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You may not run across cashier’s checks often but may have heard of instances in which they might be required, such as making a down payment on a house. Though you may not be familiar with them, you’ll likely need one at some point.
Cashier’s checks are fairly straightforward financial tools that banks offer to give transactions greater security and assurance than regularpersonal checks. Here’s a look at the details behind cashier’s checks, how to get a Chase cashier’s check and important information to be aware of.
How To Get a Chase Cashier’s Check
The simplest way to get a cashier’s check from Chase is to visit the nearest branch and conduct the transaction in person. While it’s a good idea to call ahead of time to ask about any specific policies your bank may have, at Chase (as at most banks), you’ll need a few things for the transaction.
You’ll need to prove that you are who you claim to be with a government-issued photo ID, which can be a current and valid driver’s license, a passport or another valid proof of identity. You’ll also need to provide the full details of the account you want the cashier’s check funds to be drawn from and the exact amount of the payment (and remember that you’ll need enough money in the account to cover the fee).
Before the check can be issued, you’re also responsible for providing the exact spelling of the payee’s name, whether it’s an individual or a business. This is an important detail, as any errors can delay the check during processing and, in some instances, may require the check to be canceled and reissued.
Don’t forget the fee: Chase charges a $10 fee for cashier’s checks. However, Chase will waive it for customers with certain types of checking or savings accounts that qualify for free cashier’s checks.
Do I Need a Chase Account To Get a Cashier’s Check?
Yes, to get a cashier’s check from Chase, you’ll first need to have an account. Though you may be able to find some banks that will allow you to essentially “buy” a cashier’s check, they’re not common. Chase requires an account with sufficient funds to cover the amount of the cashier’s check. If you’re not already a Chase checking account holder, opening an account is straightforward and can be done on the same day.
Understanding Cashier’s Checks
A cashier’s check is a more secure, reliable form of payment because the amount on the check will be drawn from the bank’s own funds when it’s cashed or deposited. Whether or not a personal check will bounce depends on the amount of money in the sender’s account. Someone trying to redeem the check may have it returned to them due to “insufficient funds,” which is another way of saying there’s not enough money in the account to cover the check.
Cashier’s checks get around this by being underwritten by the bank that issues them. This means the amount of the check is guaranteed to be set aside and ready for access for the person the check is made out to.
Why Are Cashier’s Checks More Secure?
A cashier’s check, especially one from a well-established institution like Chase, comes with the full reputation of the bank behind it. Before issuing a cashier’s check, the bank will withdraw the specified amount from your account and reserve it for payment to the person named as the payee on the check. This makes it impossible for thecheck to bounce, as it’s essentially already been paid for, and the money has already been set aside.
When Are Cashier’s Checks Used?
Though you can use a cashier’s check to pay for any predetermined expense, like rent, a credit card balance or any other predictable recurring payment, they’re usually used for large purchases or high-dollar-amount transactions.
This is because a cashier’s check guarantees that the recipient can cash or deposit the check without worrying about the check bouncing orpayment being delayed. In this way, a cashier’s check acts as a straightforward way to make sure the agreed-upon exchange of funds takes place quickly and completely.
You might find that many large purchases, like down payments for a house or car, require a cashier’s check.
Editorial Note: This content is not provided by Chase. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Chase.
