You have access to financial goods, such as cashier’s checks, if you have a Bank of America checking or savings account. A cashier’s check may be required for a big transaction requiring a guaranteed form of payment, such as the purchase of a house or an automobile.
Although other banks may issue cashier’s checks even if you don’t bank with them, Bank of America only issues them to account holders — and they may have to pay a $15 fee depending on the sort of account they have. Learn how much a Bank of America cashier’s check will cost you, how to obtain one, how to prevent being scammed, and why you might need a cashier’s check instead of another type of guaranteed check.
How to Get a Cashier’s Check from Bank of America
Cashier’s checks are generally deemed safe since they are guaranteed by a bank rather than an individual. When a customer requests a cashier’s check from a bank, the bank first confirms that the consumer has enough funds in their account to cover the check, then freezes the funds until the check is cashed.
To obtain a cashier’s check, go to your nearest branch and provide the teller with your ID, bank account details, the exact amount of the check, and the payee’s name. The teller will print and sign the check, and you will be charged a cashier’s check fee unless you are a member of Bank of America’s Preferred Rewards programme. After you have paid the fee, take the check and present it to the payee.
Cashier’s Check Fee at Bank of America
For a $15 fee, Bank of America provides cashier’s checks to all clients who have a checking or savings account. If you are a member of Bank of America’s Preferred Rewards programme, this cost is eliminated when you receive cashier’s checks. If you must pay the price, Bank of America’s cashier’s check fee is in the middle of the industry, with Wells Fargo and Citi® charging $10 and offering free cashier’s checks on certain accounts. Capital One costs $20 for expedited shipment online or $10 in-branch, but there is no waiver.
What Makes Cashier’s Checks Unique From 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 certifies and signs as proof that the funds are in your account and your signature is authentic.
Money orders, like cashier’s checks, are prepaid and can be obtained through banking institutions, post offices, and even select retail establishments such as Walmart. A money order, on the other hand, is limited to $1,000 or less. If you need to pay for something that costs more than $1,000 and the payee prefers a guaranteed form of payment, a cashier’s check is likely.
Avoiding Cashier’s Check Fraud
Cashier’s checks are frequently used in frauds since they are widely accepted. Although you can normally withdraw monies from a lodged cashier’s check promptly, if the check is found to be fraudulent, you must pay the money back to the bank.
Accepting a cashier’s check from a stranger, even if it is issued by Bank of America or another reputable bank, should be approached with caution. Follow these actions to reduce the likelihood of receiving a faulty cashier’s check:
- Request a cashier’s check drawn on a bank with a branch near you if possible.
- Call or go to the bank where the check is written to see if it is genuine.
- Understand the distinction between funds available for withdrawal from your account and a cashier’s check actually clearing. Even if the check hasn’t cleared, certain banks are compelled by law to make funds available to consumers.