When to use a cashier's check, and how to get one - Business Insider

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Legitimate cashier's checks will not bounce. This is why they're often one of the preferred methods of payment in large transactions

To get a cashier's check, you'll need to provide the personal information of your check recipient. Then, you'll need to provide payment to cover the check amount in addition to the bank's service fee. Cashier's check fees cost about $10 on average, but your bank could charge a little less or more.

Many banks will require you to have an account with them in order to get a cashier's check. But some may be willing to issue one if you bring along the cash with you to cover the cashier's check and fee. Also, keep in mind that the bank you choose may charge a higher cashier's check fee to non-customers.Real cashier's checks are one of the safest forms of payment, but cashier's check scams do exist. Whileto them after depositing the check.

The scammer may say that they've won a sweepstakes and they've sent you a cashier's check with your reward. All you need to do is send back a small amount to cover taxes and fees. After several days, the bank will realize that the check is counterfeit and will remove the funds from your account . But if you've already sent money back over to the scammer before the check is discovered as a fake, it can be very difficult to ever get it back.

To protect yourself against these types of scams, be extremely cautious with any cashier's checks that you receive from a stranger. If someone sends a cashier's check out of the blue in the mail, that should be an immediate red flag that you could be dealing with a scam. , or money order, as it is nearly impossible to reverse these types of payments.

 

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