The PNC cashier’s check fee at PNC is $10 per check, but there’s more to cashier’s checks than simply the fee. Understanding what a cashier’s check is, how to obtain one, and when to use one is equally crucial.
This guide delves deeper into these subjects and compares PNC cashier’s check costs to those of other banks.
What Is a Cashier’s Check?
A cashier’s check is a bank-backed secure payment method. It is obtained through a financial institution such as PNC, where a bank teller issues a check to a third party. Because the check is written on the bank’s own cash, it is unlikely to bounce.
Cashier’s checks are usually used by banking customers for substantial or critical expenses that require guaranteed payment, such as apartment lease deposits.
How To Get a PNC Cashier’s Check
To obtain a PNC cashier’s check, you must have a checking or savings account from which to withdraw funds. You can start a new account with enough funds to cover the cheque if necessary. In either instance, the complete amount must be available in your bank account.
What Else Will You Need to Get a Cashier’s Check describes what else you’ll need to get your check:
Personal identification, such as a driver’s license or passport; account number or ATM card
Information on the check receiver, such as their bank account and routing number
PNC’s cashier’s check fee is $10.
How PNC Cashier’s Check Fees Compare With Other Banks’ Fees
It’s a good idea to compare PNC cashier’s check costs to those of other financial institutions to see if you can get a better bargain. However, according to GOBankingRates, cashier’s check fees are among the banking costs you should never pay. The table below compares the fees and explains how to avoid them. Although PNC’s $10 cashier’s check charge is one of the highest, it is waived on four distinct accounts.
|Financial Institutions’ Cashier’s Check Fees and Options to Waive Them|
|Financial Institution||Cashier’s Check Fee||Options To Waive Fee|
|PNC||$10||No fee for Performance and Select checking, Virtual Wallet Performance and Performance Select accounts|
|Bank of America||$15||No fee Preferred Rewards customers|
|Chase Bank||$8||No fee for Premier Plus and Sapphire checking accounts.|
|Wells Fargo||$10||No fee for Preferred checking account|
|Capital One||$10||Can’t escape it|
|U.S. Bank||$10||No fee for military|
|Navy Federal Credit Union||Two free cashier’s checks per day, then $5 each||Avoid going over two cashier’s checks per day|
How To Avoid Cashier’s Check Scams and Fraud
According to a Better Business Bureau survey, complaints of check fraud, including cashier’s check fraud, more than doubled between 2014 and 2017, rising from 12,781 to 29,513.
Here are some frequent forms of fraudulent check frauds to avoid:
- Check overpayment fraud: This typically occurs with an online purchase when the consumer submits a cashier’s check for more money than requested and requests that the vendor undertake a specified activity with the extra money. For example, suppose you sell an item for $800 and the purchaser wishes to send you a cashier’s check for $1,500, with the remaining $700 going to the movers who will pick up the item.
- Foreign lottery swindle: This is similar to check overpayment fraud, except that you receive a check in the mail for purported international lottery prizes plus additional funds for taxes and wiring costs. The issuer demands that you send them the extra money as soon as you cash this check.
- Scam of the secret shopper: In this scam, you join up to be a secret shopper and are then asked to rate a money transfer service. The company sends you a cashier’s check, which you cash against your own account before transferring funds to the bogus secret shopping service.
Although a bank normally makes a portion of the funds from a cashier’s check available immediately, the bank must verify the funds and clear the check. Scammers take advantage of this latency, so that by the time the bank realizes the check is a forgery, the victim has lost the overpayment or any funds drawn on the fraudulent check. According to the GOBankingRates Complete Guide To Cashier’s Checks, you should never pay for a prize, take payment for more than the selling amount, or wire money to strangers. If you must be paid via cashier’s check, request that it be issued by a local bank.
Other Ways To Make Payments
As an alternative to a cashier’s check, you can utilize different forms of payment. Some systems provide similar benefits, but they differ significantly from cashier’s checks.
- Personal checks: Unlike cashier’s checks, which are made against the funds of the bank, personal checks are written against the funds in your checking account. You don’t need to go to the bank to receive personal checks; you get a starter supply when you create an account and can order more as needed. Personal checks, unlike cashier’s checks, contain sensitive information such as your account number and address. A personal check, on the other hand, can be stopped if you suspect fraud; a cashier’s check cannot.
- Certified checks are similar to personal checks, except their certification by a bank officer assures payment. A cashier’s check is drawn from the bank’s money, whereas a certified check is drawn from your personal funds, making it less likely to clear.
- Money Order: Money orders work similarly to cashier’s checks in that payment is guaranteed because you pay the face value plus any service fee upfront when you purchase the money order. They’re more readily available — you can buy money orders at the post office, grocery stores, petrol stations, and other retail places for very low prices — but they’re normally limited to $500 each, and there may be a limit on how many you can buy.
- Wire Transfers: A wire transfer is a digital money transfer between banks. Although the method is highly secure because no checks are required, several banks charge exorbitant fees for this service.
PNC’s $10 cashier’s check cost appears to be quite high at first glance, but you can avoid it by switching to an account that offers free cashier’s checks. In either case, cashier’s checks provide distinct advantages over other forms of payment, as long as you avoid being duped. They’re more secure than personal checks, and there’s no limit to how much you may receive one for, unlike money orders. They’re also a popular payment method for large expenses and transactions exceeding $5,000 because they’re drawn against the bank’s account.