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#1987499 - 01/09/15 12:24 AM Retention
dg Offline
Platinum Poster
Joined: Jan 2005
Posts: 811
Pacific NW
How long do we need to keep stop payments for on Cashiers Checks?

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Deposits and Payments
#1987505 - 01/09/15 02:07 AM Re: Retention dg
BrianC Online
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BrianC
Joined: Nov 2004
Posts: 6,694
Illinois
First, the Uniform Commercial Code does not provide for a stop payment on a cashier's check. You may place the equivalent of a stop payment on your core because the check has been reported lost, stolen or destroyed and you want to identify it if it is presented for paymen. How long you keep flag on your system to identify that a check has been reported as lost, stolen or destroyed is a risk-based decision that your institution must make.
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