Latest Compliance - Cashier's Checks Topics

Reg CC Placing Hold on Cashiers Check over $5000

06/11/2012

Can a financial institution place a hold on a Cashiers Check exceeding $5000 as long as the first 5k is made available?

Time Frame for Stop Payment on Cashier Check

01/02/2012

In Texas, is it legal to issue a stop payment on a Cashier Check issued the same day? Is there a time frame and/or an indemnity bond requirement?

Procedure for Keeping Cashier's Checks

08/15/2011

What records must a bank keep regarding cashier's checks that are purchased? Do they have to have a log with the number of the check, when and who purchased it, and to whom it was payable? Where must they keep them and how long must they keep carbon copies?

Uncashed Cashier's Checks and Money Orders

04/25/2011

What are the ongoing responsibilities on uncashed Cashier's Checks and Money Orders? What information is required for checking these monthly? We were told that we had to run them against OFAC.

Stale-dated Cashier Checks

02/07/2011

Is there a stale date on bank issued cashiers check? And if so, what is the date from issue date. Is it subject to escheat and if so, after how long?

Rule for Funds Availability

01/17/2011

What is the $5K next day rule for funds availablity?

Reg CC New Account Exception Hold

03/22/2010

Under the exception hold portion of Reg CC for New Account holds, what is the availability for cashier's checks, certified checks, teller checks, U.S. Treasury, state/local government, Federal Reserve and Federal Home Loan banks?

Lending Office Issuing Cashier's Checks

11/24/2008

Is there any regulation preventing a bank from having a lending office only issue cashier's checks without becoming a limited servicing branch?

Cashier's Checks - Reg CC Stipulation?

11/19/2007

Has Reg CC been revised to add a stipulation regarding cashier's checks? We were told that we could not exchange a check for a cashier's check to a non-customer. We do not do this, but did not know it was part of Reg CC.

"Refusal to Pay" Fee?

08/21/2006

I know you can't "stop payment" on a cashier's check but you can "refuse to pay" if the remitter or payee asserts a claim in writing because the check is lost, destroyed or stolen? Can we charge the customer our Stop Payment Fee of $20.00 for this service or would we have to change our Schedule of Fees to include a "Refusal to Pay" fee before we could charge for this service?