Even though the term "cashier's cheque" is somewhat common, there are many people who aren't exactly sure what a cashier's cheque is or how they are supposed to be used. If you've found yourself wondering about these same things whenever you've heard a mention of a cashier's cheque, then the information provided below should help you to understand exactly what these cheques are, where they're issued, and how they can be used.
Definition
At it's most basic, a cashier's cheque is simply a cheque that is issued by a bank or other institution. A cashier's cheque serves the same purpose as a personal cheque, though it is generally considered to be more secure since it's drafted directly by the institution that the funds for the cheque will be drawn from. Different banks and financial service providers may have slightly different forms of cashier's cheques, though for the most part these differences are cosmetic... the cheques themselves still operate in the same way irregardless of how they look.
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Where to get one
Cashier's cheques can be received from most banks, as well as from a variety of other financial service providers. As the name might imply, you can request a cashier's cheque directly from a cashier or teller at the bank or service provider of your choice. Should you find that your preferred bank, lender, or other financial company doesn't offer cashier's cheques, don't worry; it shouldn't be very difficult to find another that does offer these cheques, or other financial services such as money orders that work in much the same way.
How they work
Cashier's cheques work in much the same manner as regular paycheques or personal cheques, though there are one or two minor differences. Instead of being written by the individual who is using the cheque, a cashier or teller at the bank or financial company will write or print out the pertinent information on the cheque. Additionally, the funding for the cashier's cheque can either be drawn from an existing bank account or it can be paid for at the same time as the cashier's cheque. There is often a service charge involved for the drafting of cashier's cheques in addition to the amount that the cheque is for, though some banks waive this fee for individuals that hold an account with that bank.
Once the cheque is received by the business or individual that it is written to, they may cash or deposit it just as they would any other cheque. In many cases these cheques will be credited to an account faster than personal cheques would be, simply because the money for the cashier's cheque is collected in advance of the cheque actually being written.
Common use
Cashier's cheques can be used in the same manner that any other cheque would be used, though some uses may be more popular than others. They are often used as payment for large purchases (such as an automobile or other vehicle), payments to government or other entities that do not accept personal cheques (because of the chance of those cheques bouncing), and payments for mail-order merchandise or other merchandise for individuals who do not have a chequeing account.
They are not commonly used for everyday purchases, due to the precise nature of purchasing them and the inconvenience of having to purchase them well in advance.
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