What Are the Cashier’s Check Fees at Chase, Bank of America & Other Top Banks?
Written by
Preston Hartwick
Edited by
Elizabeth Constantineau
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Cashier’s checks, often used for down payments on homes or vehicles, serve as a bank-certified alternative to personal checks. Rather than being drawn from the funds in a personal account, a cashier’s check is paid out directly from the bank’s funds. This way, the recipient knows that the funds are guaranteed, and the check won’t bounce.
Most banks and credit unions charge fees to issue cashier’s checks and it’s important to understand the fees before requesting one. Read on to learn the cashier’s check fees charged by popular banks.
Cashier’s Check Fees at 10 Top Banks
Cashier’s check fees can vary depending on where you buy them. Here are some of the most popular options.
| Bank | Fee | Fees Waived? |
|---|---|---|
| Chase | $10 | Free for Premier Plus Checking, Secure Checking, Sapphire Checking, Private Client Checking and Private Client Savings accounts |
| Bank of America, Member FDIC | $15 | Fee waived for Preferred Rewards members |
| Citi® | $10 | Fee waived for Citi Priority Accounts and Citigold® Accounts |
| U.S. Bank | $10 | Free for military customers who have a U.S. Bank Smartly Checking Account |
| PNC | $5 for Performance Checking; $10 otherwise | Fee-free for Performance Select Checking and Foundation Checking |
| KeyBank | $8 | Fees are mandatory for all |
| Navy Federal | 2 free cashier’s checks for members each day; additional checks are $5 each | Fees are not waivable |
| Ally Bank | $0 | N/A |
| TD Bank | $8 | Fee waived for Beyond Checking, Signature Savings, Private Tiered Checking and Private Tiered Savings |
| Wells Fargo | $10 | Fees are mandatory for all |
How Do You Get a Cashier’s Check?
To get a cashier’s check, you’ll need to visit a bank or credit union where you hold an open bank account, like a savings or checking account. Don’t forget to bring valid proof of identification.
Once you’re there, you can order a cashier’s check by providing the necessary information, including the payee’s name and check amount. You should also specify which account the funds should be drawn from, whether it’s checking, savings or a CD account, and verify that all of the information is correct.
You can also order a cashier’s check online from many banks and credit unions by following the instructions on their website. However, this is usually a slower method, as the check will be mailed to you or your local banking branch.
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Advantages of Using a Cashier’s Check
There are many advantages to using a cashier’s check over alternatives like personal checks and money orders. For example, cashier’s checks:
- Clear faster than regular checks. Since the bank has already guaranteed the funds, cashier’s checks usually clear within a business day. Personal checks, on the other hand, could take several days to clear as the bank needs to verify the availability of the funds.
- Can be used for larger transactions. There are generally no upper limits for the amount allowed on a cashier’s check. As long as the funds are available, they can be transferred with a cashier’s check.
- Are more secure. Cashier’s checks have been pre-approved by the bank, so there’s no risk of the check bouncing.
- Are widely accepted. Most businesses and individuals will accept a cashier’s check because it’s considered a secure form of payment, enabling you to transfer large amounts of money in a variety of scenarios.
Disadvantages of Using a Cashier’s Check
While cashier’s checks offer many advantages, they also have some potential drawbacks. For instance, cashier’s checks:
- Can be used for scams. Even though cashier’s checks are considered more secure than personal checks, they can still be used in scams. For example, a scammer could send you a fake cashier’s check and receive your goods or services before the bank identifies the check as fraudulent. Make sure to use caution when accepting a cashier’s check from someone you don’t know.
- Have additional fees. Most banks charge a fee for issuing a cashier’s check, so you should consider whether the transferable amount is worth the fee.
- Are less convenient than digital payments. Unlike instant digital payments, which can be made at the touch of a button, cashier’s checks require more time and effort to purchase and process.
- Can be lost. If you lose a cashier’s check or it gets stolen, you’ll have to file a report and wait up to 90 days for the funds to be returned.
Final Take
The next time you make a large purchase, whether you’re buying a car or putting a down payment on your house, consider using a cashier’s check. The fact that the issuing bank guarantees the funds will give the seller more confidence in the transaction.
This guarantee often comes at a cost, but while most banks charge around $10 per check, some online banks offer cashier’s checks for free. Since cashier’s checks are among the most trusted ways to transfer large sums of money, consider the fee a small investment to pay for a higher degree of security and peace of mind.
FAQ
- Are cashier's checks safe?
- Cashier's checks are generally considered safer than personal checks. However, they can still be used in fake-check scams that lead to victims owing the bank to pay back fraudulent transactions. Do some research to learn more about the common types of cashier's check scams and how to avoid them.
- What's the difference between a cashier's check and a money order?
- Cashier's checks are issued directly by a bank or financial institution and are backed by the institution's own funds. Since they're secure, they're often used for larger financial transactions. In contrast, a money order is a prepaid check that can be purchased from more informal locations, such as the post office or your local grocery store. Money orders are considered less secure than cashier's checks and are meant for smaller purchases.
Data is accurate as of April 9, 2024, and is subject to change.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
Editorial Note: This content is not provided by Chase. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Chase.
