The bank of America gives out cashier checks to every customer who has either a checking or savings account and charges them 15 dollars for that service. Although they have a reward program in which they are involved, you will have to be enrolled to enjoy the benefits. It is the bank of America preferred rewards program, it would help you get this cashier’s check for free. The major thing here is that Bank of America charges 15 dollars for their cashier check service.
Having a bank of America checking account will give you access to some financial products and cashier checks too. The cashier’s check is useful when a large transaction is about to be made by you, the cashier’s check will act as a guaranteed form of payment. Big transactions involve huge sums of money, for example, buying a Lamborghini, using a cashier’s check to pay would be the best form of payment for you.
Some banks in America give out checks to non-customers, bank of America can only give out checks to those who have an account with them. For this, a customer would have to pay a 15 dollars fee to get this check.
How A Bank Of America’s Cashier Check Can Be Issued
The only way to get a cashier’s check from the bank is to get to the closest bank branch, make sure you have a teller and an ID with you, the bank account details, the amount of the check, and the name of the payee. What the teller does is print the check and place a signature on it, after this procedure, the cashier check fee of 15 dollars would be asked for. You can only bypass this fee if you at in the bank of America preferred rewards program. After the fee has been paid or after you have passed the fee stage, the check can be taken and given to the payee.
How Cashier Checks Are Seen To Be Different From The Other Guaranteed Checks
A cashier’s check is different from money orders and certified checks. The certified check is a check which is only used by the bank, they use it to ensure that you have the money in your account. What this means is that the money you wish to withdraw or send to someone using a cashier check or money order, the certified check is what the bank uses to guarantee the fact that there is such an amount in your account and that the signature on that check is valid.
The money order is not too different from the cashier’s check, the only difference is the money limit on both of them, the cashier’s check has no limit, the limit depends on what is in your account. For money orders, the limit is 1000 dollars. You can get a money order from any retail shop. The money order can be used to pay for the bills there. The cashier’s check on the other hand can go way above 1000 dollars.
Cashier Check Fraud – How It Can Be Avoided
The cashier check is commonly accepted anywhere in America, so it is mainly trusted when given out. Sometimes, people, tea advantage of this and use it for scams. These checks can be used to deposit money fast but when the bank figures out that it is a fraudulent one then you would have to pay it back to the bank.
People on the other end receiving these cashier checks have to be careful when accepting these checks. An issued check from the bank of America or any other bank should be confirmed before accepting. This is how the check is confirmed.
1. If you can, keep asking for checks from a bank that is close to you.
2. Call the bank to find out if the check is genuine, visiting might be too stressful
3. Sometimes the funds might not be in the payer’s account, the bank who is pressured by law has to still let the funds out. Ensure the money is in the account before requesting for withdrawal from the bank.
A table showing different banks and the fee they charge for cashier checks
|Bank||Cashier Check Fee|
|Ally bank||They hand out cashier checks in this bank for free|
|Bank of America||There are two categories of customers here, those who are among the preferred reward customer and those who are not. Those in the reward category get the checks for free, those who don’t have it would get the check alongside a 15 dollar charge fee.|
|Capital one||A charge fee of about 30 dollars is paid for a cashier check here plus a 10 dollar delivery fee.|
|Chase||Chase bank will charge you 8 dollars for a cashier check but if you have a secure premier plus and sapphire checking account then you get it for free.|
|Wells Fargo||Order a cashier check online from wells Fargo and you are charged 8 dollars, when you do it in person, the fee is 10 dollars. This charge doesn’t apply to qualifying accounts.|
|Discover||The cashier checks here are gotten for free.|
|Navy Federal credit union||Free|
|PNC bank||Some account types get this cashier check for free, accounts like performance checking, performance select checking, and foundation checking. Every other account will be charged 10 dollars for the check|
|U.S bank||A 10 dollar fee is paid for this transaction. Only military persons get this for free|
|T.D bank||8 dollar fee for the cashier check. It is free for certain accounts, like private tiered checking or savings. Also, the plus checking accounts.|
|Sun trust bank||San trust gives out to none customers for 15 dollars while their customers pay 8 dollars. The signature advantage account gets this for free.|
Does The Bank Of America Charge for cashier checks?
Yes they do, they charge a fee of 15 dollars when you as an account holder apply for the cashier check. Although this can be dodged if your account meets some requirements they have for this. If the cashier check is what you use regularly, the best thing is to get a bank that gives you fore free.
Is The Certified Check As Cheap As The Cashier’s Check?
Yes and no. No in the sense that some banks give you these certified checks for 15 dollars and some cashier checks are lower than that. Yes in the sense that the cashier check could be free too or even 8 dollars which are cheaper than the cashier checks sometimes.
Can We Differentiate A Cashier Check From The Personal Check?
Yes, we can. The personal check is a check that is used to draw money from your account, the cashier check is used to draw money from the funds of the financial institution. This is why a cashier’s check before it is issued would make the bank check to see off your account has the kind of funds to cover.
The certified check is just like money, going to buy goods with a certified check is the same as going with money. On the other end of the counter, ensure to check out for counterfeit.
Magalie D. is a Diploma holder in Public Administration & Management from McGill University of Canada. She shares management tips here in MGTBlog when she has nothing to do and gets some free time after working in a multinational company at Toronto.