A cashier’s check is much different than a personal check. Normally, you would get a cashier’s check from the bank and it comes with no risks. However, be aware that scammers can create fake cashiers checks as well. So, to avoid this situation, be sure to verify that it’s a real check before you accept it. Read below for more information on what a cashier’s check is.
 |
 |
Confirming the Cashier’s Check
There are several ways you’ll be able to verify that your cashier’s check is valid. A good tip to remember is to not accept the check if it seems suspicious as a fraud. One way to see if it’s a scam is if you find yourself paying too much for the online transaction. The Federal Law is required to have the balance of a cashier’s check open to you in at least one day. However, with a fake cashier’s check, by the time you figure out that it’s not real, the person is long gone.
Keep an eye out for other possibilities of being scammed when they offer prizes, awards, or odd deposits and wire transfers. Look at your check closely to see if it has features that will be specific to your bank. Normally, you can look for these figures by checking if there’s a microprint or watermark printed on your check. If all else fails, you can always contact your bank and verify that it’s accurate. They will be able to tell you if it’s their cashier’s check or not. You must provide the necessary information for them to verify it such as: a check number, name of the person that gave you the check, and the amount you paid.
If Your Cashier’s Check is Fake
When you find out that the check you ordered is a fraud, act right away. Be sure to contact your financial institute and talk about solutions to fix your problem. Meanwhile, it will be a good idea to let the Federal Trade Commission and your attorney general know about the situation. Once you’ve reported this problem to your bank, there’s a chance that the buyer is already long gone.
Fortunately, many banks are required to reimburse you for a fake check. But, this will all depend on the exact situation you’re in and your state laws. Your bank can decide to look into the matter to see if you should be reimbursed or not. This process will require several things like a police report and other files.
Depositing Your Cashier’s Check
When you cash in your check, it’s better to go directly to the bank or financial institute that you got it from. This will make depositing your check faster and easier. Provide the necessary information like your: ID, bank account number, or ATM card. However, if you go to a different bank to cash in your check, there’s a possibility that they will not allow you to do it. If they do, the process will be much longer.
Keep in mind that you’ll have to wait a while to have your check deposited. If you cannot visit your bank, there are many other locations that can cash your check for you. Places you can go to are specific check-cash businesses or Walmart. However, keep in mind these locations will most likely charge you an additional fee for cashing your check with them. Fortunately, when you go to Walmart, you will get your cash right away.
Conclusion
A cashier’s check is a commission from your bank that makes it different from your personal check. Normally, it will have funds drawn from the banks own balance and be signed by a cashier or teller. These checks come with less risks and if they are proven invalid they can be bounced.
To get a cashier’s check just tell them the amount you want, and the recipients name. Then, you must go to a bank and ask for this check from a teller or cashier. Once you’ve done that, you must pay the check balance and other fees that may be applied. Typically, you will want to get a cashier’s check if you plan on making a large transaction in the future.
