Are you in need of a cashier’s check for a financial transaction, a good place to get one is your bank. If you bank at Chase, how much you pay for a cashier’s check will depend on the type of account you have.
A cashier’s check is also offered as payment for a major transaction, such as on a house down payment. That’s because a cashier’s check is drawn from a bank’s account and is as good as cash.
You can’t bring a regular personal check to closing because the seller will be handing over the deed to the house – and there won’t be time to make sure your check clears.
For smaller transactions, vendors will often accept a money order, which is another form of guaranteed payment. Read on for more about how cashier’s checks work, how to get one and how they’re different from personal checks and money orders.
About Chase Bank
Chase Bank is one of the largest banks in the United States, with more than 5,100 branches and 16,000 ATMs across the country. If you need to cash a check, you’re likely located near a Chase branch.
Like every bank, Chase has certain policies and fees regarding check cashing. Keep reading to find out what you need to know about Chase Bank’s check-cashing policies for both account holders and non-customers.
It’s the Chase Bank check cashing policy in plain language. (Note: The following information was verified through the Chase website or by contacting a Chase customer service representative.)
What Is a Cashier’s Check?
A cashier’s check is less risky than a personal check because the funds are guaranteed by the financial institution. To purchase a cashier’s check you must pay the check’s full face value up front — and you’ll typically have to pay a fee for the service.
Cashier’s checks are convenient to use for high-dollar transactions — like real estate deals — and for transactions with people, you don’t know well, as when buying a used car.
Because the funds are guaranteed, it’s much safer and easier to use a cashier’s check for these types of transactions than a personal check.
You can get a cashier’s check for any amount of money, as long as you have the funds to cover the full amount and the cashier’s check fee.
Before you head to your Chase branch to purchase a cashier’s check, it’s a good idea to call ahead and confirm there are sufficient funds available, particularly if you’ll need a large sum.
Why Use a Cashier’s Check?
People often use cashier’s checks for large purchases where it’s not practical or feasible to bring cash. Real estate is a good example because you wouldn’t hand over such large amounts of money without receiving the deed right away.
But the seller wouldn’t hand over the deed without having a guaranteed form of payment. Since a financial institution’s account backs a cashier’s check, a cashier’s check is one of the securest forms of payment.
Cashier’s checks are also useful in time-sensitive transactions. The funds are usually available immediately—in most cases, the next day.
If you’re looking to make a big-money purchase, a cashier’s check may be the quickest and safest way to go.
Chase Cashiers Check Policy
Chase cashier’s checks can be obtained at any branch during normal operating hours with the assistance of a bank teller.
Account-holders can use the funds in their open accounts to purchase a cashier’s check. Anyone who does not bank with Chase must use cash to buy cashiers.
Debit cards and credit cards are not acceptable forms of payment and customers attempting to use these forms of payment will be directed to an ATM to withdraw cash that can then be used to complete the transaction.
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How to Get a Chase Bank Cashier’s Check
The process will be similar anywhere you purchase a cashier’s check. Follow these simple instructions on how to get a cashier’s check at Chase Bank:
- Go to a local Chase branch and bring a valid ID. You can also purchase a cashier’s check online if your branch allows it.
- Verify you have enough in your checking account to pay for the check and any associated fees. This amount will be frozen in your account until the check is cashed.
- Provide the teller with the payee’s name that will go on the check. You cannot get a blank cashier’s check.
- Wait for the teller to confirm that you have the funds to cover the check and then draft and sign the check.
How Chase Cashier’s Check Fees Compare with Other Banks’ Fees
Chase only charges cashier’s check fees for Total and Student Checking accounts; this includes Chase High School and College Checking accounts. If you have either of these types of accounts, you’ll pay $8 to purchase a cashier’s check.
Here’s how Chase’s cashier’s check fee stacks up against some other banks’ fees:
- Wells Fargo: $10; $8 online
- U.S. Bank: $7
- TD Bank: $8
- Bank of America: $10 for Core Checking accounts; no fee for Interest Checking accounts
Cashier’s Checks are Safe and Easy
If you need to make a large payment, a cashier’s check is a practical and safe way to do it. It not only ensures your payee gets his money, but it’s also inexpensive and easy to get.
The next time you don’t want to pay with cash for a big purchase, consider using a cashier’s check. And if you bank at Chase, you’ll likely find the Chase cashier’s check fee reasonable, if there are any at all.
Cashier checks offer a secure method of payment for large amounts. They come with almost immediately available funds and little risk of check bouncing.
These guarantees make cashier’s checks the payment method of choice for large purchases. If you are buying a house, your lawyer will likely tell you to bring the down payment as a cashier’s check to the closing.
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