Closest Place To Cash A Payroll Check – Cashier’s checks and money orders are considered safer payment methods than a personal check, but they differ in where you can buy them, how much they cost, and whether it makes sense to use one or the other. You can use a money order or cashier’s check instead if you’re paying someone and don’t want to use cash or write your own check.
The bank takes money from your checking or savings account and deposits it into their own when you buy a cashier’s check. The bank then writes a check to the person or business you want to pay. You will pay a bank fee for a cashier’s check at the bank, and the average fee at the largest banks in the country is about $10.
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The advantage of using a cashier’s check to pay someone (or get paid) instead of a personal check or cash is that it is more secure. The bank takes the money directly from your account and deposits it, so the check is guaranteed not to bounce. Whoever you want to pay, is sure to get the money. And you don’t have to worry about excess or insufficient funds (NSF) fees that could be charged if you don’t have enough money in your checking account to close.
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However, cashier’s checks are not harmless and check fraud can be a financial scam. A scammer may give you a legitimate cashier’s check, which you then deposit into your account. Your bank may find out weeks later that the check is fake.
A cashier’s check is a legal check issued by a bank. This is different from a certified check, which is drawn on the depositor’s checking account after the bank has guaranteed and held sufficient funds to cover the amount of the check.
Another big difference is that the bank representative signs the banker’s check because the money is drawn from the bank’s own account and the bank declares that the customer’s signature on the certified check is authentic.
A cashier’s check is a type of legal check issued by a bank. It should not be confused with a certified check, which is a check drawn on a depositor’s checking account that the bank certifies that it has sufficient funds for payment.
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Money orders are also a more secure method of payment than personal checks. You can buy money orders at a bank in the United States. Postal service, convenience stores, pharmacies, grocery stores and loan companies. These places usually carry a money order that they have issued, or you can deposit a money order into your bank account.
You must pay for a money order with cash, debit card, or traveler’s check when you buy one. You generally cannot use a credit card or write your own check, and the transaction may be treated as a travel expense if you can use a credit card. As with cashier’s checks, you will pay money order fees, but they are generally more expensive. The fee can be as low as $1 or as low as $5 depending on where you buy the money order and the amount.
Another advantage of money orders over checks is that they are often easier to cash. You must request a new check from the bank in case of loss or theft and, in most cases, you must take out an indemnity bond with the insurance company. This policy protects the bank if you lose your paycheck a second time. It can take 30 to 90 days for a new check to be issued after you submit your application.
Replacing a lost or stolen money order is usually as simple as returning your receipt to the place of purchase and requesting a replacement or refund. The money order issuer may charge you a fee to replace it, but you can get it right away instead of waiting months for a cashier’s check to clear again.
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Money orders are often the easiest to buy, but a cashier’s check is more secure. So which one to use and when?
The security feature makes cashier’s checks a better option if you are making a large payment, perhaps for a car or boat. In fact, a cashier’s check may be your preferred payment option in some cases. A lender may ask you to get a cashier’s check to pay off your loan at closing if you’re buying a home.
Money orders are inexpensive, making it impossible to make small payments while writing your own check. You might want to use a money order to pay your rent or send a few hundred dollars to a friend who has less money.
Most Post, MoneyGram or Western Union money orders cost $1,000 starting in 2023. But there may be different limits if you buy a money order from a merchant, and the amount can be adjusted each year.
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Contact the bank whose name is on the check to verify its authenticity before accepting payment from an unknown person or attempting to cash or deposit it.
Contact your bank immediately if your cashier’s check is lost or stolen. You must submit a written statement called a notice of loss. A bank may refuse to honor your check if it is stolen or made payable to someone other than the intended person or business if you have taken steps to report the loss.
Money orders and cashier’s checks can be a convenient way to pay someone or receive money. Be sure to check the fees involved and whether the provider places limits on the dollar amount if you are considering purchasing one. Most importantly, keep your receipt or statement showing where the money order or cashier’s check was purchased in case it gets lost, stolen or damaged.
Authors are required to use primary sources to support their work. These include white papers, government data, original reports and interviews with industry experts. We also refer to original research from other reputable publishers where appropriate. You can learn more about the standards we follow to create accurate and unbiased content in our editorial guide.
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