If a bank mails out a Cashiers Check as proceeds on a loan and that Cashiers Check is lost, who signs the Indemnity Bond for Lost Instruments? Would the bank (purchaser), customer (who asked for the loan and to pay the different merchants) , or the credit card company (Payee)?
We had a customer deposit a Cashier's Check for $92,000. He called the automated number listed on the check and it says the check was paid on Feb. 15. He now wants to wire the money out. We are concerned the check could still come back as fraudulent. What are our time frames for allowing complete use of the funds?
Can you place a hold on a Cashier's Check that is under $5,000 if there are concerns about the validity of the item?
Can a check payable to to a business ( which does not have an account here) be converted to a cashier's check payable to the same business?
Is there an expiration period for cashier's checks?
Please advise on the following scenario:
Customer deposits a $4000 cashier's check with a $5000 personal check (total deposit $9000). This is not a new account and we have no reason according to
Reg CC so be able to hold the cahier's check. The teller wishes to place a case by case hold on the remaining $5000 of the deposit. Per Reg CC would
she only be able to place a hold for $4800, or could she hold the whole $5000 for two days because she has already released the $4000 due to the cashier's
Should we require a surety bond from the customer when they state that a cashier's check has been lost, stolen or destroyed?
We have several companies who print "Refund Anticipation" checks that have the words "Cashiers Check" at the top. Is there some way that we can put a hold on the check without being criticized by our regulators for placing an improper hold?
Can a stop pay be placed on a cashiers check?
We had a situation where a teller cashed a check for a non customer that had a stop payment issued by our customer. Teller issued non customer a cashiers check. Can the bank place a stop payment on that cashiers check because there was a stop payment on the check that purchased the cashiers check?