Learn How to Cash a Cashier's Check without a bank account or online!
A cashier's check is unlike your traditional checks. Your bank issues this check on your behalf, and the cashier's check's recipient gets the money paid directly through the bank's (or the financial institution that is issuing the check) funds (whereas in a traditional check, the funds are drawn from money available in your checking account).
The usefulness of a Cashier's Check
Cashier's checks come to great use when you need to make huge purchases (or when you are unsure of your check not clearing a check reporting service). Apart from purchases, cashier's checks also come into use when closing your account or transferring money from one bank to another. The bank will then issue a cashier's check of the total amount, which you can deposit in your bank.
Cashier's checks are a great option when you are receiving or making payments from unknown parties. Cashier's checks have no risk factor involved, and they get a faster clearance than regular checks.
But the procedure to clear a cashier's check is slightly different from a personal check. That is why it is essential to know where to get a cashier's check and how to cash it so that you can avoid unnecessary delays and fees.
Where Can You Get A Cashier's Check?
Cashier's check can be obtained from the following places:
- A bank where you have an account.
- A credit union
- Financial institutions where you are a member.
Some banks do offer cashier's checks to non-members by levying some amount of fee. But you will need to have a procedure to pay back the amount on the cashier's check to the bank, which could be in cash, a debit card, or a personal check. It is not necessary to visit the bank to get a cashier's check as you can request it online as well or through postal mail by contacting the bank's customer care.
While requesting a cashier's check, you need to ensure the following are mentioned in your communication:
- Specify the exact amount the check should be written for.
- Recipient of the check.
Also Read: How to cash a check without ID
Important Thing To Consider While Going For a Cashier's Check
When you request a cashier's check, it does not mean you are totally off the hook. You must ensure that the necessary funds are available in your account. Though the cashier's check might end up drawing the payment from the bank's funds, the bank would be reimbursing the payment from your bank account after writing the check. You must also check if any fees are involved in issuing the cashier's check since some banks do charge some amount. It is important to know their policies and be prepared to pay whatever is applicable before you decide to get a cashier's check issued.
Method to Cash a Cashier's Check
If you have received a cashier's check, then cashing that check should be your priority. Here is the list of steps you would need to take in order to cash a cashier's check:
- Bring the check to an appropriate financial institution.
- You could trade the check for cash or get the amount deposited into an account of your choice.
- Be aware of the fees if applicable as part of the process.
- You can avoid fees by choosing the right place to cash your check, which we will find out in the section below.
- You can also cash a check remotely by using a mobile checking app either from your bank or any other institution.
Which Are The Places Where A Cashier's Check Can Be Cashed?
This is the most important part, i.e., deciding where to take your check for encashing it. Your decision of choice of place should be based on potential fees, convenience, and speed of the transaction. Below are some of the places where you can go with your check:
- Bank and Credit Unions which wrote the check – The institution which issues the check should allow you to encash it even if you are not that bank's customer. You would need to carry your ID (sometimes you might need two forms of ID) and might have to pay some fee in case you are not that bank's customer. You should be allowed to cash the check for free if you are a customer of the bank.
- You can also encash it in a bank where you have an account even if that bank has not written the check. Typically your bank would not charge a fee and either give the amount in cash or deposit it into your account.
- A bank that neither wrote the check nor are you a customer of that bank can also cash a cashier's check if you are willing to pay the fees.
- Check-Cashing Stores – These stores can cash any kind of check, but they charge fees. Their charges are usually lower than what another bank might charge you as fees for being a middleman.
- Large Retail Stores – Big retailers like Walmart can sometimes help you encash a cashier's check by charging a small fee. They could also choose to offer these services to only those people who are part of any of the store's membership programs. Walmart is known to cash many kinds of checks, for instance, payroll, tax, government, insurance settlement, etc. Walmart allows cashing checks up to the amount of 5000 USD.
How Do You Deposit A Cashier's Check?
You could either go to a bank's branch or use the bank's mobile deposit app to deposit your cashier's check. To deposit through the app, you would need to take a picture of your check and enter the check's amount before you submit it. For mobile deposit, you can endorse the check like any normal check and follow the app's instructions. You can get immediate access to the funds right from the confines of your home.
Concluding: Cashing a Cashier's Check
Cashier's checks are extremely useful in making large payments since the issuing bank gives a guarantee of the funds, so there is no ambiguity about the check being cashed when presented at an appropriate financial institution.