In today’s digital world, many people have shifted to online banking for the convenience and ease it offers. However, certain financial transactions—such as obtaining a cashier’s check—still require some extra steps, especially since online-only banks typically don’t offer traditional in-branch services. Whether you’re paying for a large purchase, securing a deposit for a rental, or handling a business transaction, you may need a cashier’s check, which is a guaranteed form of payment issued by a bank. But what do you do if your bank is online, and you can’t walk into a physical branch?
In this blog post, we’ll explore your options for obtaining a cashier’s check when your bank operates solely online and offer tips to help streamline the process.
What Is a Cashier’s Check?
Before diving into how to obtain a cashier’s check from an online bank, let’s review what it is and why it’s sometimes preferred over personal checks.
A cashier’s check is a payment instrument issued by a bank, where the bank guarantees the funds are available. It’s considered a safer form of payment than personal checks because it’s backed by the bank’s own funds rather than the account holder’s. This makes it a reliable option for large transactions, such as real estate deals, car purchases, or securing rentals.
Challenges for Online Bank Customers
One of the challenges of online-only banks is the lack of physical branches. While you may have access to mobile banking and various online features, getting a cashier’s check can be tricky since you can’t simply walk into a branch to request one. However, there are still several ways to get a cashier’s check without visiting a brick-and-mortar location.
Options for Getting a Cashier’s Check from an Online Bank
- Request a Cashier’s Check by Mail
Some online banks offer the ability to order a cashier’s check directly through their online platform, and they will mail it to you. This method typically involves logging into your account and selecting the cashier’s check option, specifying the amount, and providing the necessary details (such as the recipient’s name and address). After the request is processed, the bank will send you the check via mail, which can take several business days to arrive.
Pros:
- You don’t need to leave home.
- The process is entirely online.
Cons:
- It can take time for the check to arrive, which may not be ideal for urgent transactions.
- You may incur additional fees for the service.
- Use a Bank Partner or ATM Network
If your online bank is part of a larger ATM or partner network, you may have access to certain services that can help you obtain a cashier’s check. Some banks have partnerships with credit unions or other institutions that offer the ability to request checks. In these cases, you may be able to use an affiliated branch, even if it’s not your bank’s own location, to access cashier’s checks.
Pros:
- You may not need to wait for the check to be mailed.
- Access to a physical location could make the process quicker.
Cons:
- Not all online banks have partnerships with other financial institutions.
- There may still be fees for using an external bank or credit union.
- Third-Party Services and Check Issuers
If your online bank doesn’t provide cashier’s checks directly, third-party check issuers may be an option. Some services allow you to order a cashier’s check online, where the company works with banks to issue the check on your behalf. This could be a helpful solution if you need the check urgently and your bank doesn’t have an expedited process. These services are often available for a fee and may require you to provide the payee information and shipping details.
Pros:
- Quick and easy access to a cashier’s check.
- Some services offer expedited processing.
Cons:
- Fees may be higher compared to ordering directly from your bank.
- Reliability can vary depending on the service provider.
- Consider a Money Order as an Alternative
If you’re unable to obtain a cashier’s check, you might want to consider using a money order. While it’s not the same as a cashier’s check, a money order is another form of guaranteed payment that can be purchased from a variety of sources, including online services, post offices, and even grocery stores. Many online-only banks allow you to access money orders through affiliated services, which can serve as an alternative when a cashier’s check isn’t available.
Pros:
- Easier and faster to obtain in some cases.
- Available at many locations, including online platforms.
Cons:
- Not always accepted for larger transactions.
- Limits on the amount you can send (usually lower than a cashier’s check).
Tips for Obtaining a Cashier’s Check
- Check with your bank: The first thing you should do is check if your online bank provides cashier’s checks through their website or app. Many online-only banks have this option available, and they may also provide details on how to obtain one.
- Confirm fees and processing times: Be aware of any fees associated with requesting a cashier’s check, as they can vary depending on your bank or the third-party service you use. Additionally, ask about the processing times to ensure you can receive the check when you need it.
- Consider alternatives: If a cashier’s check is not strictly necessary, consider alternatives like a wire transfer, certified check, or money order, all of which may be more easily accessible without needing to request a physical check.
While online-only banking offers a lot of conveniences, getting a cashier’s check from one can require a bit more effort compared to traditional banks. However, by exploring the various options such as ordering by mail, using partner institutions, or third-party check issuers, you can still obtain a cashier’s check for your needs. Whether you’re making a large purchase, securing a rental, or completing a financial transaction, understanding the process will help you plan ahead and ensure you get the guaranteed payment method you need.
Be sure to check with your online bank for specific policies and options, and if you’re in a rush, consider looking into third-party services that can expedite the process.