Cashier's and government checks, along with checks drawn on the same financial institution that holds your account, usually clear faster, in one business day.
Genuine cashier's checks deposited into a bank account are usually cleared the next day. The customer can request "next-day availability" when depositing a cashier's check in person. Forged cashier's checks may bounce 2 weeks after being deposited.
Since a financial institution's account backs a cashier's check, a cashier's check is one of the securest forms of payment. Cashier's checks are also useful in time-sensitive transactions. The funds are usually available immediately—in most cases, the next day.
Only the bank that issued a cashier's check can truly verify it. Keep in mind that you can't verify a cashier's check online, but other options are available. If the check is issued from a bank that has a branch near you, there's no better approach than to take the check into the bank and ask for verification.
Cashier's checks also settle much faster than personal checks. Often, the funds are available the next day. Personal checks can take several days or longer to clear.
Banks are also obligated to put most checks through a weeks-long clearing process. Together, these rules put banks in a double bind — they have to get customers the money before they've verified the checks. ... Because it's been paid for upfront, it's impossible for a cashier's check to bounce.
The United States Postal Service
The check will reach the recipient in one to three business days. There's also Priority Mail Express if you need the cashier's check overnighted.
Banks place holds on checks to make sure that the check payer has the bank funds necessary to clear it. In addition to protecting your bank, a hold can protect you from spending funds from a check that is later returned unpaid. That's important because it could help you avoid accidental overdrafts and related fees.
As a rule, the only time a bank may refuse to pay its cashier's check is when the bank has its own defense against paying the item and the person attempting to enforce payment is not a holder in due course.
The payee's name should already be printed on a cashier's check (this is done at the bank by a teller). If the payee line is blank, the check is fake. A genuine cashier's check always includes a phone number for the issuing bank. That number is often missing on a fake check or is fake itself.
Checks Generally, the first business day after the day we receive your deposit. If a check is deposited at a Wells Fargo location or ATM, up to $400 of the deposit may be available the same business day. If we place a hold on a check, $225 of it may be available the next business day.
The types of checks you may be able to add to your account using mobile check deposit include personal checks, business checks, cashier's checks and government-issued checks. ... Take a photo of the front and back of the check using your mobile device's camera.
The bank can place a hold on the entire amount of the cashier's check if it has reasonable cause to believe the check is uncollectible from the paying bank.
How do you know when a cashier's check is cashed? If you need to verify whether a cashier's check has been cashed, you can contact the bank that issued it. If it hasn't been cashed yet, but you think it's been lost or stolen, you may be able to cancel the check or put a stop payment on it through the bank.
Some say cashier's checks don't expire, while others claim a cashier's check is stale (out of date) after 60, 90, or 180 days. Cashier's checks are backed by the issuing bank and, theoretically, should be valid for as long as the bank is in operation, but some banks will put expiration dates on the checks themselves.
If you purchase a cashier's check and lose it, the first step is to report the loss to your bank. You may have to complete a declaration of loss statement, which basically says you verify that the check is lost and can't be found. From there, the bank will most likely ask you to purchase an indemnity bond.
Large deposits (those greater than $5,000) can be held for a “reasonable period of time,” between two and seven business days, depending on the type of check.
Send a cashier's check.
In essence, a cashier's check is a more secure form of a check that's also more reliable for the recipient because your bank is guaranteeing the check, not your personal guarantee. Cashier's checks usually come with a few security features that minimize the security risk of sending one.
Cashier's checks can be cashed at all of the same places mentioned above. In addition, most banks and credit unions will cash a cashier's check for you. If it's not your bank or the bank that issued the check, you will most likely be charged a fee.
When you deposit a check from your mobile device, it may take a little longer for your funds to become available based on what time of day the deposit was made. For example, mobile check deposits made after 6 p.m. Pacific time on business days to at least one major bank can't be used until two business days later.
Though theoretically you should be able to cash a cashier's check at any bank, you will likely need to have an account at that bank for them to cash the check.
The quickest way to see if a check has been cashed is to call your bank. Use the phone number on the back of your debit card or on your monthly bank statement. You'll need to provide your bank account number and the check number, along with some personal identification, such as your Social Security number or PIN.
General Hold Times
Banks place these holds on checks in order to ensure the funds are available in the payer's account before giving you access to the cash. By doing this, they help you avoid incurring any charges—especially if you use the funds right away.
Which is Safer? Assuming that the check is genuine, both cashier's and certified checks are secure forms of payment. However, a cashier's check is generally regarded as the safer bet since the funds are drawn against the bank's account, not an individual person's or business's account.
If you deposit a check in person, you can even get partial or full cash back. If you aren't members of the same bank, cashing the check may be a quicker option. Look up the check-cashing policy of the bank that's listed on the check. Some financial institutions will cash checks for nonmembers, and some won't.