Good morning Dinks. Today’s article asks an important question. Can payment be stopped on a cashier’s check? That’s a question that I never thought about before. I didn’t know the answer until a couple of days ago. Before I respond to that question, I want to briefly discuss what a cashier’s check is.
What is a cashier’s check?
A cashier’s check is a check that is guaranteed by a bank or a credit union. It is drawn from the institution’s funds and signed by the teller. Cashier’s checks are used in place of personal check or cash.
How to get a cashier’s check?
Getting a cashier’s check is pretty easy. The teller will make sure that the purchaser has enough funds in their account before they issue the cashier’s check. Make sure that you have sufficient funds in your account if you are using your own bank or credit union. That’s important because you want to ensure you can cover the full amount of the check and any possible fees you may have. The full amount of the check will be held in your account when the check is issued.
Many banks and credit unions charge a fee for a cashier’s check. That amount is less than $10. Some institutions offer free cashier’s checks to their customers. It depends on the type of account that they have. You can find information about the cashier’s check fees on your bank or credit union’s website.
Face to face
Everyone loves going to the drive through at the bank. It’s convenient. Most of the time you can get in and get out. If you want to get a cashier’s check, you have to go into the branch and speak with a teller face to face. You will have to show them your ID. You also have to tell them the exact amount of the check and the name of the payee. The bank or credit union will not allow you to get a blank cashier’s check. That helps you from overdrawing from your account. Once the bank teller makes sure that you have the funds in your account, the check will be written for the amount that you requested.
Now that I’ve gone over what a cashier’s check is, let’s return to the original question.
Can payment be stopped on a cashier’s check?
The answer is pretty much no. According to the US office of the comptroller of the currency, the only way that a cashier’s check can be stopped is if the check is fraudulent or if it is lost. With personal checks, you can put a stop payment on it if you need to. This is not possible with a cashier’s check.
Giving someone a cashier’s check is just like giving them cash. Once it’s done, it’s done. The only way you can get cash back from someone is if they agree to give it back to you. Once you’ve given the bank or credit union your money to get the cashier’s check, the bank has to honor it the same way it would with cash. Make sure that you are 100% ready when you’re deciding to use a cashier’s check.