Is a cashiers check basically cash?
Some banks call cashier's checks "official checks." They're almost equivalent to cash, but the risk of theft is lower because only the payee can deposit a cashier's check. They're guaranteed. Unless a cashier's check is fraudulent, there's almost no risk that it will be declined, or "bounce."
Cash includes
Cash may also include cashier's checks, bank drafts, traveler's checks, and money orders with a face value of $10,000 or less, if the business receives the instrument in: A designated reporting transaction (as defined below), or.
Cashier's checks are harder to replace than money orders if lost or stolen. The bank that issued the check might require you to buy an indemnity bond from an insurance company for the amount of the check.
Cashier's checks are checks guaranteed by a financial institution, drawn from its own funds and signed by a cashier or teller. Cashier's checks are typically deemed a safe way to make a large payment on a purchase. The difference from a regular check is that the bank guarantees its payment, not the purchaser.
When you deposit a check, you might see the money in your account, but you can't withdraw all of that money until the bank "clears" the deposit. Personal checks might take several days or weeks, but cashier's checks typically make the funds available within one business day.
With a cashier check, the bank itself guarantees the funds from the bank's own account rather than your personal account. Since the bank stands behind the check, it is a safer form of payment than one coming from a personal bank account.
Although the policy may change from bank to bank, generally there's no upper limit for a cashier's check. The payee typically has quicker access to a larger amount of the funds with a cashier's check.
They're almost equivalent to cash, but the risk of theft is lower because only the payee can deposit a cashier's check. They're guaranteed. Unless a cashier's check is fraudulent, there's almost no risk that it will be declined, or "bounce." They're fast.
Be suspicious if the cashier's check is made out for an amount higher than the asking price and you are asked to transfer the excess amount to another bank account. Be especially cautious if the purchaser is long-distance or if you are dealing with them over the Internet.
Besides cash, a certified cashier's check is the most secure way to accept payment during a private sale. Unfortunately, potential for fraud still exists. There is no guarantee that the buyer actually has the money in the account to cover the check, and you may find yourself in a situation with a bounced check.
Are cashier's checks hard to cash?
You can cash a cashier's check at banks and credit unions. If you're not a customer of the financial institution, you'll likely have to pay a fee. Other requirements may be in play, too. For example, U.S. Bank requires you to provide your Social Security number to cash any check of more than $500.
You can usually cash a cashier's check at the issuing bank, regardless of the amount it's drawn for once you endorse it, even if you don't have an account there. Alternatively, it's possible to cash a cashier's check at a check-cashing store, but there might be a fee.

Generally, if you make a deposit in person to a bank employee, then the bank must make the funds available by the next business day after the banking day on which the cashier's check is deposited.
Generally, when depositing government checks, cashier's checks, certified checks, and official checks, the funds must be available the next business day. This is also true for in-house checks (also called "on-us checks"), meaning you're cashing a check at the same bank that issued the check.
Generally, cashier's checks must be made available by the next business day. However, because of the number of fraudulent and counterfeit checks now being passed, credit unions are beginning to place an extended hold on cashier's checks.
A cashier's check cannot bounce. Due to watermarks and required bank signatures, a cashier's check is hard to counterfeit. However, there are certain cashier's check scams to look out for. With a cashier's check, the funds are usually available to the payee by the next business day.
Canceling a cashier's check isn't typically possible; banks do not stop payments on these checks like they do with personal checks. In cases of theft or fraud, though, banks might offer a resolution. The bank may require an affidavit or a Declaration of Loss form, confirming that the check has not been cashed.
Note that under a separate reporting requirement, banks and other financial institutions report cash purchases of cashier's checks, treasurer's checks and/or bank checks, bank drafts, traveler's checks and money orders with a face value of more than $10,000 by filing currency transaction reports.
Each cashier's check is signed by one or more official bank employees and may include extra security features like additional watermarking. Plus, it has the defining feature of being backed by bank funds instead of personal funds. This provides assurance to the recipient that the funds are ready and waiting for them.
Both cashier's checks and certified checks can be a secure way to pay. But a cashier's check is generally regarded as the safer payment method because the funds are drawn against the bank's account, not an individual or business account.
What are the risks of a cashier's check?
Therefore, if an item is genuine, there is very little risk that the instrument will be returned. Sometimes, however, a cashier's check is not genuine, and, if you unknowingly accept a fraudulent cashier's check in exchange for goods or services, you will likely be the one who suffers the financial loss.
Whoever receives a cashier's check can be reassured there is money in the account. When you purchase the cashier's check, the money comes out of your account immediately, and is placed into the bank-controlled account until the cashier's check is cashed.
Thus, if a cashier's check is issued under fraudulent circumstances or without consideration, the issuing bank may be able to refuse to pay it as long as the item is not in the hands of a holder in due course.
Before doing that, you'll need to write a statement on the check confirming that it was not used for the intended purpose. This could be something as simple as “not used for the purpose intended.” Once that's done, you'll hand over the check to the teller, who will then transfer the money back to your account.
How long does it take for a cashier's check or certified check to clear? Cashier's checks and certified checks are typically considered as good as cash and often clear faster than personal checks. In many cases, these checks are available for use by the payee within one business day after deposit.