Genisys Credit Union – Introduction
Genisys credit union is an established firm located in Michigan. It was founded in 1936 and has become one of the largest credit unions in Michigan state.
Genisys has 29 branches in Michigan state and 4 in Pennsylvania and Minnesota. It offers services through a wide network of shared credit union networks as well.
It means Genisys members can obtain services throughout the shared branch locations of any other credit union in the US.
However, the membership criteria are the same as residents of limited geographical locations can open an account with Genisys.
The Genysis credit union offers a wide range of financial services to its customers.
- Auto loans, Boat, RV, and others
- Home Financing – Home Equity, Line of credit
- Home Mortgages
- Credit Cards
- Personal Loans
- Debt Refinancing
- Saving certificates
- Retirement Plans – IRAs, retirement accounts
- Checking accounts
- Student accounts
- Home and auto insurance
- Life and medical insurance plans
- Business Accounts
- Business checking
- Business loans and lending accounts
- Microbusiness loans
- Merchant payment processing solutions
All of these services are available through its branch locations as well as online and mobile banking solutions.
What is a Genisys Credit Union Cashier’s Check?
A cashier’s check is a special type of check issued by a bank or a credit union with guaranteed backing for the payment.
It looks like a conventional check but differs in functionality. A cashier’s check is a more secured form of payment than an ordinary personal check.
A cashier’s check is also called a teller’s check or a bank draft.
Genisys credit union also issues cashier’s checks to its customers on demand. It offers a flexible and secured payment option to customers.
A cashier’s check is normally used for large transactions like a real estate down payment, trade transactions, and other large purchases.
Genisys credit union cashier’s check is issued by the credit union after deducting the balance from the applicant’s account. The cashier’s check is then verified for the payee’s details, amount, date, etc.
Therefore, a Genisys credit union cashier’s check is a safer instrument for payers than a personal unverified check.
How to Get Genisys Credit Union Cashier’s Check?
Genisys credit union customers can use different methods to order a cashier’s check. There are three main methods to order a cashier’s check conveniently.
The easiest way for customers is to order a cashier’s check using the online order form.
Genisys credit union members can log in to their online account or through the mobile app to obtain all services including a cashier’s check.
Then, they can fill in the application form to provide the payee’s details, check amount, date, and other information.
Once the system verifies your account details and deducts the balance, your application will be processed for issuing a cashier’s check.
Your cashier’s check can be mailed to your preferred address.
Visit a Branch
If ordering a cashier’s check is an overwhelming process for you, choose to visit the nearest branch of the Genisys credit union.
You can apply for a cashier’s check at the teller counter. You’ll need to provide identification and account details.
The process of ordering the cashier’s check is the same here as well. Once the teller verifies your account details, your check will be processed.
As usual, you’ll need to provide payee details, amount, date, etc.
Your Genisys cashier’s check will be issued by the teller after deducting the required balance. The cashier’s check will then be endorsed by one or two authorized officers.
Visit a CO-OP Shared Branch
Genisys credit union has a limited number of branches in Michigan state. Therefore, its members may find it difficult to obtain services outside the Michigan state. However, there are solutions for this issue as well.
Genisys credit union is part of the CO-OP shared branch network in the US. Therefore, its customers can use these shared branches and service centers to obtain all services.
It’s a convenient method for customers to visit one of the CO-OP shared branches anywhere in the US. There are over 5,000 shared network branches and thousands of service credit union service centers in the US.
Genisys credit union customers can obtain all services at these locations including the cashier’s check.
The process to order a cashier’s check will be the same as mentioned above.
The Genisys credit union cashier’s check fee for a third-party payee is $2 per check. If the cashier’s check is converted or transferred from a Genisys check, the fee would be $5 for a non-member.
Additional copies of a cashier’s check and cancellation charges are separately charged.
Where You Can Use the Genisys Cashier’s Check?
The Genisys cashier’s check is an assured payment method that customers can use for any significant payment.
Usually, customers require a cashier’s check when making a substantial payment like a down payment for a real estate transaction. Similarly, you can use a cashier’s check to make a mortgage payment.
A cashier’s check can also be used for business transactions when making inventory or supply purchases. It doesn’t come with any limitations for the issuer or the receiver.
Therefore, applicants can use the Genisys credit union cashier’s check for literally any type of financial transaction.
Advantages of Using Genisys Cashier’s Check
Genisys cashier’s check offers several advantages as compared to using a personal check or other payment methods.
It is a secured payment method that comes with the authenticity of the issuing entity.
It is a guaranteed payment method as the Genisys credit union will deduct the balance from the customer first.
The cashier’s check processing is quick and the payee can receive funds overnight or within two business days.
The cashier’s check is protected against default as the Genisys credit union would make the payment even if the customer defaults.
It is a good method to keep a money trail.
Genisys credit union cashier’s check charges are low as compared to commercial banks.
Disadvantages of Using Genisys Cashier’s Check
The Genisys cashier’s check comes with some limitations as well.
Genisys CU has a limited branch network in the state of Michigan and nearby states only. Thus, if you are comfortable talking to a person, it is not a good option for you.
Cashier’s checks are safe instruments but they can be subject to forgery, counterfeit, and other fraudulent activities.
Cashier’s checks are more suitable for large transactions; therefore, you cannot use them conveniently for daily transactions.
Unlike conventional checks, these cashier’s checks incur additional charges for the payer.
Cashier’s checks can be cleared overnight or the next business day, it can be a good option for the payee but a risky one for the payer as it does not allow any stop-payment window.
Alternatives to Genisys Cashier’s Check
Genisys cashier’s check is a useful instrument to make substantial payments with the backing of funds availability.
Alternative options to a Genisys cashier’s check include money orders, wire transfers, and online funds transfers.
A money order is a similar instrument that comes with a little different version of a cashier’s check. It can be arranged on demand for the customers as well.
Alternatively, for more routine transactions, customers can use the online fund transfer and the wire transfer options that offer control and security to the payer.