Cashier’s checks are popularly used by businesses and organizations when making purchases or transferring money. However, customer should be aware of the fees associated with this type of transaction. PNC Bank is one of the top financial institutions and they charge a fee when a customer pays for a cashier’s check. In this article, we will look closer at what the PNC cashier’s check fee is, compare other fees at different banks, as well as list some of the benefits cashier’s checks offer customers.
What is a Cashier’s Check?
A cashier’s check is a payment instrument used to pay a third party. It is issued by a bank and the third party is guaranteed to get paid from the issuing bank. It is a popular choice for those who want secure, guaranteed payments.
Understanding the PNC Cashier’s Check Fee
PNC Bank charges a fee for all cashier’s checks, which is stated on their website. The fee amount can also vary depending on the amount of the check. For example, for checks up to $100, the fee is $7.50 and for checks from $101 up to $500, the fee is $10.50. The fee for checks over $500 is determined by the bank when a customer orders the check.
The cost of a cashier’s check at PNC may also vary depending on what type of account you have at the bank. For instance, customers that hold a basic checking or savings account are required to pay the full fee and customers with certain accounts such as a Premier, Performance or Private Banking account may not be charged at all, or may not pay the full amount.
Comparing Cashier’s Check Fees at Different Banks
PNC Bank is not the only institution that charges a fee for cashier’s checks. Many other banks and credit unions also have fees for this type of transaction. Here is a comparison of fees at different banks:
• Bank of America: $7 for all cashier’s checks
• Chase: $5 for checks up to $1,000 and $8 for checks over $1,000
• Wells Fargo: $7 for checks up to $1,000 and $10 for checks over $1,000
• US Bank: $5 for all cashier’s checks
• Capital One: $5 for all cashier’s checks
Benefits of Cashier’s Checks
Cashier’s checks provide a level of security and protection to both the customer and the provider. The funds are guaranteed and the customer has access to proof that the payment was made. Another benefit of using cashier’s checks is that they can be used to access funds or transfer money quickly when making large payments or purchases. This is convenient when time is of the essence and cannot wait for an electronic transfer.
Finally, when using cashier’s checks, the amount of money that is transferred is recorded and reported to the Internal Revenue Service (IRS). This means that customers can use to cashier’s checks for tax purposes when making large payments, such as for taxes or business payments.
PNC Bank only charges a fee for cashier’s checks. Depending on the type of check and the amount, the fee can vary. Compared to other banks, PNC’s fees are generally lower. Additionally, cashier’s checks offer their own set of benefits, such as convenience, access to funds quickly and proof of payment. Customers should carefully consider the benefits and fees before using cashier’s checks.