{"id":46094,"date":"2022-12-06T21:44:00","date_gmt":"2022-12-06T21:44:00","guid":{"rendered":"https:\/\/businessyield.com\/?p=46094"},"modified":"2022-12-07T09:51:41","modified_gmt":"2022-12-07T09:51:41","slug":"certified-bank-check","status":"publish","type":"post","link":"https:\/\/businessyield.com\/finance-accounting\/certified-bank-check\/","title":{"rendered":"WHAT IS A CERTIFIED BANK CHECK: How to Get One","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"

When you’re expecting a large payment, you might wonder what the safest way to get it is. A certified bank check is an official bank-guaranteed check to make such a payment. Most people think that certified bank checks are safer and less likely to be used in scams than personal checks. However, it is necessary to be on the lookout for scams because it may be difficult to pursue a remedy. This article will guide you on how to get a certified bank check and how to avoid unwitting scams.<\/p>

What Is a Certified Bank Check?<\/span><\/h2>

A certified check is similar to a regular personal check<\/a> from a checkbook but with one major difference. The bank of the check writer ensures a certified check. As long as there is enough money in the bank account of the check-writer, the bank will accept the check.<\/p>

Certified checks provide an extra level of assurance that the transaction will go through because it ensures that funds are available to pay for it. Additionally, it reassures both the buyer and the seller that the transaction will result in the outcomes they desire. For most purchases, you won’t need a certified check. They can only use it for bigger deals, like buying a car from private sellers, making a down payment on a house, buying land and recreational vehicles, etc.<\/p>

Is a Certified Bank Check the Same as a Cashier\u2019s Check?<\/h2>

The bank signs cashier’s checks, whereas the consumer signs certified checks. Cashier’s checks and certified checks are both official bank checks. Both are simple to obtain, relatively affordable, and are thought to be more secure and less vulnerable to fraud than personal checks.<\/p>

How Does A Certified Bank Check Work?<\/span><\/h2>

A certified check may be appropriate for any large transaction in which the buyer and seller do not know each other well and do not have easy access to online payments or other bank payment options, like ACH or wire transfer.<\/p>

Using a certified check provides additional security and reassurance to both the buyer and seller. Paying with a check saves the buyer time and money and also demonstrates their good faith by proving that they have the funds in their bank account as agreed.<\/p>

A certified check functions similarly to a regular personal check, except that after the participant writes the check, the bank will certify and stamp it to show that the check is valid and that there are sufficient funds in the account. Depending on your bank and the terms of your account agreement, the bank may charge a small fee for the certified check. Some banks do not provide certified checks, so you should get in touch with your local bank branch to find out if they can offer this service. If they cannot, ask if they have any other options, such as a cashier’s check, which could be an equally effective solution.<\/p>

Although they are not synonymous, some banks and credit unions may use the terms “certified check,” “cashier’s check,” and “official check” interchangeably. A certified check and a cashier’s check are both types of official checks, but the parties who sign them differ. You could request a “certified check” but receive a cashier’s check instead. You should be able to provide your buyer with the preferred method of payment if you know what terms to use and what options you have.<\/p>

Can I Get Certified Check From Any Bank?<\/h2>

Cashier’s checks are made by all banks. You can ask for a cashier’s check at any of them or at a credit union. However most banks and credit unions (but not all) only give out cashier’s checks to their customers.<\/p>

How to Get a Certified Bank Check<\/span><\/h2>

A bank or credit union can issue you a certified check. While you can get a certified check from any bank, it’s probably easier to go to a bank where you already have an account. It may be helpful to call the institution ahead of time to find out if it offers certified checks and if there are any additional requirements.<\/p>

Start by entering the check amount, the recipient’s name, and any notes. After that, you will have to verify your identity and demonstrate to the bank or credit union employee that the funds are available in your account. Banks may require photo identification for verification. The teller or a bank officer will sign off, or “certify,” the check and stamp it once you’ve written it.<\/p>

Remember that most financial institutions will charge a fee for certified checks. The fee is dependent on the account, the institution, and the amount of the transaction. However, you can expect to pay anywhere from $5 to $15 on average.<\/p>

The Upsides of Using a Certified Check<\/span><\/h3>

When purchasing expensive items, a certified check comes in handy. Carrying that much cash on you when buying an expensive appliance or making home improvements is both impractical and dangerous. It’s more convenient and safer to write a check, but the payee may want more safeguards than a standard personal check provides. The recipient of a certified check knows that the bank has verified the check, signature, and availability of funds. It is a reliable source of funds.<\/p>

The Downsides of Certified Checks<\/span><\/h3>

One of the downsides of certified checks is that once you hand over the check, you cannot reverse the payment. As soon as the recipient of the check deposits or cashes it, the money will get out immediately.<\/p>

Another downside, though not as severe, is that certified checks do incur fees. These fees are usually not incredibly expensive. Moreover, it may be worthwhile to pay a fee to make a secure and guaranteed payment.<\/p>

Using certified checks is a safe and secure way to transfer money. However, fraudsters can easily copy a certified check. Of course, if you’re the one who’s sending the check, you’re safe. You may want to be cautious if you’ve requested payment in the form of a certified check, especially if you don’t know or trust the person who’s sending the check.<\/p>

If you suspect a certified check is fraudulent, look for possible signs such as typos or anything that appears to be “off.” Check the bank’s information against the bank’s online information. To ensure the check is valid, you should also call the bank, not the number on the check.<\/p>

You can avoid becoming a victim of fraud if you follow these steps. This is because anyone who is scammed will be held accountable for any money taken out of the check’s proceeds.<\/p>

The Check-Certification Process Verifies:<\/span><\/h3>