You can purchase a cashier’s check at most financial institutions, from the biggest banks in America to the smallest. The average cost of a cashier’s check at the top 50 major banks is $6; the lowest is $0; and the highest is $12.
Find out how to get a cashier’s check and how much it will it cost you at your bank. See how your bank’s fee compares with the costs at some of the best banks in the U.S.
How Much Does a Cashier’s Check Cost?
The fee for purchasing a cashier’s check fee varies among banks and credit unions. Some banks base the fee on a percentage of the check amount, and others charge a flat fee.
Expect to pay a cashier’s check service fee of around $10 — unless you’re purchasing one from HBSC Bank, where you’ll pay $12. Before you go to get a cashier’s check, call your bank or go online and see how much it charges to draft one.
Cashier’s checks fees vary, so review what these five major banks charge to get an idea of what you’ll have to pay:
- Bank of America cashier’s check fee: $10
- Chase Bank cashier’s check fee: $8
- Citibank cashier’s check fee: $10
- TD Bank cashier’s check fee: $8
- Wells Fargo cashier’s check fee: $10; $8 for online orders
See: How to Cash a Check
How to Get a Cashier’s Check
The best way to obtain a cashier’s check is to go to your local bank or credit union branch and request one from a teller. Retailers don’t issue them; for example, there’s no such thing as a Walmart cashier’s check.
When you make your request, you will need to provide proof of identity, the exact amount of the check you are requesting and the name of the payee. The teller will print the check and sign it, and you’ll be ready to present it to the payee.
Depending on the bank’s policies, you might have to be an account holder at the bank to get a cashier’s check from that bank. If you do have an account at the bank, the teller will verify that you have the funds to cover the check and put a freeze on that money until the check is cashed.
If the bank doesn’t require you to be an account holder to purchase a cashier’s check, you must submit the exact amount of cash to the teller to cover the face value of the check and the associated fee.
How Does a Cashier’s Check Work?
In general, once the payee deposits the check into his bank, he should be able to withdraw the funds the next day. Some banks, however, have policies that prevent them from releasing more than $5,000 until the check clears the bank from which it was issued, which can take several days — this helps guard against cashier’s check scams.
If your bank releases cashier’s check funds the next day, keep in mind that it doesn’t mean the check has cleared the issuing bank. If it turns out the check is fake and it is returned to your bank unpaid, the payee’s bank can collect the funds from the payee.
Unfortunately, it’s often difficult to tell if a cashier’s check is fraudulent. One way to determine if a cashier’s check is good is to call or visit the bank from which it was issued to verify its authenticity. If you find the check is fraudulent, you can request the bank place a stop payment order on it so you can avoid having to pay for it out of your own funds.
When you make a large purchase, a cashier’s check is a practical and relatively safe payment choice, particularly when the seller is not open to accepting other more common payment options.