With a Bank of America checking account, you have access to financial products, including cashier’s checks. You might need a cashier’s check for a large transaction in which a guaranteed form of payment is requested, like buying a house or a car.
Although some banking institutions will issue cashier’s checks if you don’t bank with them, Bank of America issues them only to account holders — depending on the type of account they have, they might have to pay a $10 fee. Find out how much you’ll pay for a Bank of America cashier’s check, how to get one, how to avoid getting scammed, and why you might need a cashier’s check instead of another kind of guaranteed check.
How to Get a Bank of America Cashier’s Check
Because a bank — instead of an individual — guarantees cashier’s checks, they are typically considered safe. When a customer requests a cashier’s check from a bank, the bank first ensures he has enough in his account to cover the check, then freezes the funds until the payee cashes the check.
To get a cashier’s check you will need to visit your nearest branch and provide the teller with your ID, bank account information, exact amount of the check and name of the payee. He will print the check and sign it, and you’ll need to pay the cashier’s check fee. Once you pay the fee you can take the check and present it to the payee.
BofA’s Cashier’s Check Fee
Bank of America offers cashier’s checks to all customers with a checking or savings account for a $10 fee. If you have a Bank of America Interest Checking account, however, you’ll get cashier’s checks for free. Bank of America’s cashier’s check fee is fairly standard for the industry — Wells Fargo, Citibank and Capital One also charge $10 and also offer cashier’s checks for free on certain accounts.
Find Out: 12 Banking Fees You Should Never Pay
How Cashier’s Checks Differ From Other Guaranteed Checks
Cashier’s checks are different from money orders and certified checks. A certified check is a personal check that the bank certifies and signs as a guarantee that you have the funds in your account and that your signature is genuine.
Like cashier’s checks, money orders are prepaid — you can get them from financial institutions, post offices and even some retail stores like Walmart. A money order, however, is limited to $1,000 or less. If you need to pay for something that costs more than $1,000 and the payee wants a guaranteed form of payment you’ll likely need a cashier’s check.
How to Avoid Cashier’s Check Fraud
Because cashier’s checks are generally trusted, they are frequently used in scams. Although you can usually withdraw funds from a deposited cashier’s check quickly — if the check ends up being fraudulent you’ll be responsible for paying the money back to the bank.
Be careful about accepting a cashier’s check from a stranger, even one issued by Bank of America or another trusted bank. To cut down on the likelihood of getting a bad cashier’s check, follow these steps:
- If possible, ask for a cashier’s check drawn on a bank with a branch near you.
- Call or visit the bank on which the check is written to find out if it is genuine.
- Know the difference between funds being available for withdrawal from your account and the cashier’s check actually clearing. Some banks are required by law to make funds available to customers even if the check hasn’t cleared.
More on Bank of America
- Bank of America Review: Is It the Right Bank for You?
- Newest Bank of America Promotions: Best Offers, Coupons and Bonuses
- Bank of America Routing Number: Locate Your Number
- How to Open a Bank of America Checking Account
- How To Avoid Bank of America’s Monthly Maintenance Fees
- How To Avoid Bank of America Overdraft Fees
- Bank of America Interest Rates: How To Get the Best Rates
- How to Set Up Bank of America Direct Deposit
- What Are Bank of America’s Hours?
- How To Find and Use Your Bank of America Login
- Bank of America SWIFT Code (BIC) Your Guide
More on Cashier’s Check Fees