Financial solutions have revolutionized with the advent of digital banking. Whether it is about paying bills or sending money to your friends, banking apps or internet banking is the go-to solution. However, there are many instances when you have the only option of using paper instruments.
When you receive a check from the government, tax department, or a business, you don’t have an option other than cashing it by visiting your bank or any convenience store.
Therefore, the role of convenience stores in providing money services is still there and will always be there in the coming years.
In today’s article, we will talk about cashier’s checks offered by 7-eleven. Many people want to know if they can cash their checks at 7-eleven and, if not, what alternatives they can rely on. So we will discuss everything in today’s article. Let’s get into it.
About 7-Eleven
7-Eleven, Inc. is a popular convenience store chain having its headquarters in Dallas, Texas. Around 78,029 convenience stores of 7-Eleven are there across Northern America and Asia as of 2021.
The company was established in 1927 with its parent company, Seven-Eleven Japan. The convenience store chain specializes in product categories like food, drinks, fuel, coffee, snacks, etc.
If we look at the history of 7-Eleven, the convenience store chain was not always a convenience store but was established as Ice House Storefront.
The company changed its name to Tote’m Stores between 1928 to 1946. In 1991, Ito-Yokado acquired 70% off Tote’m Stores. After the acquisition, the company became popular as a wholly-owned subsidiary of Seven & I Holdings. The company is operating in 19 countries at present.
What Is Cashier’s Check?
A cashier check is also called a teller or official check; what differentiates cashier checks from personal checks is a guarantee. Personal checks are issued on the guarantee of the account holder, and a financial institution’s guarantee does not secure it.
On the other hand, cashier checks are issued and guaranteed by financial institutions and credit unions through their own funds.
How it works is that an individual visits the bank/credit union, requests a cashier’s check, will move out the money from your account, and the bank teller will sign the check toward a third party.
Does 7-Eleven Sell Cashier’s Check?
Many ask if they can purchase cashier’s checks at 7-Eleven stores nearby. We must consider which institutions or companies are authorized to issue the cashier’s check.
In the case of the US, only FDIC-insured banks and credit unions can issue cashier’s checks and guarantee the payment of such checks.
However, in the case of 7-Eleven, the convenience store chain is not an FDIC-insured bank or credit union. Therefore, the answer to this question is No!
You can not go to a 7-Eleven store near you and ask them to give you a cashier’s check. If you want to buy a cashier’s check to make a payment to anyone, you will need to visit your bank(FDIC-insured) and ask the cashier to issue the cashier’s check.
Does 7-Eleven Cash The Cashier’s Check?
Many convenience stores provide the service of cash checking as their all-in-one solution for consumers.
However, when it comes to 7-Eleven, you cannot bring any personal, official, business, or teller check to the counter and ask to give money in return.
So, if you were looking to cash your check at 7-Eleven, you need to look for other alternatives to cash your check.
What Are Alternatives Of Cashier’s Check?
There are many alternatives to cashier’s checks you might want to consider:
- Business Check Cashing –Instead of cashier’s checks, you might want to consider business checks for more convenience and check to cash at several places.
- Money Order – The money order is a kind of certificate that government institutions and banks issue to allow money transfers. The payer is the one who purchases the money order of any amount to pay money.
- Debit Card Payment –You can send money via debit card payments that work by direct deduction of the amount from your checking account.
- Wire Transfer – An electronic payment method banks administer to transfer funds worldwide.
- Credit Card Payment
- Prepaid Card
Does 7-Eleven Offer Money Orders?
A money order is a solution that is usually available at money-order businesses, credit unions, banks, big-box stores, and even convenience stores. Therefore, you should consider it as your solution when trying to make a payment via unconventional places other than banks or credit unions.
So the question arises if 7-Eleven offer money order for money transfer.
Fortunately, the answer is Yes! You can use the facility for money orders at 7-Eleven.
What Is the Fee For Money Order At 7-Eleven?
If you choose to purchase money orders at 7-Eleven, you can get it at a considerably lower price than many other similar convenience stores.
Depending on the amount of money ordered, you can expect to pay an average fee of 65 cents. In general, the money order fee is 1 to 3% of the amount mentioned on the money order.
Other stores like Kroger, Kmart, Walmart, Rite Aid, USPS, and CVS charge a very high average fee. Therefore, it is safe to say that 7-Eleven money orders are a more affordable option than other convenience or super stores.
Limit Of 7-Eleven Money Orders
What is the maximum amount you can send via money orders?
If you visit a bank, you can expect to have a maximum limit of up to $1000 on money orders. If you have to send money of more than $1000, you will need to purchase multiple orders.
What is the case of 7-Eleven money orders?
Since it is a convenience store, they offer a lower maximum limit for the consumers. You can make a money order of value as low as 1 penny and as high as $500 at 7-Eleven. If you want to pay more than $500, you will have to purchase multiple money orders.
If we talk about the fee on the money orders, you will have to pay a 1% fee for lower-value money orders. To be precise, you will have to pay 1% of the total amount when purchasing money orders of $65 or less.
When you increase the amount on the money order, the fee will add up quickly, and you will have to pay more.
How To Send Money With Money Orders Of 7-Eleven?
Now let’s talk about the procedure of purchasing money orders at 7-Eleven.
Here is the step-by-step guide to purchasing money orders:
- Have the payee information, your ID proof, etc., before you visit the 7-Eleven store.
- Once there, ask the representative for a money order of a certain amount you want to pay. When you get a money order, it will have a date and amount pre-printed.
- Now you have to enter the details on the money order. The first thing you have to fill in is Pay to the order of field with the payee’s name.
- The next step is to add the purchaser’s address. You will fill in the field with your own address. Adding an address ensures the money order’s security in case it gets stolen or lost.
- Finally, you will add the account number carefully when paying via card or account. However, in the case of 7-Eleven, you can only purchase money orders against cash. Therefore, you can add your own name for reference.
- Finally, add your signature to the money order as you purchase it. That’s it!
Conclusion
We have discussed everything about 7-Eleven money services available for consumers. Although you cannot purchase cash cashier’s checks or any other personal and business checks at 7-Eleven, there are many other alternatives.
You can purchase money orders against cash by visiting your nearest 7-Eleven store. We hope this information will help you purchase the money orders easily.
