We are evolving every day, and our world has transformed quite an extent. What past years required us to go the extra mile now has us relieved and satisfied through and through. Now that banking services are in question, digital banking is the plunge in the right. The benefits are relatively more straightforward and less complex. Also, you get access to all the banking services right from the comforts of your home. If that’s not all, you no longer have to travel large distances.
However, the typical banking system follows, to date, age-old techniques. i.e., Taking money from the cashier for free is one of the most valued services by customers but also one of the scariest. The reasons? Diverse and have to do with what it costs to each bank that you can use their ATMs.
You go out in the street searching for a cashier that does not charge you commissions, but you realize that the nearest one, where your bank allows you to get free money, is on the other side. This situation is more common than it seems and is one of the biggest headaches clients of many financial institutions face.
Taking money without paying a euro is something very few banks offer, at least outside their ATM network. And it has a rationale: each entity assumes a series of costs by offering this service, which is essential for most customers.
Do you know how much your bank charges?
A change in the law in 2016 forced banks to modify the system and imposed the collection of a single commission when withdrawing money from ATMs. Before, customers came to pay up to two fees: the entity owned by the cashier and that charged by the card issuer.
Now each cashier owner sets a maximum rate to apply when withdrawing money, and, from there, two options open. The first is that your bank has an agreement with the owner of the machine or that it owns the network to offer you the withdrawals for free (your bank absorbs the cost) or a smaller commission. The second is that there is no agreement and, therefore, they directly charge you a commission for cash withdrawal.
Free means not paying a single dollar, not even at ATMs
Imagine the high cost for those banks that decide to offer this free service universally and, therefore, absorb that value.
This advantage is undoubtedly one of the options customers value most when changing banks, along with reasonable remuneration for their money. Now that you know why a financial institution charges you commissions when you get cash make sure you look for one that allows you to do it without paying a single dollar.
Why do you need a cashier’s check?
Even though internet banking and digital transactions have become a norm in the contemporary era, cashier check is still in the game. For transactions such as substantial payments, it’s one of the safest ways to acquire an amount.
Moreover, it provides an additional guarantee that the checks will clear. In other words, union banks put the money on the side, giving it to the receiver instantly. Thus, providing security in the transactions.
The quick transfer of the funds makes them available for recipients immediately. In retrospect, the banks are allowed to hold money up to $5,000. However, a more significant amount would be suspicious; but a cashier’s check usually resolves.
Just remember to pay a modest fee when clearing out cashier’s checks. Usually, banks and credit unions charge around $10 per check. So, you need extra money to clear those checks out.
All in all, acquiring cash directly from the bank is a neat feature that helps the recipients extensively. Albeit the bank charges the recipients with some amount, acquiring money directly from a check is quite convenient.
However, you must remember that a cashier’s check is also a great way to ensure that you get guaranteed funds at the very moment. Transactions like down payments or wire transfers can deal with a cashier’s check. Moreover, brokerage funds also require certain transactions, which are possible with a cashier’s check. So, it would be best if you did bank the old-fashioned way.About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.