of payment drawn from the bank customer’s account. Also, banks may place a hold on cashier’s checks if the total deposited in a single day is more than $5,525 or if they have reason to suspect it’s not collectible from the issuing bank. Some banks may require a special deposit slip for next-day availability. That’s because the bank determines whether you have enough funds to cover a cashier’s check before it issues one, so availability of funds isn’t a factor.Ĭashier’s checks generally allow for the funds to be released quickly. There’s always a risk you won’t have enough funds in your account to cover a check you’ve written, but there’s no such risk with a cashier’s check. You can stop payment on a personal check because it’s drawn from your account, but you don’t have that option with a cashier’s check. personal checkĪ cashier’s check and a personal check are two different types of checks.Ī personal check is drawn from your bank account, whereas a cashier’s check is drawn from the bank’s account. You may be able to get one online if your bank offers that service. You can get a cashier’s check at your local bank branch: just ask your bank teller. You’ll also need to provide your bank with the payee’s name, and you’ll have to have a driver’s license or other valid form of identification. You’ll need to have enough money in your account to cover the transfer. Payments over $1,000 come with a fee, generally ranging from $5 to $15. You will have to pay a little for that security and convenience, though. Because the bank’s funds are secure, the money may be available to the payee faster, especially on large deposits that may normally take several business days to clear if they’re made via personal check. Then the bank issues a check drawn from its funds to the person you want to pay. When a bank issues you a cashier’s check, it’s acting as a middleman in your transaction.įirst, the bank transfers the amount you’ve requested from your account into its account. Fortunately, there are other ways to cash a cashier’s check - even if you don’t have a bank account. If you need to cash a cashier’s check, you can do so at the issuing bank or financial institution, but there may be fees associated if you’re not a customer.
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