Cashier’s checks (also known as Official Checks) are sometimes preferred for larger transactions. That’s why even though debit cards, credit cards, and digital payment options like PayPal or Venmo, are popular ways to transfer money, cashier’s checks are still used for many transactions.
Cashier’s checks are often used for car purchases, boat purchases, or making a down payment on a home.
Essentially, cashier’s checks are preferred over your regular personal check for larger transactions, because they’re less likely to bounce.
Perhaps you have just sold a car and have a cashier’s check you want to cash? Whatever the reason, if you have this type of check, you’re going to want to know where you can cash it.
Cashier’s checks are a type of check that is guaranteed by a bank and drawn on the bank’s own funds, rather than the person who purchases the check.
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The bank is the one responsible for paying the amount to the payee, and these types of checks are written in the bank’s name and are typically signed by a teller.
Like, I said above, cashier’s checks are preferred over personal checks for larger transactions, often being used in real estate and brokerage transactions.
How Do Cashier’s Checks Work?
When you receive a cashier’s check, you can be assured that it won’t bounce. This is because unlike personal checks, cashier’s checks are guaranteed by the bank.
Cashier’s checks can only be purchased at banks or credit unions.
The person who pays for the cashier’s check, called the remitter, requests the check, and the financial institution checks their account to make sure they have the amount needed to pay available in their account.
This amount is then withdrawn from the remitter’s account and deposited into the bank’s account.
Once the remitter has paid the bank the amount required to cover the check, the bank or credit union will print the cashier’s check with the name of the payee, which in this case is your name, and the amount that’s to be paid.
In place of the remitter’s bank account and routing number, the bank or credit union’s account number is printed.
When you, the payee, deposit a cashier’s check, the funds used the pay it is drawn from the bank’s account.
Why Use a Cashier’s Check?
Cashier’s checks are often considered a better payment method than other options like your regular personal check.
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This is because they provide more benefits and protections than you’d get with cash payments or personal checks.
There are many reasons you’d want to use a cashier’s check:
- Cashier’s checks tend to clear faster than regular checks.
- Because they are backed by a bank or credit union, cashier’s checks are preferred for larger transactions.
- As long as the cashier’s check is authentic, the risk of the check bouncing is nonexistent. This means that if you receive a legit cashier’s check, you don’t have to worry about it bouncing when you try to cash it.
- Because the funds are guaranteed, cashier’s checks are considered to be safer than personal checks.
Where to Cash a Cashier’s Check Near You
If you have a cashier’s check, you’ll want to know where you can deposit it. Thankfully, you have quite a few options for doing so.
Banks and credit unions
The best place to cash a cashier’s check is at your local bank or credit union.
Now you can deposit a cashier’s check at:
- The bank or credit union that wrote the cashier’s check: If this is a convenient option for you, this is a great option. This is the bank that is paying the check from its own funds, so it will cash it for you, even if you’re not a member.
- A bank or credit union where you have an account: Consider depositing the check at your bank where you have an account. Even if your bank didn’t issue that check, you can still take your cashier’s check there. Your bank can then give you cash or deposit the funds into your account. If you are a member at a bank or credit union, this will be your best option because you’ll usually be able to deposit the check for free.
- Any bank (even if it didn’t issue the cashier’s check or you’re not an account holder): Many banks will cash cashier’s checks even if you’re not a member. If you aren’t a customer at a bank or credit union, you may have to pay some fees for the service.
Here are some banks and credit unions where you can cash a cashier’s check:
1. Bank of America
- Fee: $8 if you aren’t a customer.
- Requirements: Two forms of ID
2. Chartway Federal Credit Union
- Fee: For non-customers, the fee is $3 or 2% of the check, whichever is greater.
- Requirements: Photo ID
3. Chase Bank
- Fee: $8 if you aren’t a customer
- Requirements: Photo ID
4. Citibank
- Fee: No fees for account holders or for checks up to $5,000. Otherwise, fees vary.
- Requirements: Two forms of ID
5. HSBC
- Fee: $3 for checks up to $100, and $5 for larger checks if you aren’t a customer.
