How to Cash a Cashier’s Check: All you should know

How and where to cash a cashier's check

Authentic cashier’s checks are backed by the issuing bank’s reserves, making them one of the safest methods of bill payment. Unfortunately, check-counterfeiting scams have grown in recent years, making it more difficult to cash checks if you don’t have access to a bank account. Oftentimes,  If you can’t get the money from the issuing bank, a check-cashing service will normally do it for you, but larger checks may be more difficult to cash. So we will go through how you can cash a cashier’s check for large deposits. 
But before you start the process of cashing, you would need to know where to cash these checks. 

Where to Cash a Cashier’s Check

When it comes to cashing a cashier’s check, you have a range of options. you may be able to cash the check for free depending on where you go. The following are the key locations where you can cash a cashier’s check:

Banks and credit unions 

Even if you’re not a client, you should be able to cash this check at the institution that provided it. However, to cash a check, you’ll need to provide identification — often two forms — and you may have to pay a fee if you’re not a bank customer. On the other hand,  you should be able to cash it for free in scenarios where you have an account with the institution.

Check-Cashing Establishments

Check-cashing stores will usually cash any kind of check for a fee. For the most part, a  cashier’s check can be cashed at the following locations:

Mr. Payroll: With 900 locations, Mr. Payroll provides a range of financial services, including check cashing. According to the company’s website, you can cash your salary, government and tax refund, two-party, insurance, and cashier’s checks.
Moneytree: Moneytree offers same-day cashing of personal, tax refund, payroll, insurance, two-party, and cashier’s checks.
Speedy Cash: This store covers all money order, as well as a payroll, personal, government, or cashier’s checks. The cost varies depending on the venue.

Walmart 

Payroll, government, levy, insurance settlement, and cashier’s checks are among the checks that Walmart accepts. A check for any amount up to $5,000 may be cashed. But, d epending on the size of the check, fees vary from $3 to $6.

How to Cash a Cashier’s Check

The following are steps in the right direction when it comes to knowing how to cash your cashier’s check.

Pay a visit to the Issuing Bank.

Even if you don’t have an account with the issuing bank, you can typically cash a cashier’s check when you endorse it, regardless of the amount. You’ll need to carry a driver’s license and hopefully some form of identification as well. However, in situations  where you carry more proof than required, banks may refuse to honor the cashier’s check if they have doubts that you are the intended recipient. You will also be required to pay a small fee, which will be deducted from the funds you get. A few banks can cash a cashier’s check drawn on a different deposit, but this is uncommon. 

Other Locations 

Check-cashing providers can also accept your cashier’s check for a fee. Local laws stipulate how much these providers will charge. Conversely, others place the money on a prepaid debit card rather than hand it over to you. 
Furthermore, to minimize their risk, many check-cashing services can only process cashier’s checks up to a certain amount. You’ll need to include identification, which varies depending on the company’s guidelines. 
The company keeps track of your contact details in case the cashier’s check turns out to be a fraud. If this is the case, you will be responsible for repaying the funds you were given.

In Conclusion

Knowing how to deal with these kind of checks may not sound like a valuable information until you fal victim to perculiar situations. Either way, if there other locations to cash these checks besides the aforementioned, you can share them on the comment section.

  1. Cashier’s Check vs Money Order: Which is Best?
  2. What is a Cashier’s Check? Where & How to Get One
  3. Check Fraud: Definition, Types, How to Avoid them (+ Quick Tools)
  4. How to Endorse a Check for Mobile Deposit: All you Should Know
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