Citibank Cashier’s Check Deposit Fee – If you’re looking to deposit money into your Citibank account, you may want to steer clear of cashier’s checks. In addition to the fees associated with wire transfers, Citibank also charges fees when you deposit cashier’s checks, money orders and traveler’s checks through its online banking services (typically $10 per item). The good news? You can avoid this fee entirely by using physical bank branches instead! Below is what you need to know about Citibank’s cashier’s check deposit fee and how to avoid it completely.
What is a Citibank Cashier’s Check?
A cashier’s check is a guarantee by a bank that it will pay the person who presents the check on demand. In this situation, Citibank has charged an $10.00 fee for anyone who needs to deposit a cashier’s check into their account. The main idea behind this is so that if you are depositing fraudulently, then Citibank can recoup its losses by charging fees from your balance if the check bounces. The good news is that there are several ways around paying this fee.
Why are Citibank Cashier’s Check Used in Business?
Citibank Cashier’s checks are often used in business transactions because they offer several benefits over regular checks. First, they can be deposited and cashed by other banks without the need for stamps or a cashiers’ check sealer. Second, they usually have higher limits than personal checks with less paperwork, so small and large deposits can both be accommodated. And third, at Citibank you’ll get reimbursed for your deposit fee when you use your Citi checking account on a deposit of $5,000 or more. To qualify for this reimbursement program all you need to do is make sure that the business name listed on the form matches your account name. You should also note that there is no limit on how many times you can apply for reimbursement. As long as the minimum amount has been met, then each subsequent Cashier’s Check will also earn an additional reimbursement fee.
How To Obtain Citibank Cashier’s Check
Citibank offer cashier’s checks as a secure way of depositing money because they include instructions to the recipient on how much and when it can be cashed. A company might buy one for an employee who is making a high-value purchase from Citibank. So you can get or purchase cashier’s checks at any Citibank branch or make enquires about how you can purchase it via the bank customer care line or on their website.
How Much is Citibank Cashier’s Check Deposit Fees
If you use Citibank as your checking account, they charge a fee if you deposit a cashier’s check that was drawn from a financial institution outside of Citibank. Citi claims that the reason for this fee is because other institutions typically do not charge an in-branch or telephone fee for the processing of cashier’s checks and handling for lost or damaged checks. You can avoid this fee by depositing your cashier check at an ATM or other retail location. Otherwise, expect to pay $10 each time you make a deposit.
Tips on How To Avoid Citibank Cashier’s Check Fees
A Citibank cashier’s check deposit fee can only be avoided by depositing the funds into your account directly. This means that if you do not have an account with Citibank and need a cashier’s check, the best bet is to take it to your bank or local credit union instead. If you do have an account with Citibank, there are a few ways around this fee. One option is to use your debit card as payment for the service charge, which will trigger the transaction from a checking account to avoid paying any fees. Another option is to pay the cashier’s check cost up front and then have them deposit it in your account at no additional cost. Another option would be to open a personal account with Citibank where they waive these fees altogether.
Another option is to use mobile banking and make sure the ‘Add Funds’ button in the app says ‘Cashier’s Check.’ If it does not say ‘Cashier’s Check,’ then be sure to select Add Cash instead and enter your routing number and checking account number in order to have Citibank deduct funds directly from your checking account without any problems!