When you complete certain financial transactions, such as paying the rental deposit on an apartment or purchasing a used car, you may need a cashier’s check. A cashier’s check is a more secure form of payment than other options, such as a personal check. The fee for a US Bank cashier’s check is $8, but that fee is waived for current and former military service members.
- What Is a Cashier’s Check?
- How To Get a US Bank’s Cashier’s Check
- How US Bank’s Cashier’s Check Fees Compare With Other Bank Fees
- How To Avoid Cashier’s Check Scams and Fraud
- Other Ways To Make Payments
- Is US Bank Cashier’s Check Fee Worth It?
A cashier’s check is a form of payment that is usually purchased at banks and credit unions and written by a bank teller to a third party. A cashier’s check is often used when a personal check won’t suffice or if the amount of payment is large because it’s guaranteed by the bank it’s drawn upon, which makes it a more secure form of payment.
Although a cashier’s check is guaranteed by a bank, the teller will check to see if you have enough funds in your account to cover the check. The bank will then move the funds from your account to its escrow account to cover the check. If you don’t hold an account at the bank, you may be able to pay for the amount of the cashier’s check in cash.
Don’t Miss: Your Complete Guide to Cashier’s Checks
You can purchase a cashier’s check at any credit union or bank. Many U.S. Bank products are available for ordering online, including personal and business checks, but not cashier’s checks. Instead, you’ll need to visit a U.S. bank location to get a cashier’s check.
When purchasing a cashier’s check, you must have the funds to cover the amount being paid with the cashier’s check available upon purchase. Otherwise, the check cannot be written.
Check out: How To Get a Cashier’s Check
Here are the four necessary requirements for obtaining a cashier’s check at a financial institution:
- A form of personal ID on hand, like a driver’s license or passport
- A bank account with sufficient funds
- The name of the payee and the exact amount you want the check to be written for
- The funds to pay for the cashier’s check fee, which is $8 at US Bank. Here are some purchasing details for cashier’s checks at other banks
If you’re considering becoming a U.S. Bank customer, you may want to compare its cashier’s check fees with other financial institutions to see if it’s the best option for you.
Here are the cashier’s check fees you’ll find at different banks and options for waiving the fees if applicable.
|Financial Institutions’ Cashier’s Check Fees and Options To Waive|
|Financial Institution||Cashier’s Check Fee||Options To Waive Fee|
|U.S. Bank||$8||No fee for current or former military service members|
|Bank of America||$15||Preferred Rewards customer|
|Chase Bank||$8||Premier Plus and Sapphire Checking customers|
|Wells Fargo||$10||Preferred Checking Account customers|
|Capital One||$10||No way to waive it|
|Ally Bank||$0||No waiving needed|
|Citizen’s Bank||$10||Circle Gold, Platinum, Platinum Plus, Premier Advisory, and Private Wealth Management account holders|
|Navy Federal Credit Union||Two free cashier’s checks per day; $5 after that||Two free checks per day|
Learn More Details: 13 Banking Fees You Should Never Pay
The Federal Trade Commission has been warning consumers about different types of checking scams for years. You should handle cashier’s checks and money orders with the same scrutiny as any other form of payment. Here are common examples of cashier’s check scams to watch out for, whether you bank at U.S. Bank or elsewhere:
- Check overpayment fraud: Overpayment fraud is a common checking scam. When a scammer makes an online purchase, they send a cashier’s check for more money than the seller requested. The scammer then asks the seller to deposit the cashier’s check and wire the extra funds back. The buyer takes the amount that was overpaid out of their account and expects to have it refunded once the cashier’s check is verified. But the cashier’s check is never verified because it is a fraud.
- Foreign lottery: As part of this cashier’s check scam, an individual receives a notice in the mail that they’ve won a foreign lottery. A fake cashier’s check to cover taxes and wiring fees is included. The letter has instructions to deposit the check and immediately wire the money to cover the amount of taxes and wiring fees as a condition of receiving the lottery winnings. Unfortunately, once you wire the money, you never hear from the issuer again. Plus, you’re responsible for covering the amount of the counterfeit check.
- Secret shopper scam: A company will contact you to be a secret shopper and evaluate a money transfer business. The company sends you a fake cashier’s check and instructs you to deposit it into your account, withdraw the amount of the check in cash and wire it to someone — who is often located in a Canadian city — to complete your evaluation. But no one ever contacts you for your evaluation. Sooner or later, the bank or credit union realizes the cashier’s check is a fraud. The final result is that your money is gone, and you’re responsible for depositing a counterfeit check.
It’s helpful to know how long it takes your bank or credit union to clear a check, so you can be on the watch for any fraudulent activity.
Other methods of payment exist — some of which function similarly to a U.S. Bank’s cashier’s check. Here’s what you need to know.
- Personal check: A payment that allows account holders to write checks against their own available funds. Because of this, personal checks allow for stop payments to void the transaction, unlike a cashier’s check, which does not. However, personal checks have a banking account number written on the face, which grants access to account information whereas a cashier’s check does not.
- Certified check: A certified check is like a personal check but has been certified by a bank officer that the funds are available to back it. In contrast, there’s no way for someone to tell if a personal check is any good until it’s deposited and the funds are verified. Both certified checks and cashier’s checks guarantee available funds. The main difference between the two is a certified check is funded from a personal bank account, while a cashier’s check is funded from the bank.
- Money order: Money orders function much like cashier’s checks, except money orders are generally written for lesser amounts of money. Money orders can be purchased at places besides banks — grocery stores, gas stations and post offices — and cost less money to get.
- Wire transfer: A wire transfer is the digital transferring of money between bank accounts without ever having to fill out any type of check. Both cashier’s checks and wire transfers need to be backed by available funds, but only a wire transfer can be handled digitally.
The fee for a U.S. Bank cashier’s check — or any cashier’s check — may seem annoying, but purchasing this payment product guarantees payment for your recipient and is a way to distribute money without giving away sensitive information. And sometimes, there’s just no better way to pay than via a cashier’s check — especially if you need to pay a large amount. Plus, if you’re a current or former military service member, you can get a U.S. Bank cashier’s check for free.
More From GOBankingRates:
- Cashier’s Check vs. Money Order: Here’s the Difference
- Where Can I Cash a Cashier’s Check?
- 5 VIP Private Banking Services You Never Knew Existed
- Certified Checks Explained — Including How To Avoid Fraud
Rates and fees are subject to change. This content is not provided by US Bank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone and have not been reviewed, approved, or otherwise endorsed by US Bank.