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What is a cashier’s check? Definitions, uses, how to buy one, cost and alternatives
Cashier's checks cost $10-$15 and provide bank-guaranteed funds that clear faster than personal checks, commonly used for homes, cars, and security deposits.
- Banks issue cashier's checks as bank-guaranteed payments drawn from their own funds, used for large transactions like car purchases and home closings with faster settlement.
- At branches or online, you can order cashier's checks with mailed delivery adding 3-5 business days; most banks issue them mainly to existing account holders.
- Typical cashier's-check fees are $10-$15, but banks like Wells Fargo and Capital One charge different amounts by channel, while premium account holders may get fee waivers.
- Experts caution that cashier's checks can be used in scams, recommending saving documentation, getting the check from your bank, verifying the issuing bank, and waiting for full clearing.
- Certified checks draw on the sender's account and can bounce, while money orders cost $1-$3 with a $1,000 cap, and wire transfers clear in 24 hours but cost $15-$35.
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What is a cashier’s check? Definitions, uses, how to buy one, cost and alternatives
By Kristen Kuchar, Bankrate.com A cashier’s check is a payment guaranteed by your bank or credit union, drawn from the institution’s own funds rather than your personal account. When you need to make a large payment — buying a car, paying rent deposit or closing on a home — a cashier’s check provides security that personal checks can’t match. Related Articles Kindness at work can mean giving honest feedback, limiting meetings and b…
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