What is Cashiers Check or Bankers Check?

Howdy Wall St. Willy! Sometime ago I heard about a Cashier’s Check, but what is a cashier’s check anyway?

A Cashier’s Check is a check that’s written by a bank instead of you writing it from your own account and it’s also signed by a cashier or teller of the bank.

The bank also guarantees the payment of the cashier’s check.

Why do we even need a cashier’s check?

The seller may insist on a Bankers check or a cashier’s check especially for large purchases because the funds are guaranteed by the bank.

A cashier’s check also has extra security features like special paper and watermarks making it very difficult to counterfeit.

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Well, where can you get a cashier’s check?

You can get a cashier’s check at most bank and credit unions.

What do I even need to get a cashier’s check?

You need the name of the recipient or the person who is going to receive the money, the amount of money that you are going to give to them and your identification proof like a driver’s license.

Well, how much does getting a cashier’s check cost?

A cashier’s check usually costs $5-$10. Some banks charge a percentage of the check amount. Some banks waive the fee if you meet certain conditions like a minimum balance.

How do you pay for a cashier’s check?

If you have an account with the bank or credit union, the bank takes the money from the account. Otherwise, you usually pay cash.

Is there a minimum or maximum amount for the cashier’s check?

No. There is usually no limit on the amount. But since there could be a fee for a cashier’s check, you should only use it if the seller insists on it.

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Thank you very much for telling me about a cashier’s check, Wall St. Willy.

You are welcome, Sooper Cooper. Remember, Finance is Your Friend!

Podcast: What is Cashiers Check or Bankers Check?

Bankers Check - Cashiers Check
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