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With a Bank of America, Member FDIC, checking or savings account, you have access to financial products, including cashier’s checks. You might need a cashier’s check for a large transaction for which a guaranteed form of payment is requested, like buying a house or a car.
Although some banking institutions will issue cashier’s checks if you don’t bank with them, Bank of America issues them only to account holders. Depending on the type of account you have with Bank of America, you might also have to pay a fee. Keep reading to learn more.
Bank of America offers cashier’s checks to all customers with a checking or savings account for a $15 fee. If you are enrolled in Bank of America’s Preferred Rewards program, however, this fee will be waived when you get cashier’s checks.
Bank of America is not the only bank that charges a cashier’s check fee. Wells Fargo and PNC Bank typically charge $10, though they both offer cashier’s checks for free on certain accounts. Capital One charges $20 for online cashier’s check requests or $10 in-branch.
The only way to get the $15 cashier’s check fee waived is by being enrolled in the Bank of America Preferred Rewards program. To qualify for Preferred Rewards, you must have a three-month combined average daily balance of at least $20,000 in your Bank of America deposit accounts and Merrill investment accounts. Opening an account and enrolling in this program not only offers benefits like fee waivers but also enhances your banking experience with additional rewards and services.
To get a cashier’s check from Bank of America, you need to visit your nearest branch and provide the teller with the following:
The teller will review your account to verify that you have enough funds to cover the check. This includes reviewing funds in your checking account, savings account or even a CD account if you’ve aligned the maturity of your CDs with your need for significant funds. After verification, the teller will print, sign the check and hand it over to you once the check fee is paid.
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Cashier’s checks are different from money orders and certified checks. A certified check is a personal check that the bank certifies. They will sign it as a guarantee that you have the funds in your account and that your signature is genuine.
Like cashier’s checks, money orders are prepaid. A money order, however, is limited to $1,000 or less. If you need to pay for something that costs more than $1,000 and the payee wants a guaranteed form of payment, you’ll likely need a cashier’s check. For smaller transactions, you can get money orders from financial institutions, post offices and even some retail stores, like Walmart.
Because cashier’s checks are generally trusted, they are frequently used in scams. Although you can usually withdraw funds from a deposited cashier’s check quickly, if the check ends up being fraudulent, you’ll be responsible for paying the money back to the bank.
Be careful about accepting a cashier’s check from a stranger, even one issued by Bank of America or another trusted bank. To cut down on the likelihood of getting a bad cashier’s check, follow these steps:
A cashier’s check can be a convenient way to pay for a large purchase, such as a car or house. However, if you receive a cashier’s check, you should be mindful of possible scams. You can always call the bank to verify if the check is genuine.
The article above was refined via automated technology and then fine-tuned and verified for accuracy by a member of our editorial team.
Chris Ozarowski contributed to the reporting for this article.
Information is accurate as of August 6, 2024.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
