You can access financial products like cashier’s checks if you have a checking or savings account with Bank of America. For a significant transaction when a guaranteed form of payment is required, such as the purchase of a home or car, you might need a cashier’s check.
Bank of America only issues cashier’s checks to account holders; depending on the type of account they have, they could have to pay a $15 fee. This contrasts with other financial organisations that will issue cashier’s checks even if you don’t bank with them. Learn how much a Bank of America cashier’s check costs, how to obtain one, how to avoid being conned, and why you would require one rather than another type of guaranteed check.
How to Get a Cashier’s Check from Bank of America
Cashier’s checks are often seen as secure because a bank, not a person, guarantees them. A bank will check to see if a customer has enough money in their account to cover a cashier’s check before freezing the funds until the payee cashes the check.
You must go to your nearby branch and present the teller with your ID, the details of your bank account, the precise amount of the check, and the name of the payee in order to obtain a cashier’s check. If you are not a member of Bank of America’s Preferred Rewards programme, you will need to pay the cashier’s check fee and have the teller print and sign the check. You can take the check and give it to the payee after you’ve paid the charge.
Fee for Cashier’s Checks from Bank of America
For a $15 fee, Bank of America provides cashier’s checks to every customer with a checking or savings account. However, if you are a member of Bank of America’s Preferred Rewards programme, this charge won’t apply to cashier’s checks you get. Wells Fargo and Citi® charge $10 and provide cashier’s checks for free on specific accounts, while Bank of America charges a cost that is in the middle of the industry. Capital One has no waiver but costs $20 for an online transaction with expedited shipping or $10 in-person.
Differences Between Cashier’s Checks and Other Guaranteed Checks
Money orders and certified checks are not the same as cashier’s checks. A certified check is a personal check that the bank signs and certifies to show that the money is in your account and that your signature is authentic.
Money orders, which are prepaid like cashier’s checks, are available through banks, post offices, and even select retail outlets like Walmart. However, a money order can only be for $1,000 or less. You will probably require a cashier’s check if you need to pay for something that costs more than $1,000 and the payee requests a guaranteed form of payment.
How To Prevent Fraudulent Cashier’s Checks
Cashier’s checks are frequently utilised in frauds since they are typically trusted. Although you can typically withdraw money from a cashier’s check that has been deposited swiftly, if the check turns out to be fraudulent, you’ll be liable for paying the bank the money back.
Accepting a cashier’s check from a stranger, even if it is from Bank of America or another reputable bank, should be done with caution. Take the following actions to decrease your chances of receiving a poor cashier’s check:
- Ask for a cashier’s check written on a bank with a branch close to you if at all possible.
- To determine if the check is legitimate, contact or go to the bank on which it is written.
- Understand the difference between your account’s available balance and the cashier’s check’s real clearing status. Even if the check hasn’t cleared, certain banks are compelled by law to make money available to consumers.