We maintain a firewall between our advertisers and our editorial team. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. We do not include the universe of companies or financial offers that may be available to you.īankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. But this compensation does not influence the information we publish, or the reviews that you see on this site. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. The offers that appear on this site are from companies that compensate us. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.īankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. The process is highly secure because no checks are needed, but many banks charge high fees for this service.We are an independent, advertising-supported comparison service. Wire Transfers: A wire transfer is the digital transfer of money between banks.They’re more widely available–you can purchase money orders for very low cost at the post office and grocery stores, gas stations and other retail establishments–but they’re typically limited to $1,000 each, and there might be a limit on how many you may purchase. Money Order: Money orders function somewhat like cashier’s checks in that payment is guaranteed because you purchase the money order by paying the face value plus any service fee upfront.While a cashier’s check is drawn from the bank’s funds, a certified check is drawn from your own funds, so it’s slightly less certain to clear. Certified Checks: A certified check is like a personal check, but its certification by a bank officer guarantees payment.However, you can stop payment on a personal check if you suspect fraud, this is not so with a cashier’s check. Unlike cashier’s checks, personal checks contain sensitive information like your account number and address. You don’t have to go to the bank to get personal checks–you get a starter supply when you open your account and order more when they run out. Personal Checks: Whereas a cashier’s check is written against the bank’s funds, a personal check is written against the funds in your checking account.Some methods have similar benefits, but they differ from cashier’s checks in important ways. You can use other methods of payment as alternatives to a cashier’s check. The company sends you a cashier’s check that you cash against your own account before using the service to transfer the funds to the phony secret shopping service. Secret shopper scam: In this scam, you sign up to be a secret shopper and are asked to evaluate a money transfer service.The issuer requests that when you cash this check, you immediately send them the extra tax and wire-fee money. Foreign lottery scam: This is essentially the same scam as check overpayment fraud, only in this case, you receive a check in the mail for alleged foreign lottery winnings plus extra money for taxes and wiring fees.For example, you’re selling 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. Check overpayment fraud: This 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.Here are common examples of fraudulent check scams to watch out for: How To Avoid Cashier’s Check Scams and FraudĬomplaints of check fraud–including cashier’s check fraud–have been increasing.
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