Making a big financial transaction can be stressful, and the last thing either party wants is an issue with the payment. Personal checks can bounce unexpectedly, and even when they don’t, they can take several business days to clear. That’s where cashier’s checks come in.
A cashier’s check is a type of check issued by a bank that you pay for upfront. It’s used for transactions over $1,000. Cashier’s checks are backed by the bank’s money, not your personal or savings account, so the recipient can access the funds right away without worrying about fraud or fake check scams.
Here’s everything you need to know about cashier’s checks, including where to get a cashier’s check without a bank account.
Where to get a cashier’s check without a bank account
Figuring out where to get a cashier’s check without a bank account can be tricky. That’s because many banks only issue cashier’s checks to customers. Here are your options if you need to get a cashier’s check without a bank account.
Open a free checking account
The simplest option is to open an account at a bank or credit union that offers cashier’s checks. Some banks offer free checking accounts with no minimum balance, and you can order a cashier’s check as soon as you’ve put some money into it.
Of course, you may not have a personal bank account for many reasons, so this isn’t an option for everyone.
Order a cashier’s check online
If you have a bank account at a local or regional bank, and there aren’t any branches nearby, then you may be able to order a cashier’s check with online banking.
Many banks allow customers to order cashier checks online or over the phone. If you can wait a few days for the check to arrive, simply login to your bank account to order it online. Your bank can mail it to you or send it directly to the recipient.
Call your local bank or credit union
Both of these options still require you to have a bank account. Is there anywhere to get a cashier’s check without a bank account?
Although most banks only offer cashier’s checks to customers, there are exceptions to the rule. Your best bet is to call up several banks beforehand, that way you don’t show up to get a cashier’s check and go home empty-handed.
Remember, if you don’t have your own account, you’ll have to pay for the check-in cash like you would for a money order.
Can you cash a cashier’s check without a bank account?
If you’ve received a cashier’s check from someone else, you don’t need an account at the issuing bank to cash it. When you endorse the check, you may need to show the issuer a photo ID that matches the name on the check.
Another option is to deposit it in a deposit account at a different bank. Some banks, such as Chase, Capital One, and U.S. Bank, allow you to deposit a cashier’s check using a mobile phone or an ATM, but the exact amount you can deposit may be limited.
You can also take the check to a check-cashing store, although they may charge a higher fee to cash it.
What if I lose or misplace a cashier’s check?
If you lose or misplace a check, it’s important to inform your issuing bank as soon as possible.
They’ll only be able to cancel it if you can physically bring it back to them. Once it’s out of your possession, there’s no way to void it, so there’s a risk that someone else might find it and try to cash it.
You may need to get an “indemnity bond,” which protects the bank from liability, and you may have to wait one to three months before they’ll issue you a replacement.
What is a cashier’s check?
A cashier’s check is a type of check signed by an employee of the issuing bank, guaranteeing sufficient funds to honor the amount of the check.
This contrasts with a personal check, which you can fund with your personal checking account. If you spend the money before the recipient cashes the check or don’t have enough in the account to begin with, it’ll bounce. The recipient won’t be able to access their money, and you might have to pay a small fee to your financial institution.
When should you use a cashier’s check?
A cashier’s check can be a good option for large purchases, such as a down payment on a house or car. The seller may not accept debit cards or credit cards, and a cashier’s check is safer than other forms of payment, such as cash or a regular check.
There’s no upper or lower limit for a cashier’s check, but it’s worth considering for large transactions over $1,000 or anything above your credit limit. You can expect to pay a small fee of $5-$15 to the issuing bank or credit union. For example, Bank of America charges $15 for cashier’s checks but waives some customers’ fees.
Alternatives to cashier’s checks
A cashier’s check isn’t your only option for large purchases. You could also consider a money order, a certified check, or a money transfer. Each option has its own pros and cons compared to getting a cashier’s check.
Money order
A money order is similar to a cashier’s check in that it won’t bounce. But while a cashier’s check is guaranteed by your financial institution, a money order is simply paid for upfront.
You don’t need a bank account to get a money order. You can get them at U.S. Postal Service locations, Western Union, Walmart, and some convenience stores. At the post office, you’ll pay a small fee of $1.65-$2.20 and can pay with a debit card or cash.
The catch is that money orders typically max out at $1,000 or $2,000, depending on where you get them, so they aren’t suitable for large amounts.
Certified check
Another alternative to a cashier’s check is a certified check. You can pay for a certified check upfront just like you would for a money order, but it may be more convenient to go to a financial institution where you’re already an account holder.
That’s because a bank employee can check your account to ensure you have sufficient funds and then hold those funds until the check is cashed. This differs from a cashier’s check, in which the bank guarantees the check with funds.
Both options are more secure than a regular check and suitable for large purchases and real estate transactions, so ask the recipient if they prefer one type over the other.
Electronic transfers
Electronic money transfers allow you to send money directly from one bank account to another, so there’s no need for a cashier’s check. Two of the most common types of electronic money transfers are ACH and wire transfers, both of which have their own processing speeds and fee structures.
Electronic transfers are simplest if both parties have a bank account, but you can wire money without a bank account at some financial institutions.
Money transfer apps
Another option is to use a money transfer mobile app like Venmo (in the U.S.) or Remitly (for international transfers). Many money transfer apps don’t require a bank account and have lower fees than traditional transfers.
You can fund your transfer with a debit or credit card and send the money directly to the recipient’s bank account or digital wallet.
Save money with an online transfer
Cashier’s checks are a safe and secure way to transfer money, but they can be hard to get without a bank account and can’t be used internationally. If you need to send money overseas, try a money transfer app like Remitly instead.
Remitly makes it easy to send money worldwide with fast transfer speeds and transparent, affordable fees. If your payee doesn’t have a bank account, they may be able to access the money at a cash pickup location instead, depending on where they are located.
Download the app today to get started!