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How do I create a $400k Cashier's check?

By xenogear3   Follow   Tue, 6 Mar 2012, 5:53pm   1,084 views   6 comments
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I don't want to put more than $250k in 1 bank.

If I want to buy a $400k house,
do I really need 2 banks to create 2 $200k cashier's check?

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1. lurking Follow Befriend 6 threads 130 comments

   1   6:17pm Tue 6 Mar 2012   Share   Quote   Permalink   Like   Dislike   xenogear3 says I don't want to put more than $250k in 1 bank. If I want to buy a $400k house, do I really need 2 banks to create 2 $200k cashier's check? If you want to avoid any FDIC problems I don't see any way not to create two cashiers checks. You don't say whether or not you're buying at auction or not, but whenever I purchase property or pay it off in full, I simply have the money wired directly into the escrow account (or the bank that holds the note if paying it off in full) so I don't have to bother with cashiers checks and carrying hundreds of thousands of dollars in cashiers checks around in my pocket enroute to the office.

2. blackhammer Follow Befriend 6 comments San Francisco, CA

   2   6:29pm Tue 6 Mar 2012   Share   Quote   Permalink   Like   Dislike   Having a non-interest bearing checking account has no FDIC limits until the end of the year. So you can indeed have more than 250,000 in a single checking account with FDIC coverage. http://www.fdic.gov/deposit/deposits/insured/temporary.html

3. xenogear3 Follow Befriend 10 threads 419 comments

   3   6:48pm Tue 6 Mar 2012   Share   Quote   Permalink   Like   Dislike   Having a non-interest bearing checking account Great!!! All bank accounts are non-interest these days anyway ! The wire seems unsafe. If I type the wrong info, it will take forever to get back.

4. lurking Follow Befriend 6 threads 130 comments

   4   7:41pm Tue 6 Mar 2012   Share   Quote   Permalink   Like   Dislike   xenogear3 says The wire seems unsafe. If I type the wrong info, it will take forever to get back. Why would you be typing anything in? You fill out the federal reserve form by hand (the escrow gives you a paper with all the wire info and the bank types it in and it goes through the reserve system) and then the bank gives you a computerized copy to double check before it's wired. It's a lot safer than cashier checks and more efficient too.

5. LarryPatrickMaloney Follow Befriend (13) 60 threads 166 comments Mountain View, CA LarryPatrickMaloney's website

   5   10:37pm Tue 6 Mar 2012   Share   Quote   Permalink   Like   Dislike   Yes, two separate checks, it's easy, it works, don't worry about it, just do it.

6. Peter94087 Follow Befriend 9 comments

   6   5:22pm Wed 7 Mar 2012   Share   Quote   Permalink   Like   Dislike   I believe a join account (between you and your spouse, for example) has double the limit. If true, that might be an option for you.