What is the US Bank Check Fee?
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When you carry out certain financial transactions, such as paying the rental deposit for an apartment or buying a used car, you may need a cashier’s check. A cashier’s check is a safer form of payment than other options, such as a personal check. The fee for a US Bank cashier’s check is $10, but this fee is waived for current and former military service members.
Here’s an overview of the information you’ll find in this guide to US Bank check fees:
What is a bank check?
A cashier’s check is a form of payment which is usually purchased from banks and credit unions and written by a bank teller to a third party. A cashier’s check is often used when a personal check is not enough or if the payment amount is large because it is guaranteed by the bank it is drawn on, making it a safer method of payment.
Although a cashier’s check is guaranteed by a bank, the cashier will check to see if you have enough funds in your account to cover the check. The bank will then transfer the funds from your account to their escrow account to cover the check. If you do not have a bank account, you may be able to pay the cashier’s check amount in cash.
Don’t Miss: Your Complete Guide to Cashier’s Checks
How to Get a US Cashier’s Check
You can buy a cashier’s check at any credit union or bank. Many US Bank products can be ordered online, including personal and business checks, but not cashier’s checks. Instead, you’ll need to go to a US bank to get a cashier’s check.
When purchasing a cashier’s check, you must have sufficient funds to cover the amount paid with the cashier’s check available at the time of purchase. Otherwise, the check cannot be written.
To verify: How to get a cashier’s check
Here are the four conditions necessary to obtain a cashier’s check from a financial institution:
- A form of personal identification handy, like a driver’s license or passport
- A sufficiently funded bank account
- The payee’s name and the exact amount you want the check written for
- The funds to pay the cashier’s check fee, which is $10 at US Bank. Here are some purchase details for cashier’s checks at other banks
Comparison of US bank check fees with fees from other banks
If you’re considering becoming a US Bank customer, you might want to compare cashier’s check fees with those of other financial institutions to see if it’s the best option for you.
Here are the cashier’s check fees you’ll find at different banks and the fee waiver options, if any.
|Financial Institutions Cashier’s Check Fees and Waiver Options|
|Financial institution||Bank check fee||Options to waive fees|
|American bank||$10||No charge for current or former military service members|
|Bank of America||$15||Rewards Preferred Customer|
|hunting bank||$8||Premier Plus and Sapphire Checking customers|
|Wells Fargo||$10||Preferred Chequing Account Customers|
|Capital one||$10||No way to give it up|
|Allied bank||$0||No Waiver Necessary|
|Citizen bank||$10||Circle Gold, Platinum, Platinum Plus, Premier Advisory and Private Wealth Management account holders|
|Federal Naval Credit Union||Two free bank checks per day; $5 after that||Two free checks per day|
Read more: 13 bank charges you should never pay
How to avoid cashier’s check scams and fraud
The Federal Trade Commission has been warning consumers about different types of check scams for years. You should treat cashiers checks and money orders with the same control as any other form of payment. Here are some common examples of cashier’s check scams to watch out for, whether you’re banking at US Bank or elsewhere:
- Overpayment Fraud: Overpayment fraud is a common scam. When a scammer makes an online purchase, he sends a cashier’s check for more than the amount requested by the seller. The scammer then asks the seller to deposit the cashier’s check and return the additional funds. The buyer removes the overpaid amount from their account and expects it to be refunded once the cashier’s check has been verified. But the cashier’s check is never verified because it is a fraud.
- Foreign lottery: In this cashier’s check scam, a person receives a notice in the mail informing them that they have won a foreign lottery. A fake cashier’s check to cover taxes and wiring charges is included. The letter contains instructions to deposit the check and immediately transfer the money to cover the amount of taxes and wiring fees as a condition of receiving the lottery winnings. Unfortunately, once you wire the money, you never hear from the sender again. In addition, you are responsible for covering the amount of the counterfeit check.
- Secret buyer scam: A business will contact you to be a secret shopper and review a money transfer business. The company sends you a fake bank check and asks you to deposit it into your account, withdraw the amount of the check in cash, and wire it to someone – often in a Canadian city – to complete your assessment . But no one ever contacts you for your assessment. Sooner or later, the bank or credit union realizes that the cashier’s check is a fraud. The end result is that your money is gone and you are responsible for depositing a forged check.
It’s helpful to know how long it takes your bank or credit union to cash a check, so you can be on the lookout for fraudulent activity.
Related: Where can I cash a cashier’s check?
Other ways to make payments
There are other payment methods, some of which work similarly to a cashier’s check from a US bank. Here’s what you need to know.
- Personal Verification: A payment that allows account holders to issue checks against their own available funds. For this reason, personal checks allow payments to be stopped to reverse the transaction, unlike a cashier’s check, which does not. However, personal checks have a bank account number written on the front, which allows access to account information, which a cashier’s check does not.
- Certified check : A certified check is like a personal check, but has been certified by a bank officer that funds are available to guarantee it. In contrast, there is no way for anyone to know if a personal check is valid until it is deposited and the funds are verified. Certified checks and cashier’s checks guarantee available funds. The main difference between the two is that a certified check is funded from a personal bank account while a cashier’s check is funded by the bank.
- Money order: Money orders work much like cashier’s checks, except money orders are usually written for lesser sums of money. Money orders can be purchased at places other than banks – grocery stores, gas stations and post offices – and cost less to obtain.
- Bank transfer: A wire transfer is the digital transfer of money between bank accounts without ever having to write any type of check. Cashier’s checks and transfers must be guaranteed by available funds, but only a transfer can be processed digitally.
Helpful tip: Certified checks explained, including how to avoid fraud
Are US Bank check fees worth it?
Fees for a US Bank cashier’s check — or any cashier’s check — may seem annoying, but purchasing this payment product guarantees payment to your recipient and is a way to distribute money without disclosing sensitive information. And sometimes there’s just no better way to pay than by cashier’s check, especially if you have a large sum to pay. Also, if you are a current or former military service member, you can get a US Bank cashier’s check for free.
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Rates and fees are subject to change. This content is not provided by US Bank. Any opinions, analyses, criticisms or recommendations expressed in this article are those of the author alone and have not been reviewed, endorsed or otherwise endorsed by US Bank. Information is accurate as of March 10, 2022.