someone is paying me in the form of a cashier's check. What's the difference between this and a personal check and how is it better? Do I still need to wait for the check to clear once I deposit it into my own bank account? Is it as good as cash?

Thanks!

 

Believe me, you rather get paid by a cashier's check over a personal check. Since it was drawn from the bank (the payee had to give them cash) you know the funds are there. As for waiting for it to clear, I'm really not sure.

Hope I could help.

 

yeah, that's what I thought too. The thing is, I was in an auto accident and the guy who hit me wanted to pay me cash instead of having me file a claim with his insurance company. I asked him to pay me via cashier's check...thinking this was the safest option.

 

A cashier's check had funds availability verified by the issuer's bank at the time the check was issued. You still need to wait for the check to clear after depositing it.

 

Well, if that's what you decided to do then that's great. At least you know you're getting your money!

 

Cashiers checks can be faked.

Cash is always the best option.

 

Cash is king.

As steve c. said 'cashier's checks can be faked'.

You will have to wait for it to clear if you put it in your own bank. Alternatively, you can go to the bank it is drawn on, present it and get the cash.

 

cash can also be faked. I'll take a check anyday for proof of money transferred.

 

[QUOTE]Originally posted by chrisboiii
cash can also be faked.

 

ok dude.

If the check clears it's all good.