Sometimes a personal check or credit card might not cut it. That's where cashier's checks come in.
A cashier’s check is a check guaranteed by a bank, drawn on the bank’s funds and signed by a bank employee. Cashier’s checks are treated as guaranteed funds because the bank, rather than the purchaser, is responsible for paying the amount.
Cashier’s checks are best for large purchases, such as a car or house sale, when you likely can’t use a debit or credit card. These checks have extra security features – such as watermarks and a signature by two bank employees - that make counterfeiting more difficult. So, when you purchase a cashier’s check, all parties can be confident that the transaction is secure, and the risk of theft or fraud is minimal.
To get a cashier’s check, determine the name of the payee and the exact amount you need the check to be. Next, visit us to pay for the check with funds from your First Bank of the Lake Checking Account. You’ll need to give the payee name, check amount and your ID to the teller.
You’ll pay the check amount plus any applicable fee. If the funds are in an account at the bank, the full amount of the check will be frozen in your account or withdrawn when the check is issued. Make sure to have enough funds in your account to cover the amount of the check and to pay any fee. First Bank of the Lake will only sell cashier’s checks for customers of the bank.
You're ready to buy a home. Or maybe you want to purchase a car. Both of these transactions require a large sum of money. And often, you'll have to make your payment with a cashier's check.