To make a large purchase such as a car, you need a cashier’s check. This means of payment, not to be confused with the traditional bank cheque, can be claimed from you during a transaction. How do I get a cashier’s check, and how soon? We tell you everything you need to know about this check popular with sellers, its advantages and disadvantages. Also discover the pitfalls to thwart between scams and attempted scams.
Summary
What is a cashier’s check and where can I get it?
It is a check issued and signed by a bank. This is payable to the seller. Different from the bank check, it is very specific.
Generally, sellers prefer it to other means of payment because it offers a guarantee of security. With the cashier’s check, they are guaranteed to be paid.
To obtain a bank check, nothing could be simpler. Just go to the counter of your bank. This will verify that the buyer has the funds in his account before giving him the title.
Advantages and disadvantages of the bank check
For the seller, the bank check represents a real security and helps to guard against bad checks. For relatively large purchases (vehicle, work of art, etc.), it is safer to ask for a bank check.
Namely, it is impossible to pay for a house or apartment with this means of payment. Indeed, the regulations have prohibited it since 2015.
If the bank check brings more serenity, it also has a major drawback. Often, issuing the bank check pays off. Count about ten euros depending on the pricing applied by the bank concerned.
Finally, a certain time limit must be respected. Some bank branches can deliver the cashier’s check immediately. On the other hand, some others apply a waiting period of 2 days. It is therefore advisable to anticipate your request a few days before the transaction.
Seller, the precautions to take with the bank check
Although this payment method is the safest, it can also be the source of scams. Before accepting payment by cashier’s check, take your precautions.
If in doubt, contact the issuing bank without delay. This will validate the reliability of the check. This will prevent you from having to deal with a fake bank check.
Note, you can also ask the buyer to accompany him to the counter when the check is issued.
Also be very careful not to trust appearances. A search on the Internet to assess the reputation of a seller is not enough. Indeed, the scammer can very well usurp the identity of another person.
When handing over the title, check that the amount is correct so as not to deal with a stolen check. Also be wary if the buyer wants to pay cash.
Finally, do not accept the bank check if it appears to have undergone alterations (erasures, for example).
To go even further, also ask the buyer for identification to verify the information. This is the best way to avoid identity theft.
Read also: NSF cheque: remedies
