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I Have a Cashier's Check, but no Bank Account

I just received a cashier's check for $4,000 from a bank that does not have a local branch where I live. I don't have a bank account. Can I cash this check at any bank, even if i don't have an account with them?

This depends on the bank. They are under no obligation to cash the check for you. You may want to call banks in your area first, then check cashing companies. Expect to pay a fee for the service.

You may also consider how convenient a bank account would be. When you have the banks on the phone, ask about low-cost checking or savings accounts they offer. You may find that it will cost you less in the long run to open an account and keep a small sum there to avoid any fees.

Published on 2/27/07