- Requirements: Photo ID
6. KeyBank
- Fee: 1% of the check amount if you aren’t a customer.
- Requirements: Photo ID
7. PenFed Credit Union
- Fee: None
- Requirements: Photo ID
8. PNC Bank
- Fee: None
- Requirements: Photo ID
9. Regions Bank
- Fee: 4% of the check amount
- Requirements: Photo ID
10. TD Bank
- Fee: $7 if you aren’t a customer.
- Requirements: Photo ID
11. U.S. Bank
- Fee: $7 for non-customers
- Requirements: Photo ID
12. Wells Fargo
- Fee: $7.50 if you aren’t a customer
- Requirements: Photo ID
Check cashing stores
Another place where you can cash a cashier’s check is at a check cashing store. These allow you to cash many types of checks. The downside is that you’ll have to pay a fee for the service.
Fees vary from place to place, so be sure to call ahead to get a better idea of what you’ll pay for cashing a cashier’s check.
Often these places offer a variety of financial services, alongside check cashing, such as payday loans (always avoid these if possible), installment loans, and money transfer services.
Here are some financial service companies that allow you to cash cashier’s checks.
13. ACE Cash Express
- Fee: Fees start at about 2% but vary from location to location.
- Requirements: Photo ID
14. Advance Financial
- Fee: 1% to 5% of the check amount
- Requirements: Photo ID
15. Check ‘n Go
- Fee: Fees start at around 2% of the check amount
- Requirements: Photo ID
16. Check Into Cash
- Fee: 3% to 5% of the check amount. Fees vary depending on location.
- Requirements: Photo ID
17. Money Mart
- Fee: Fees vary depending on the location.
- Requirements: Photo ID
18. Moneytree
- Fee: Up to 6% of the check amount. Fees vary by location.
- Requirements: Photo ID
19. Pay-O-Matic
- Fee: Around 2% of the check amount
- Requirements: Photo ID
20. PLS Check Cashing
- Fee: Fees start at a $1 plus 1% of the check amount.
- Requirements: Photo ID
21. Speedy Cash
- Fee: Fees start at $2
- Requirements: Photo ID
22. The Check Cashing Store
- Fee: Fees vary depending on the location, amount, and type of check.
- Requirements: Two forms of ID
23. USA Check Cashing Store
- Fee: Fees vary depending on the check amount, location, and check type.
- Requirements: Photo ID
Retail stores
A couple of retail stores where you can cash a money order, also cash cashier’s checks. This can be convenient as you can cash your check when you’re doing your regular shopping.
Here are a couple of retail stores where you can cash cashier’s checks:
24. Walmart
- Fee: $3 for checks that are worth up to $1,000 and $6 for checks that are worth $1,000 to $5,000
- Requirements: Photo ID
25. H-E-B
- Fee: $3 for checks up to $3,000. Fees vary for larger checks.
- Requirements: Photo ID
How to Deposit a Cashier’s Check Online
Nowadays, you can actually cash a check without even leaving your home.
It can be tough to get to your bank or credit union during open business hours – often the bank is closed by the time you’ve finished work. It can also be a hassle to get to a check cashing place or retail store if you’re having a particularly busy week.
That’s why cashing a check online is such a great option.
You don’t have to head out anywhere and can instead cash your check right from your phone!
Now, cashing a check online does differ slightly from when you cash a check in-person.
When you take a check to a physical location like your bank or a check cashing store, not only do you get the option to deposit it into your bank account, but you can also get cash on the spot. You are literally cashing the check.
Online however, you will deposit the funds into your bank account, rather than getting cash in your hands. So, if you want cash right now, then you’ll need to head into your bank or nearby check cashing or retail store.
However, if you don’t mind having the funds deposited into your bank, then cashing your check online instead is a good option.
Here are a few places where you can deposit a cashier’s check online:
- Bank of America App: iOS. Android.
- Green Dot App: iOS. Android.
- First Midwest Instant Check Cashing: iOS. Android.
- GoBank: iOS. Android.
