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Why Can't You Do Anything About a Stolen Cashiers Check?

Posted Mon May 17, 2010 12:00 pm, by Kyle P. written to Bank of America

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on 5/13/2010, I purchased a cashier's check to cover the closing cost on my new home and the check was subsequently stolen during the night. on 5/14/2010 (date of closing), I called customer service and was told to return to the banking center where i bought the check and have it canceled and replaced. When I arrived, I was told that they could not replace the check and would not place a stop payment on the stolen check without me posting a surety bond.

I bought another check to cover my closing and informed that i would return after closing to work something out. upon returning i was told that there was nothing that could be done even though the check was made out to me.

I am furious. if the bank knows that the check was stolen why would they do nothing about and possibly honor it?

Simply place a stop payment on the stolen cashier's check and return the funds in 90 days.


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by Bill R. Posted Mon May 17, 2010 @ 5:09 PM

A cashier's check is drawn directly on the bank that issues the check,
not on your account. Generally, a bank must honor a cashier's check
when it is presented for payment.

However, a stop payment can be placed in the event of a lost or
fraudulent cashier's check.


But by Donno Mon May 17, 2010 @ 7:43 PM

by Donno Posted Mon May 17, 2010 @ 1:24 PM

From the UCC (Uniform Commercial Code), which banks go by:

"first, if the bank suspends payments-becomes insolvent; second, if
the bank has its own defense-as distinguished from its customer's
defense-against the person entitled to enforce the instrument; third,
if the bank has a reasonable doubt about the identity of the person
demanding payment; and finally, if the payment is prohibited by law."

Notice that you, as the person who bought the check, asking to have
the check stopped is not one of the cases.

I believe a surety bond falls into the second case.


by RedheadwGlasses Posted Mon May 17, 2010 @ 12:46 PM

I've always been told to treat a cashier's check as cash.

I have to wonder where/how you stored this check that it got stolen in
less than a day.


by KenPC Posted Mon May 17, 2010 @ 10:05 AM

The reason for this is that a Cashier's Check is not drawn on your
account, but rather is drawn on the bank's own accounts. This means
that if a Stop Payment turns into a legal issue, the bank, not you, is
liable. Hence they require you to post a bond indemnifying them
against any liabilities caused by a Stop Payment.

Most (but not all) banks require a long waiting period to guarentee
that the check has not been negotiated in any way before they will
issue a replacement check.


As far as I can tell (internet search) you cannot put a "stop payment" on a cashier's check n/t by RedheadwGlasses Mon May 17, 2010 @ 12:49 PM

It's all in the wording by KenPC Tue June 8, 2010 @ 4:47 PM

by Bill R. Posted Mon May 17, 2010 @ 9:24 AM

Kyle P.,

Even with Police Report in hand they would not do this?
Something is amiss.
Stop back when you hear back.



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