Overview

A cashier’s check is a bank-issued check that represents guaranteed funds when negotiated. The bank is irrevocably committed to paying the cashier’s check. Cashier’s checks are sold to CCB clients only. Cashier’s checks must be purchased with guaranteed funds, such as cash, an on us check, or a checking or savings debit memo. For applicable fees, see the Other Services and Fees brochure. See Cashier's Check (not used for intended purpose) Replacement or Refund for additional procedures.

Note: Clients can ask for a replacement (reissue) or a refund only if the original check is lost, stolen or destroyed.

UCC regulations require us to wait 90 days from the date of the check before we can issue a stop payment and reissue or refund the amount of a lost, stolen, or destroyed cashier’s check to the remitter or payee (claimant). After the waiting period (90 days), a lost, stolen or destroyed cashier's check can have a stop payment issued and the amount of the check reissued or refunded without being obligated to pay the original check.

A client cannot dispute or change their mind once a cashier's check has been sent to the payee. You cannot stop payment, reissue or refund a cashier's check if the client mailed or delivered the check to a third party as part of a fraud scheme.

See Cashier's Check Stop Payments for further details.

Purpose

Ask the client questions about the purpose of the cashier's check. Elderly clients are especially vulnerable and questioning the purpose of the cashier's check may uncover client fraud schemes. Schemes range from partners they have never met who need money, to depositing checks received by a fraudster then the fraudster needing a refund by wire or online method before the check has had sufficient time to clear.

Cashier's checks are used for the following:

• Loan closing to a title company
• Car dealership
• Attorney office

Mailing a Cashier's Check

Cashier's checks mailed by a client or mailed on behalf of a client should be sent using a trackable mailing method (for example: UPS, FedEx).

Note: If a cashier's check is lost or stolen the bank must wait 90 days before a stop payment can be placed on the cashier's check.