Cashier’s Check Scams
There are, sadly, quite a few cashier’s check scams out there. It’s important to be aware of these so that you can avoid being a victim of one of these scams.
Now, in a fake check scam a person, usually someone you don’t know, will ask you to deposit a check, and then send some of the money to another person. These scammers always have some story to explain why you can’t keep all the money. For example, the scammer might say you need to cover taxes or fees.
Fake checks come in many forms, and sometimes, they’ll look like a personal check or a cashier’s check.
If you have a cashier’s check to deposit, it’s really important you’re aware of the scams out there.
Types of fake check scams
Although there are many types of scams where fake cashier’s checks are used, there are some ones that are fairly common.
Here are some examples:
Mystery shopping scam
In this case, the scammer pretends to hire you as a mystery shopper. In this scam, the scammer tells the shopper that their first assignment is to evaluate a retailer that sells money orders, gift cards, or a money transfer service, such as MoneyGram or Western Union.
The shopper receives a cashier’s check and is told to deposit it into a personal bank account and wire it to someone else. However, once the money is wired, the person on the other end can disappear.
Personal assistant scam
Scammers pretend to offer you work as a virtual assistant. So, you apply online and get hired. Then, the scammer gives you a check that you’re told to use to purchase gift cards or buy equipment or supplies for your new client.
Then, the scammers get the gift card PIN numbers, and use them instantly, leaving you the “personal assistant,” without the money when the bank learns that the check is bad.
Car wrap decal scam
Scammers tell people interested in car wrap advertising to deposit cashier’s checks and send money to decal installers who don’t actually exist.
The sweepstake scam
Another common cashier’s check scam is the sweepstake scam. In this situation, the scammer pretends you’ve won a sweepstake (in reality the sweepstake is bogus), and you are given a check. But, the scammer tells you to send money to cover taxes, shipping and handling charges, or processing fees. That is not how legit sweepstakes work.
The overpayment scam
If you are selling something online, then this is a scam you should definitely be aware of. Basically, the scammer offers to buy something from you online, and when they pay you, they “accidentally” send a check for too much money. Then, they ask you to refund the balance.
Why do fake check scams work?
Sadly, fake cashier’s checks can look just like real checks. In fact, these fake checks can even look real to bank employees. Often, they are printed with the names and addresses of legit financial institutions, or they might be real checks that are written on bank accounts that belong to victims of identity theft.
Unfortunately, it can take weeks for a bank to figure out that a check is indeed fake. By that time, the scammer will have any money you sent, and you’ve stuck paying the money back to the bank.
That’s why it’s so important that you never, ever send money to someone that you don’t know, like in the scam examples above. Only rely on money from a check if you know and trust the person you’re dealing with.
Tips for Avoiding Fake Cashier’s Check Scams
Okay, so I just want to give you a few tips you can use to avoid being the victim of a fake check scam:
Don’t send money
Never use money from a check to send money orders, gift cards, or wire money to a stranger or a person you just met.
Many of these scammers will tell you to buy gift cards and send them the PIN numbers or will ask you to send money through a money transfer service, like MoneyGram, or Western Union. After you have given the gift card PINs or wired the money, it’s almost impossible to get the funds back.
Avoid sweepstakes that ask you to pay for the prize
A legitimate sweepstake would never ask you to pay money in order to get your prize. The whole point of sweepstakes is that you get a free prize, so you shouldn’t have to pay to get it.
Never accept a check for more than the selling price
If someone online offers to pay way more for something that you’re selling it for, it’s a surefire sign of a scam. Don’t accept a check for more than the selling price.
Avoid jobs where you’re asked to use a cashier’s check to make purchases or send money
A legit mystery shopping company or personal assistant gig wouldn’t tend to give you a cashier’s check to buy something or send money. Cashier’s checks only tend to be used in large transactions like real estate transactions.
Takeaway
Although you can only purchase cashier’s checks at banks and credit unions, cashing them is much easier. You can cash a cashier’s check not only at financial institutions like banks and credit unions but also at check cashing stores and some retail stores.
If you’ve wanted to know, “Where can I cash a cashier’s check near me?” make sure you try the places on our list above.
