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Cashing Old (Very Old) Cashier's Checks
by John Burnett, BOL Guru
BIO AND CONTACT INFO
Question: In 1995 a customer purchased $29,000.00 in cashier's checks. He locked them up and today brought them into our office to cash. We are having problems locating them in our archived work. Our issue is that they may have been stopped or voided years before and we have no record. Are we obligated to cash them? The checks state they are not valid unless cashed within 90 days.
Answer: A cashier's check, if that is truly what you've been presented with, cannot legitimately be voided after 90 days, nor can it be considered "stale-dated" under the usual 6-month concept. It is an irrevocable promise of the issuing bank to pay. Even so, squirreling checks away for 7 years is a pretty nutty thing to do.
Cashier's checks do, however, fall under the various state abandoned property or escheat laws, and it's possible that the funds will have to be claimed from the state treasury.
First published on BankersOnline.com 11/4/02
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