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I will be receiving a cashier's check, from a bank, a little over $12,000. It was a portion of money from the sale of my deceased parents home. I would like to know if I will be able to go to any bank in my town and get it cashed without a waiting period or opening account there? Basically, cash it all out right then and there.

EDITED ON 9/16/2015

Since reading some of the replies I must apologize for I forgot to mention this is in the USA. State of Vermont.

Some of the information given was appreciated. However, I have already cashed the cashiers check and will tell you how the process went in my case.

I went in to the bank that it was made out to, in my town. my family member had went to that same bank the day before therefore, they didn't have enough money at their location. The teller called another branch to find out if they had the funds available and they did. So I had the choice of waiting a couple hours for them to deliver the money to the one I was at or I could go directly to them. I chose to go directly to them as they were only 15 minutes away.

I went in, handed the teller my cashier check and ID, she filled out a form with all my information, which any amount $10,000 and over will informed to the government, and then proceeded to have another woman retrieve the money, she came back handed it to her and then she counted out the money in front of me, we thanked each other and that was it. So, there was no wait period, no new account made, etc. It was as I thought it would be-on the spot.

Yes, I am aware cashier checks can be fraudulent. However, the monies would show up to them as being there I assume because the monies came from a house sale and was put into their account from the other bank.

Although I was finished everything before I seen any replies, I still thank you all for replying with your thoughts.

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    Since you don't specify which town you live in, let alone the country (US? Canada? Singapore?), it is kind of difficult to answer. A branch of the bank that issues the cashier's check might cash it for you, but if you have no connection with a bank and walk in and try to cash the check, they might refuse. In the US, the transaction you wish to make is reportable (amount is $10,000 or more).
    – Dilip Sarwate
    Sep 6, 2015 at 14:21
  • While cashier's checks are equivalent to cash and in theory you can cash them anywhere, as already mentioned by @DilipSarwate depending on jurisdiction, banking regulation governing operations, you could face having to have an account to comply with reporting regulations. But "generally" speaking, its as good as cash, so it can be cashed anywhere but your id will be required for reporting due to the amount.
    – GµårÐïåñ
    Sep 6, 2015 at 20:13
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    @GµårÐïåñ: I don't think that's true at all, certainly not in the US. Cashier's checks aren't "equivalent to cash" in any legal sense that I know of, and no bank is required to cash them, except the bank on which the check is drawn.
    – Nate Eldredge
    Sep 7, 2015 at 21:58
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    @GµårÐïåñ: Hmm. But they can also be faked, right? If I walk into your bank with a cashier's check drawn on some no-name bank from halfway across the country, you're saying you will hand over cash on the spot? How will you even know that the check is genuine? I'm aware that in the US, a cashier's check is a "next day item" - if one is deposited you have to make the funds available by the next day - but that's definitely not the same thing as "equivalent to cash".
    – Nate Eldredge
    Sep 8, 2015 at 15:52
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    Make it an answer so we can properly comment upon it, or drop it...
    – keshlam
    Sep 8, 2015 at 20:40

4 Answers 4

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The classic Nigerian scam involves sending fraudulent cashier's checks to unwitting recipients who then deposit them in their account. The bank reverses these deposits once they discover the check is not valid. At least in the US and in the parts of the EU I'm familiar with (the Netherlands), the method of the Nigerian scam is consistent and banks will reverse the deposit after some holding period.

Given this, it's unlikely that most banks will convert an arbitrary cashier's check to cash without any means to recover the amount should the check be fraudulent.

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At least in the US, a Cashier's Check is just like a regular personal check - only it's guaranteed by the bank itself, so the person accepting it can be pretty certain the check won't be returned for insufficient funds...if the check is genuine!

Most banks therefore have a policy for cashier's checks that is very similar to their policies on regular checks and money orders: if you are a member with an account in good standing, they'll make all or part of the money available to you according to their fund availability policy, which is usually anywhere from "immediately" to 7-10 days. With amounts over $5,000, banks will tend to put a hold on the funds to ensure it clears and they get their money.

If you are not a member then many banks will refuse to cash the check at all, unless the cashier's check is drawn on on that brand of bank. So if the cashier's check is issued by, say, Chase Bank, Chase banks will usually be willing to cash out the entire check to you immediately (with properly provided ID). Because the bank is guaranteed by them they are able to check their system and ensure the check is real and can clear the check instantly.

This policy isn't just up to individual banks entirely, as it is defined by United States federal banking policies and federal regulations on availability of funds.

If you really must cash the check without a holding period and won't/can't have a bank account of your own to perform this, then you will generally need to go into a branch of the bank that is guaranteeing the check to be able to cash it out fully right away.

Note that since the check might be issued by a bank with no branch near you, you should have a back-up plan.

Generally banks will allow you to setup a special/limited savings-only account to deposit your check, even if you don't have a checking account, so if no other option works you might try that as well. The funds availability policies are the same, but at least you'll be able to cash it generally in 10 days time (and then close the account and withdraw your money).

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  • I believe, though, that funds availability rules (Reg CC) requires faster availability for cashier checks than personal checks. Not immediate, however, and I think it only applies to checks deposited in an account, saying nothing about cashing checks over the counter.
    – Nate Eldredge
    Sep 15, 2015 at 0:30
  • @NateEldredge You are right on that point, though in fact cashier checks are treated very similarly to personal checks that are drawn on the institution itself; they all fall into the "next business day" general availability guideline. The last link I included gives 6 classes of reasons to delay availability, and all refer to "deposit" so I'm actually not even sure where to look for over-the-counter regulations! T here seems to be no condition that ever requires same-day check cashing, though. 1-2 days at best, 5-7 days at worst as far as I can tell.
    – BrianH
    Sep 15, 2015 at 1:31
  • It was cashed on the spot.
    – TJJ
    Sep 16, 2015 at 7:37
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Normally if the amount of a cashiers check is over $5,000, a bank (like Wells Fargo) may put a 10 business day hold on it to make sure the transaction is sound.

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    Welcome to Money.SE. Does this apply to every country in the world? The OP hasn't yet stated his country, and unless s/he does, soon, the question will be voted closed.
    – JTP - Apologise to Monica ♦
    Sep 8, 2015 at 12:21
  • I edited my question and added that information. My apologies, I am new here.
    – TJJ
    Sep 16, 2015 at 7:35
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Cashiers check is as good as cash. I use them all the time as banks don't carry over 2-3k anymore. I can bring the cashiers check anywhere and thus cash it for u without an account. It's basically a piece of paper that says these funds are set aside from the issuers account just for and only for the check. That's why it's accepted anywhere. It's a gurantee from one bank to another that the funds are there waiting to be transferred. The whole point of the check is so the funds are available immediately. The bank will call the issuing bank verify the Check is real and than cash it immediately. You don't pay a fee to buy the cashiers check just to wait for it to clear like a normal free check. Its immediate and just as good as cash. I use them weekly/monthly for amounts from 5k up to over 100k.

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  • I'm not sure this answers the question, which is about whether a cashier's check can be "cashed out" upon presentation to a bank, without going through the normal hold period to confirm that the check has not been cancelled since it was issued. It shows up immediately in your balance, but that's true of any deposited check and the bank reserves the right to pull the funds back if the issuing bank tells them to.
    – keshlam
    Oct 1, 2015 at 18:18

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