Cashing a cashier's check is a straightforward process, but it's essential to handle it with care. According to the Federal Deposit Insurance Corporation (FDIC), cashier's checks are among the safest forms of payment due to being issued by banks themselves. To cash one, visit your bank where you hold an account and present the check for deposit. Your bank will verify your identity to ensure security, as noted in a report by Forbes. Funds typically clear within one to two business days, as per the Expedited Funds Availability Act, making the money available in your account. Understanding how to cash a cashier's check is crucial for accessing your funds promptly and securely.
The Easiest Place: Your Own Bank
To cash one, visit the bank where you hold an account and present the check for deposit. Your bank will verify your identity to ensure security, as noted in a report by Forbes. Funds typically clear within one to two business days, as per the Expedited Funds Availability Act, making the money available in your account.
What About Other Banks or Locations?
At one time, cashier's checks were viewed as very secure forms as payment that were almost as good as cash. This is because the check is issued by a bank on its own holdings, meaning that the money is virtually guaranteed, barring closure of the bank between the time the check is issued and the time it is cashed. This method of payment was often used between two parties when one will not accept a personal check from the other, for fear that the check will not clear. Fraudulent cashier's checks, however, have made the process of trying to cash a cashier's check more difficult.
Though theoretically you should be able to cash a cashier's check at any bank, many banks will require you to have an account at that bank before cashing the check. This is because the check still needs to clear, and if you do not have an account at the bank, and the check turns out to be fraudulent, the bank has less recourse. Other places where you might be able to cash a cashier's check include:
- Check cashing stores (fees will likely apply)
- Large retailers (e.g., Walmart, Target) with money services
- Some grocery stores and travel centers
Before You Cash a Cashier's Check
Typically, when you cash this type of check, the funds will be deposited into your checking account; then, if the check does not clear, you will be responsible for it. This is why it is extremely important to verify the authenticity of any cashier's check you receive by placing a phone call to the issuing bank, which will be able to tell you in a few minutes if the check is valid.
How to Cash the Check
Otherwise, cashing a cashier's check is a simple process as long as you bring your identification, and the check is made out to you. Endorse the check properly as well by signing your name the way it appears on the check. You may choose to wait until the check clears to use the funds, but in most cases with verified checks, it is safe to use the funds as soon as they are given to you.
