Account holders are able to take advantage of these services by purchasing items like a Chase cashier’s check when they are interested in making transactions that require certified funds. Chase’s cashier check fee is $8 per check, however members are entitled to one free cashier’s check per calendar year.
Continue reading our guide below to get a better understanding to what a cashier’s check is, how to get one and when to use it is just as important.
|Chase Business Complete BankingSM||$300 Cash||Review|
|Chase Private Client||$3,000 Cash||Review|
|Chase Total Checking®||$200 Cash||Review|
|J.P. Morgan Self-Directed Investing||Up to $700 Cash||Review|
|Chase College CheckingSM||$100 Cash||Review|
|Chase Secure BankingSM||$100 Cash||Review|
What is a Cashier’s Check?
Cashier’s checks are checks that draw on the bank’s own funds to make the payment. Your bank or credit union prints a document with the name of the recipient (or payee) and the amount, and the recipient uses that document to collect funds from your bank.
Cashier checks are usually used for large purchases or important fees that requires a guaranteed payment such as real estate or apartment lease deposits.
How to Order Chase Cashier’s Check
The process of getting a Chase cashier’s check is similar to getting one from any other financial institution or bank. All you have to do is follow these steps to get a cashier’s check at Chase Bank:
- Go to a local Chase branch and bring valid ID. You can also purchase a cashier’s check online if your branch allows it.
- Verify you have enough in your checking account to pay for the check and any associated fees. This amount will be frozen in your account until the check is cashed.
- ‘Provide the teller with the payee’s name that will go on the check. You cannot get a blank cashier’s check.
- Wait for the teller to confirm that you have the funds to cover the check and then draft and sign the check.
Compare Chase Cashier Check’s Fees with Other Banks
Most banks and credit unions offer cashier’s checks and certified checks, but note all offer both, and some use a different name, “official checks.” Make sure to ask your bank for availability and pricing! Many sell them only to account holders, so they might offer you with reduced fees or no fees!
|Financial Institutions’ Cashier’s Check Fees and Options to Waive Them|
|Financial Institution||Cashier’s Check Fee||Options To Waive Fee|
No fee for Preferred checking account
|Capital One||$10||Can’t escape it|
|U.S. Bank||$8||No fee for military|
|Citizen’s Bank||$10||Citizens Bank customers who have Circle Gold, Platinum, Platinum Plus, Premier Advisory and Private Wealth Management accounts|
|Navy Federal Credit Union||Two free cashier’s checks per day, then $5 each||Avoid going over two cashier’s checks per day|
How to Avoid Cashier’s Check Scams and Fraud
A cashier’s check is issued by the bank and not drawn from your personal account. Although cashier’s checks are normally considered safer than a personal check, they are also used in check scams that leave their victim responsible for paying back the money the scammer took.
Check Overpayment Fraud
Usually happens with an online purchase, when the customer sends a cashier’s check for more money than is requested and asks the seller to perform a specific action with the extra money.
So if you’re wanting to sell an item for $800 and the customer wants to send you a cashier’s check for $1,500, with the extra $700 to go to the movers who are going to pick up that item.
Foreign Lottery Scams
This type of scam can take many forms. Some of which can include a scammer claiming that they have won a lottery, inherited money, or saving a large amount of money in the bank.
They will tend to ask you to deposit a cashier’s check and wire a portion of it back to them. The check won’t clear, and the victim will have lost the portion they wired.
Secret Shopper Scam
The job of a mystery shopper is to make purchases and then filling out reports about their experience. Legitimate companies will use this method when they want to see how their stores are doing.
Scammers exploit this by hiring mystery shoppers for a fake bank or wire transfer service. The shopper gets a check to deposit in his account and is asked to wire funds to a third party.
Read our full guide on How to Avoid Cashier’s Check Scams and Fraud.
Cashier checks are the most secure payment method for large amounts since there’s no ceiling on the amount you can get one for like there is with money orders. They come with almost immediately available funds and little risk of check bouncing.
Especially if you’re purchasing real estate and may be the only payment method accepted. You can check out the latest Chase Promotions.
If you’re interested in more bank promotions, check out the latest bank bonuses here!
Waived cashier check fees once per year is not correct