What is a cashier's cheque?

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What is a cashier's cheque?

Rounding it up

  • A cashier’s cheque is a paper-based payment method that’s guaranteed and issued by a financial institution, like a bank.

  • Unlike personal cheques, cashier’s cheques are drawn directly from a bank’s official accounts (rather than from your personal account), so they have a lower risk of bouncing.

  • Cashier’s cheques are particularly popular for large transactions, such as down payments on a house, because they provide more security than personal cheques.

  • Fraud is a serious issue with cashier’s cheques. Before depositing a cashier’s cheque in your account, consider contacting the issuing bank directly to verify the authenticity of your payment.

  • Cashier’s cheques come with fees and relatively slow processing times. You may be able to save time and money by using digital payment methods like Interac e-Transfers instead.

7 min read

Gaby Pilson
#cashiers cheque#cheques#fraud prevention

Gaby Pilson

Gaby Pilson is a writer, educator, travel guide, and lover of all things personal finance. She’s passionate about helping people feel empowered to take control of their financial lives by making investing, budgeting, and money-saving resources accessible to everyone.

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