The funds are usually available immediately-in most cases, the next day. Since a financial institution’s account backs a cashier’s check, a cashier’s check is one of the securest forms of payment.Ĭashier’s checks are also useful in time-sensitive transactions. But the seller wouldn’t hand over the deed without a form of payment that has a guarantee. Buying real estate is a good example because you wouldn’t hand over such large amounts of money without receiving the deed right away. People often use cashier’s checks for large purchases where it’s not practical or feasible to bring cash. With a personal check, you just rip it up or call the bank to stop payment. Also, once a cashier’s check is complete, it is difficult to cancel. With a personal check, the money is drawn from your account, which may or may not have enough money to cover the check. Or if you have an account there, you need to have the amount in your account and the bank will withdraw it, moving it to the bank’s own account. The money will then be available when the payee cashes the check.Ī cashier’s check is different from a personal check because the money is drawn from the bank’s account. To get a cashier’s check, you need to bring the cash to the bank. A legitimate cashier’s check will not bounce. Once a bank creates a cashier’s check, the bank guarantees to pay the amount printed on the check. They’re as good as money in the bank because, well, they are the bank’s money in the bank. Cashier’s checks, also known as teller’s checks, are checks that draw on the bank’s own funds to make the payment.
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