Frequently Asked Questions
The following are a few of some of our most frequently asked questions. If you do not find the answer to your question, try visiting Security Central or How-To under resources. If you still cannot find the answer to your question, we'd be happy to help you at our toll-free number 1.877.465.4154 or contact us.
What is a Cashier’s Check?
A cashier’s check is a check drawn by a financial institution on it’s own funds and made payable to another person or entity.
When should I use a Cashier’s Check?
Cashier’s checks are viewed as reliable or even “as good as cash.” Most people trust that a financial institution will be good for the money and that the item is not going to bounce or be returned for insufficient funds. That’s why cashier’s checks are often used to transfer large sums of money where a buyer may not want to carry a lot of cash and a seller might not want to accept a personal check for a large dollar amount.
Are Cashier’s Checks still a reliable form of payment?
Yes. Cashier’s Checks are still a very reliable form of payment. However, given that the use of counterfeit Cashier’s Checks is on the rise, you should exercise more caution when accepting them.
How does a debit card work?
A debit card can be used for Point of Sale transactions or ATM withdrawals. Anytime a debit card transaction is conducted the amount is automatically deducted from the available balance of your checking account.
What is cash reserve and how does it work?
A cash reserve account is an unsecured revolving line of credit, also known as a Demand Deposit Loan. The bank will set your maximum credit, normally to $1500 for approved customers. The cash reserve account is connected to your checking account and available money is advanced when the checking account is overdrawn. Advances occur in $100 increments if credit is available.
What is the difference between the terms ‘available’ and ‘cleared’?
‘Available’ means that the financial institution is making the funds available for withdrawal. However, the credit to your account can still be reversed if the check doesn’t clear the check writer’s account. ‘Cleared’ means the financial institution has received payment for the funds from the check writer’s account.