Cashier's Check

What is a Cashier’s Check & When Do I Need to Use It?

April 26, 2023
by Team SESLOC

When it comes to large purchases, it simply isn’t safe and secure to carry around a stack of cash. After all, if it gets lost or stolen it’s gone for good. But what do you use when a person or business won’t accept personal checks, debit, or credit cards, or if the transaction is above your credit/debit daily limit? That’s where a cashier’s check comes in.

What is a Cashier’s Check?

A cashier’s check is considered guaranteed funds because the financial institution that issues it, rather than the purchaser, is responsible for paying the amount. Once you purchase a cashier’s check it will be valid for 90 days and must deposited or cashed by the payee during that 90 day time frame.

When Should I Consider Using it?

Any large purchase like a car or home. Or, any time you may need a little extra assurance — like if you’re buying a car from a person instead of a dealership. In some cases the payee may require it, such as with escrow companies at a home closing.

Is There a Fee?

There is typically a low fee for buying a cashier’s check.

Many financial institutions may waive these fees for certain types of checking accounts. See SESLOC’s options here.

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