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At my house, we pay almost every single one of our bills using our bank’s online bill payment service. It’s fast, easy and I don’t need to buy stamps or deal with the disgusting flavor of envelope glue in my mouth.
However, there are a couple of bills we must pay through the mail - our monthly rent being the most prime example. We rent our house from a normal family that doesn’t see the need to take Visa or Mastercard, so we send them a check every month. Pretty lo-fi, but people have been doing it since mail was invented.
Well, about six months ago or so, we ran out of personal checks. We hadn’t ordered any in a dog’s age (because we probably only use 15 per year or so), and we didn’t exactly keep track of how many checks we hand left. So, we started using cashier’s checks instead (and yes, I know it’s cheaper to just order more personal checks, but let’s just understand that we didn’t and let me finish my story :). A few days before the end of the month, one of us would waltz over to our bank, get the cashier’s check and mail it off to the landlord. Easy as pie. Until this month.
I dropped the check off at the post office New Year’s Eve. Fast forward to last saturday (January 5th), I get a letter in the mail from my landlord explaining that he didn’t receive our rent. I assumed that the check had gotten lost in the mail (it had never happened to us before, but I’d heard of that happening), so I contacted my bank to find out if I could stop payment on the check. “No problem”, they said. “But, you’ll need to call [phone number] or visit your branch to actually stop payment”. So, this afternoon I putt down to the local branch near the office where I work, explain the situation, and the stop payment order is in and done in just a couple of minutes.
“Is there anything else I can help you with?”
“Actually, I was wondering how long it will be before the funds are back in my account.”
“You know, I’m not sure, let me find out…”
[A series of conversations with coworkers ensues, as well as a phone call]
“90 Days.”
“Ninety DAYS?!”
“Yes sir, 90 days.”
I don’t know what I really expected, but I suppose I thought it would be something like 5-10 business days or something, but 3 freaking months?
So, the morale of this story: don’t mail a cashier’s check unless you have the cash to replace it if it gets lost or stolen.
Technorati Tags: finances, cashier’s check, money, tips, life hacks
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8 Responses to “Something You Should Know Before Using a Cashier’s Check”
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“However, there are a couple of bills we must pay through the mail - our monthly rent being the most prime example. We rent our house from a normal family that doesn’t see the need to take Visa or Mastercard, so we send them a check every month. Pretty lo-fi, but people have been doing it since mail was invented.”
Actually, many online bill payment systems can be used in this situation (maybe even most of them. A check is cut and would be mailed to your landlord by the online service. The check is against your account, in your name, the signature field states that the signature is on file with the bank, and the check is valid without your signature. I don’t know if your bank’s system does this, but mine (Key Bank) does this.
@Shawn
Yeah, I’ve sinced learned that online bill pay can be used to send money to any Tom, Dick or Harry in town. I thought it was just for businesses and that they had to have some sort of agreement with the payee, but that’s not correct.
I’ve since added my landlord as a payee on the bank website and will be sending out payments to him that way from now on
Yes, you can pay anything with online bill pay. It’s an incredible tool, especially for automatic payments, like rent or mortgage.
But the real moral of your story is to order more checks! I just ordered a box for our house account, which uses about 40 checks a year (mostly for the cleaning lady), and it cost less than $10 with shipping.
Where I live, certified checks are costly and a pain in the butt. A personal check is much easier to deal with.
But live and learn, right?
A sad story!
But, if this is the same case along every state or countries?
Time to buy that house, Brett. Might be a good time to do that, given the current market.
I use to pay my landlord by transferring money directly into his bank account. We both used BofA and I would deposit $1900 (California, what can I say?) on the first of every month. Worked like a charm, UNTIL BofA changed their policy and placed a limit of $1000 a day for such transfers. My landlord called first thing when he did not get the full amount but once we explained it, and of course transfered the remaining money, he understood. We then paid him $1000 on the last day of the month and the rest on the 1st day and he was happy.
But it sure would have been nice if they had notified us before hand. I am sure a simple query could have told them who made transfers over $1000 on a regular basis and then a simple email would have done the trick.
BEWARE. All online check writing is not created equal(ly)!
Before you rely on online bill paying from your bank, be sure to find out from your bank when the funds will be DEDUCTED. If you’re like I was don’t assume that the funds have been deducted when you schedule/send the check.
My first bank did not deduct the funds until the check was CASHED and received by the bank. It took me more than a year and hundreds of dollars of fees to figure that out.
CHASE Bank (and probably others) deducts the amount of the check when you schedule it. Case closed. Part of the beauty of this system for me is that I can (sort of) keep track mentally (I can subtract! lol) of my balance, but I also don’t send too many checks. Chase also offers text messaging to your phone if your balance goes below (or above!) whatever amount you set. I love it!
The idiots at the bank where I got my cashiers check that had to be stopped are trying to tell me it’s 90 “business days”!!!!!!!!! Who the heck does anything on the basis of 90 business days?!? Mine is for $4k!!
I’m sure if they accidentally deposited $4k into my account,t hey wouldn’t wait 90 business days for me to return it before trying to have me arrested!!
Do NOT use Webster Bank. They are sleazy and unethical.