A cashier’s check is often requested when buying a car between individuals. But it can also be used to pay for other major purchases. This means of payment, which should not be confused with the traditional bank check, can be claimed from you in several situations. So how to get it? And how to cancel a bank check in case of fraud or canceled transaction? We tell you everything you need to know about bank checks to avoid disappointments (scam, fraud, loss, theft, etc.)!
What is a bank check?
The cashier’s check is issued and signed by a bank. It is in the order of the seller. Do not confuse this specific means of payment with the classic bank check which is to be completed by you.
Generally, during a large transaction, such as the purchase of a vehicle or an object of art, sellers ask for a cashier’s check. Indeed, it is a guarantee of security, even if there are scams or bank check scams.
To know : since 2015, the law prohibits the payment of a property with the bank check.
How to get a bank check?
To obtain a bank check, the process is very simple. All you have to do is go to your bank’s counter to apply for it.
The establishment will then carry out a check to ensure that you have the necessary funds. Upon validation, the bank will give you the cashier’s check.
How long does it take to get a bank check?
Be aware that there is a time limit to obtain a cashier’s check. This varies depending on the issuing institution. Some banks deliver the cashier’s check immediately.
On the other hand, other establishments need two days to submit the document. If your request is urgent, it is best to anticipate. Find out about the deadlines from your bank advisor.
Is it paid or free?
The bank check secures a transaction. This is its main advantage. On the other hand, it is a paid banking service, which represents a disadvantage.
Often, you will have to count ten euros to obtain a bank check. Find out about the pricing applied from your bank adviser or by consulting your bank’s price list.
What should be checked to avoid scam or bank check fraud?
The bank check is the safest means of payment. However, he is not immune to scams. Before accepting payment by cashier’s check, you should therefore be extra vigilant.
If you have any doubts, it is better to contact the issuing bank without delay, which will validate the reliability of the bank check. This step is essential if you do not want to be the victim of a scam. To do this, make the transaction when the banking establishments are open. Avoid selling a vehicle or valuables on a Sunday or public holiday. You will find the name of the bank on the cashier’s check. On the phone, give the teller the check number, its amount and the name of the beneficiary.
Note that you are also in your right to ask the buyer to accompany him to the counter of his bank. This is then the surest way to avoid any fraud.
Then, double check that the amount is correct. In case of error on the amount, refuse the bank check because it may be a stolen document. And do not accept special requests, for example, if the buyer wants to pay part of the sum in cash.
And to avoid identity theft, ask the buyer for identification, verifying that the information and the photograph match the person you have in front of you. Otherwise, don’t take any risks. Decline the transaction.
Finally, if the bank check seems to have undergone alterations (scratches, erasures, etc.), do not take it and cancel the sale.
Can a bank check be voided?
When purchasing a vehicle, the transaction may be canceled for various reasons. There may also be a change on the amount. Therefore, the bank check is no longer good.
To overcome these different situations, you can cancel a bank check and oppose it. This requires following a specific procedure.
How to void a cashier’s check?
There are several possibilities to cancel a bank check and to stop it. As a first step, keep the document with you and cross it out by writing the word « cancelled » by hand.
Then, go to your bank branch to deliver the crossed bank check to the counter. The operation must be carried out in person, without intermediary. Usually, the canceled cashier’s check should be returned to the branch that issued it to you. The counter clerk will ask you for an ID.
If you cannot come, you can send your bank check by post to the service concerned. Accompany your bank check with a dated and signed letter. Ask your bank adviser for the exact address. And send your mail by registered letter with acknowledgment of receipt.
Upon cancellation of your cashier’s check, the money will be credited to your account again within a few days. Generally, the bank does not charge you any fees to have the cashier’s check voided. However, you will not be reimbursed for the cost of issuing the document.
Read also: How to cancel a payment by credit card on the Internet?
Cancellation of a bank check in the event of theft or loss
If you have lost your cashier’s check, or if it has been stolen, you should contact your bank as soon as possible. Most establishments have a service open continuously allowing you to oppose your means of payment.
Bring your receipt obtained when withdrawing the bank check, as well as all the information relating to the means of payment. This will make the process easier.
Note that the bank will most certainly charge you for this cancellation following a loss or theft.
Read also: Cancel a credit card payment: how to do it?