Free cashier checks

[UncleB]

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@cashorcharge wrote:

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@simplynoir wrote:

Typically you don't see cashier's checks fee-free with banks unless you have a high-tier/premium checking account with monthly fees or meet balance thresholds that make it a perk for doing so. Most of the time the fees for them range anywhere from $5-$20 per check. Checking the WF website they charge $10 for a cashier's check so I'm assuming your friend uses them as their primary bank and has enough money parked there to have WF give them free checks as a bonus

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+1

WF does not do this for free unless you have their higher tier accounts

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I can also confirm this.

Of the account types currently offered in my area, only the "Portfolio by Wells Fargo" account offers free cashier checks. 

I have an old "Preferred Checking" account that's no longer offered that has free cashier checks, and it's possible there are some other grandfathered account types that similarly offer free cashier checks and money orders but I'm not aware of them myself.

[ghgirll40]

It actually can come out of your savings, your checking or your money market account so wherever you have it is fine for a cashiers check

[Kforce]

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@TheBoondocks wrote:

Wow thank you guys! But I wanted to know is it the same when you do bill pay but not to a company but to a person? That's considered cashier check right?

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No.

A cashier check, also called a bank check is a check from the bank or financial institution to a business or person.  You transfer money to the bank and they cover and print  the check. The money can be from an account you have there, MM, Savings, Checking or even cash in hand. The person/business receiving knows that the bank/CU has the funds and it is considered safer than a regular check.

A bill-pay check is a hybrid version the money gets taken from a linked account you have with a bank or CU. (usually checking).  It is sent from a third party company and the bank pay's fees to the third party for service.  Your linked account is debited the amount at the time the check is sent  Because of the pre-payment the sent check should be good.  However it not a cashier check.

A certified check is a check where the signature of the owner is verified and the amount of the check is in the debit account at the time the check was written, it is however still a personal check, and the account is not locked so it is not as safe as the cashiers.

The least safe for the receiver is a regular check, they have no real knowledge if you have funds to cover the check.

[iced]

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@simplynoir wrote:

Typically you don't see cashier's checks fee-free with banks unless you have a high-tier/premium checking account with monthly fees or meet balance thresholds that make it a perk for doing so. Most of the time the fees for them range anywhere from $5-$20 per check. Checking the WF website they charge $10 for a cashier's check so I'm assuming your friend uses them as their primary bank and has enough money parked there to have WF give them free checks as a bonus

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Agreed.

Chase has no fee for cashier's checks for their premium checking products, and has a pretty low bar to getting in (looks like you can get the free cashier's check tier with just $15k in assets).

[TheBoondocks]

They charged me $5 once to get a cashier's check. What's the difference between money order and cashiers check? Which one do you guys prefer? Thanks.

[Anonymalous]

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@TheBoondocks wrote:

They charged me $5 once to get a cashier's check. What's the difference between money order and cashiers check? Which one do you guys prefer? Thanks.

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Cashier's checks and money orders are both more reliable than personal checks, which can take a while to clear, and can bounce if there's not enough money in the account. The institutions that issue CCs or MOs require the purchaser to pay in cash before they're issued, typically from a bank account or via a debit card (not a credit card), and then the institution itself guarantees they will be paid. Typically, money orders are for smaller amounts, like a down payment on rent; while cashier's checks are for larger amounts, like buying a house or cashing out a savings account.

It's not really a matter of what you prefer, it's either what the institution issues (if you cash out a savings account, they'll send you a cashier's check not a money order), or what the person you're paying wants (e.g. buying a house vs. a landlord). If they want a cashier's check, you'll have to get a cashier's check. If they want a money order, they should accept a cashier's check as well.