Cashier’s Checks, otherwise known as bankers’, official, and tellers’ cheques, are a type of check the bank guarantees. It’s also one of the most secure ways to deposit and withdraw money from an online casino. You can obtain a cashier’s check directly from the bank, withdrawing the money from your account on your behalf and issuing you with a check valued at whatever amount you asked for.
Many online casinos also accept these as a payment method for online gaming, but some don’t offer this option to their customers. Always be sure to check which methods are accepted at your favorite casino. Cashier’s Checks are also perfectly safe to use and have many security features like watermarks and the official signatures of bank employees.
The process for issuing a Cashier’s Check is simple. If you want to pay an online casino using the Cashier’s Check method, you’ll need to request a cheque from your bank or credit union first. It’s advisable to ask your bank about the requirements and procedures involved to avoid surprises. You may request a Cashier’s cheque in person by visiting your bank branch, or a cashier check online. In this instance, the bank will mail the check to your verified mailing address. Requesting a cashier’s check in person is more immediate than asking for one online, as you might have to wait a while.
To receive a cashier’s check, you may need to provide the bank with the following information:
The check amounts: You need to specify the amount for which the check is. This amount will be printed directly on the check and cannot be changed.
Recipient information: The recipient is the person or business for whom the amount is. In this case, it’s the online casino.
Additional information: You can make notes and add comments on the check to help the bank with the transaction. This can include a reference number or other relevant details.
Personal Identification documents: Providing the bank with a driver’s license, a passport, or other official documentation to prove identity is standard procedure.
Additional Fees: Banks charge their customers a small fee to process cashier’s checks. Expect to pay about $8 extra. This sum will be deducted from your account from the check amount.
The Difference Between a Personal Check and a Cashier’s Check
You might already be familiar with a personal check, the most common type. With a personal check, you are expected to have sufficient funds in your account to cover the check you write out. But, although it’s technically illegal, you can still write out a check even without the funds available. Personal checks usually remain in the mail for a few days, and it takes the recipient a couple of days to deposit the check. Processing that deposit takes an additional 2-3 days. Due to the process, your account might only be debited several days after you’ve issued the check. You might get away with this, provided the money is in your account when it matters. This practice is called floating checks, and it is illegal.
Cashier’s checks, on the other hand, get deducted from your account when the bank issues the check. With cashier’s checks, you need the money readily available in your account for the transaction to be successful. The bank will then print the check and pay it to the recipient.
Common Uses for Cashier’s Checks
Cashier’s checks can be used as a payment method from online casino to the player or from player to casino. Because cashiers’ checks are a relatively safe option, they are typically used for large payments between two parties who don’t necessarily know each other, like an online gambler and the respective casino.
They also work well for immediate payments. Deposits from a Cashier’s Check take time to reflect in your account immediately but cannot be withdrawn until the bank clears the deposit. This usually only takes one business day, whereas, with a personal check, it might take a few weeks.
Cashier’s Check Scams
Cashier Checks might be a safe payment method, but criminals are usually crafty individuals, and counterfeiting checks can still occur. A fraudulent Cashier’s Check will clear immediately after it’s deposited because banks guarantee that the money will be readily available. When the bank suspects something illegal, they’ll remove the money from the fraudulent account. Unfortunately, the rightful recipient will be responsible for recovering whatever money was lost. The bank does not hold itself liable for any losses due to check fraud.
To ensure that you don’t fall victim to such scams, you can ask the bank to double-check the legitimacy of the cashier’s check and maybe wait a few days after the check has cleared. You can use the money if no irregularities have been discovered during this waiting period. Other Banking Methods