You can cash a cashier's check at most banks, but not always at yours
A cashier's check is a check issued by a bank itself, not by an individual or business. The bank guarantees the funds are there because it has already taken the money from the payer's account. This makes it safer than a personal check, but it also means the rules for cashing it are stricter.
You can cash a cashier's check at the bank that issued it without any problem. You can also cash it at many other banks, but they are not required to do so. Some banks will cash it only if you have an account there. Others will cash it for a fee, usually $5 to $15. A few will refuse entirely. The safest move is to call ahead and ask.
Credit unions follow similar rules. If the check was issued by a credit union, your own credit union may cash it, but again, policies vary. Some credit unions belong to shared branching networks that let you use other credit unions' services, which can help.
Key Takeaways
- The bank that issued the cashier's check will always cash it, even if you do not have an account there, though you may need to show ID.
- Other banks may cash it for free if you are a customer, may charge a fee if you are not, or may refuse to cash it at all.
- Calling the bank before you go saves time and tells you whether they will charge a fee or require an account.
- If a bank refuses to cash it, you can deposit it into your own account at your bank instead, which takes a few business days to clear.
- Never sign the back of a cashier's check until you are at the bank ready to cash or deposit it.
Cashing at the issuing bank versus other banks
The bank that issued the check has the strongest obligation to cash it. Walk into any branch of that bank with the check and a valid ID, and they will cash it. You do not need an account. You do not need to have any relationship with the bank. This is true even if the check is old, as long as it is within the normal time frame (usually six years, though some banks honor them longer).
Other banks have no legal duty to cash a cashier's check. They may do it as a courtesy to customers, or they may refuse. Some banks will cash it only for account holders. Others will cash it for anyone but charge a fee. A few large banks, like Bank of America and Wells Fargo, often cash cashier's checks for non-customers, but their policies can change and vary by branch. Smaller banks and regional banks are less predictable.
The reason banks are cautious is fraud. A cashier's check can be counterfeited, and the bank that cashes it bears the risk if the check turns out to be fake. By limiting who they cash checks for, banks reduce that risk.
What happens when you try to cash it
Bring the check and a government-issued ID—a driver's license, passport, or state ID card. Some banks may ask for a second form of ID or your Social Security number. Be ready to provide it.
The teller will examine the check for signs of tampering or forgery. They will verify that the check number, routing number, and account number are real. They may call the issuing bank to confirm the check has not been reported lost or stolen. This process usually takes a few minutes, but it can take longer if there is any question about the check's validity.
If the bank decides to cash it, they will give you the money in cash or add it to an account if you have one there. If they refuse, ask why. If they say the check is fraudulent or has been reported lost, do not accept it. Contact whoever gave you the check. If they say they simply do not cash third-party checks, ask whether you can deposit it instead.
Depositing instead of cashing
If a bank will not cash the check, you can deposit it into your own account at your bank. This is often easier than trying to find another bank that will cash it. The check will be held for a few business days while it clears—usually three to five days for a cashier's check, since they are considered safer than personal checks.
Once the check clears, the money is yours to withdraw or use. You do not have to wait the full hold period to spend the money if your bank allows it, but the bank can still reverse the deposit if the check turns out to be fraudulent or if there is a problem with it.
Depositing is also safer than carrying cash. If you lose cash, it is gone. If you deposit the check and lose your debit card, you can cancel it and get a new one.
Fees and account requirements
Banks that cash checks for non-customers often charge a fee. The amount varies widely. Some charge $5, others $10 or $15. A few charge more. Ask the bank for their fee before you agree to it.
Some banks waive the fee if you open an account or if you are a customer. Others charge the same fee to everyone. A few banks, particularly in rural areas or smaller communities, may cash checks for free as a service to the community, but this is becoming less common.
If the fee seems high, compare it to the cost of depositing the check instead. If you have a bank account, depositing is free and takes only a few days. If you do not have an account and need the cash immediately, paying the fee may be worth it.
What to do if the check is old or damaged
A cashier's check is generally good for six years from the date it was issued, though some banks honor them longer. If your check is older than six years, the issuing bank may refuse to cash it. Call them first to ask.
If the check is damaged—torn, water-damaged, or marked up—the bank may still cash it if the key information is still readable: the amount, the date, the routing number, and the account number. If the damage makes the check unreadable, the bank will refuse it. In that case, contact whoever gave you the check and ask for a replacement.
If the check is lost or stolen, the person who issued it can put a stop payment on it, which means no bank will cash it. If you find a check that is not yours, do not try to cash it. Turn it in to the bank that issued it or to the police.
Using mobile deposit as an alternative
If you have a bank account and a smartphone, you can use mobile deposit to cash a cashier's check without going to a branch. Open your bank's app, select "deposit a check," take a photo of the front and back of the check, and submit it. The bank will review the images and deposit the money into your account.
Mobile deposit is faster than going to a branch and safer than carrying cash. The check clears in the same time frame as a branch deposit—usually three to five business days for a cashier's check. Some banks let you use the money before the check fully clears, but the bank can still reverse the deposit if something goes wrong.
If you do not have a bank account, mobile deposit is not an option. You will need to cash the check in person at a bank.
Frequently Asked Questions
Can I cash a cashier's check at a bank that did not issue it?
Yes, but the bank is not required to. Many banks will cash it for customers for free, or for non-customers for a fee. Some banks refuse to cash third-party checks altogether. Call ahead to ask about their policy before you go.
What if I lost the cashier's check?
Contact the person or business that issued it and ask them to put a stop payment on it and issue a replacement. The bank that issued the original check can help you with this. You will need to provide proof of the original check amount and date.
Do I need to sign the back of the check before I cash it?
Yes, but only at the moment you cash or deposit it. Do not sign it before you get to the bank. If you sign it and then lose it, anyone can cash it. Wait until you are at the teller window or ready to take a mobile deposit photo.
How long does a cashier's check take to clear?
If you deposit it, it usually clears in three to five business days. If you cash it, you get the money immediately. Some banks place a hold on the funds even after you cash it, but you can usually access the money right away.
What if the bank says the check is fraudulent?
Do not accept it. Contact the person who gave you the check immediately. Ask them to verify that they issued it and that it is legitimate. If they cannot confirm it, report it to the police and to the bank that supposedly issued it.