In a brief explanatory sentence, Cashiers Check as the name implies is a check guaranteed by the bank, drawn on the bank’s own funds and signed by a cashier. These checks are treated as guaranteed funds by the bank, rather than the purchaser being responsible for paying the amount.
Such a check is usually and commonly required for real estate and brokerage transactions. It can also be referred to as a teller’s check in some cases. Below are some important notes to take about the check and how to get one.
The major use of Cashiers Check is for making large payments or money or purchases. They are considered as checks issued and guaranteed by banks and also credit unions.
These documents are printed and information included on it includes the name of the payee, amount, and other information required for big purchases. The recipient uses the check to receive money from the issuing bank where you can check out the check.
What’s a Cashiers Check?
This is known as an official bank check which serves as a way of making payment. It is issued and provided to a customer by the bank or credit union they operate with. This can also be referred to as a secure payment for users.
Why do I need a Cashier’s Check?
If you are wondering if you need a cashier’s check or why you need it, then here you go. It is suitable when making large payments or purchases. In such cases, it is usually not too secure or safe to use a credit and debit card.
Using checks usually offer more security features in making payment that includes watermarks, and most time includes signatures by bank employees.
How to get a Cashiers Check
The check can be gotten through banks and credit unions, and are offered to customers. In some cases, non-customers can also get a cashier to check, and this can be gotten through the below step:
- One of the factors to get the check is that you must have met the requirements which include the exact amount, recipient name, and also a mode of personal information
- Since Banks offer these documents, you can visit any nearby branch to request a check from the teller. Ensure to go through the process of ordering one online or by phone if allowed
- You will need to make payment for the check amount as well as any other additional fee. When the money is in another institution, the full amount of the check may be blocked. So, you will need enough time to pay the fees
- And also, you will need to request a receipt to indicate proof of payment. And with this, you can easily track the check to find out if the money has been collected or lost
And that’s it.
Walmart Cashiers Check
Though you can’t get a cashier’s check at Walmart, you can cash one. There are multiple types of checks at Walmart, which includes:
- Payroll checks
- Government checks
- Tax checks
- Cashier’s checks
- Insurance settlement checks
- 401k or other retirement distribution checks
- MoneyGram money orders that were purchased at Walmart
The max amount of money you can cash at Walmart is about $5,000. Although this amount rises to $7,500 during tax seasons which is usually January through April. Users can receive payment either in cash or on a Walmart MoneyCard.
Do Cashiers Checks Expire?
The checks are a type of official check and the rules surrounding them can be complicated. There is no set or specified expiration date for cashier checks. If you receive a check, look for the void after X days disclaimer and ensure you can cash or deposit the check before the date.
Cashiers Check Cost
You might be wondering how much a cashier’s check cost? This depends on your bank or credit union based on a terminology known as official checks. So, if you want to know the price and availability you the check, you can ask your financial institution.