Yes, you can cancel a cashier’s check if it’s not cleared yet. However, you won’t get a new check until 90 days after cancelation.
In case you have lost a cashier’s check or became the victim of fraud then you might be wondering, can I cancel a cashier’s check?
Well, yes, it’s possible. However, it can be quite a hassle to cancel one. That’s why in this post on Can you cancel a cashier’s check, I will talk about how to cancel a cashier’s check. Moreover, I will also answer all the related questions. So, stick here till the end.
Let’s start by finding out, Can a cashier’s check be canceled?
Find out Can a Money order bounce?
Can You Cancel A Cashier’s Check
Yes, it’s possible to cancel a cashier’s check. However, canceling a cashier’s check can be quite difficult.
A cashier’s check is a guaranteed form of payment, meaning that the bank promises to pay the full amount of the check to the recipient. You need to first purchase a cashier’s check by paying the fund to the bank. Then the bank issues you a guarantee of payment in the form of a check. So, the fund of a cashier’s check is drawn from the bank’s fund.
This makes cashier’s checks much safer and quicker than other checks. Because the fund is guaranteed by a bank. So, there is no need to check if there is enough available funds. As a result, they are the go-to form of payment for large amounts.
However, this extra security and speed also makes cashier’s checks more dangerous when you lose the check or become a victim of fraud.
But don’t panic, you can cancel a cashier’s check if the check is not cleared yet. You just need to act ASAP and inform your bank before anyone can cash it.
Remember you can only cancel the check if you have lost it, it got stolen or destroyed or you have been a victim of fraud. In case you have already sent the check to the recipient but changed your mind to not pay then it can not be canceled.
What Happens If You Lose A Cashier’s Check?
When you lose a cashier’s check you lose the hold of the money. Anyone who finds the check can make a fake ID, forge the signature, act as the recipient of the check, and cash it.
As the funds are guaranteed by the bank. So, banks or other financial institutions do not feel the need to check the availability of money or hold the cash for a few days. Banks almost provide instant cash.
So, if you have lost a cashier’s check then you need to cancel the check instantly. But how do you do it?
How To Cancel A Cashier’s Check
The process of canceling a cashier’s check can be quite complex. Moreover, different banks have different policies regarding the cancelation of a cashier’s check which makes it more difficult. Here is how to cancel a cashier’s check
- Contact the check issuing bank immediately and find out if the check is cashed or not.
- Then report the check as lost, destroyed, or stolen. Both the payer and payee can report it as stolen.
- Then get the check details.
- After that File a declaration of loss with the check-issuing bank. You need to provide a written statement made under penalty of perjury that you have completely lost hold of the check.
- Lastly, you can make a claim to the check funds. However, you won’t receive the funds until 90 days of filing a declaration of loss.
However, within the 90-day period anyone with the right documents and check can withdraw the fund. But if you inform the bank and someone tries to fraudulently withdraw the fund then legal actions will be taken against the person by the bank.
After 90 days, if the fund is not withdrawn the bank will issue you a new cashier’s check or give you the check fund. But you still need to pay some fee. So, can you receive the fund earlier than 90 days?
Can You Receive the Lost Cashier’s Check Fund Earlier Than 90 Days?
In most cases, it’s not possible to receive the lost cashier’s check fund earlier than 90 days. However, some banks allow it in return for an indemnity bond. But it completely depends on the bank that issued the check. Because some banks allow releasing the fund with an indemnity bond while some don’t.
Indemnity Bond For Lost Cashier’s Check
Indemnity bonds are basically insurance policies for lost cashier’s checks. If your bank takes an indemnity bond for lost cashier’s check, then you can purchase a bond. After you sign the bond the bank will issue you a new cashier’s check.
Indemnity bonds will make sure that you will be liable for the loss of funds if the lost check is found and presented for payment. There are fees associated with the indemnity bonds. The fees usually depend on your credit score. Typically, the fees range between 5%-10% of the check amount. But Can a cashier’s check be stopped?
Cashier’s Check Stop Payment Regulations
Usually, no one can issue a stop payment for the cashier’s check funds. Not the payer or the payee. In some cases, not even the bank. Because by regulations banks must honor a cashier’s check when it’s presented by the recipient with the right ID.
So, as a payer or payee, you can not put a stop payment request to the bank for a cashier’s check. But What happens to an unused cashier’s check?
What Happens If A Cashier’s Check Is Not Cashed?
What happens to a cashier’s check that isn’t cashed depends on several factors, such as who holds the check and how long it’s been uncashed. Here are a few possible scenarios
- Uncashed check: If the payee doesn’t cash the check within a reasonable timeframe (typically a few months), the bank may hold the funds for a specific period before returning them to the purchaser. The payee can still cash the check within that timeframe. In case, it’s with the purchase then he can void the check and get a refund.
- Lost or stolen check: If the payee loses the check or it’s stolen, they need to contact the purchaser to request a replacement. The purchaser can then cancel the original check and issue a new one.
- Uncashed check after a certain period: Most states have laws governing unclaimed property. If your check remains uncashed for the specified period (usually several years), the funds may be turned over to the state as unclaimed property. You can claim the funds by contacting the state’s unclaimed property office.
Can I Redeposit an Unused Cashier’s Check?
Yes, you can usually redeposit an unused cashier’s check into your account, but the process may vary slightly depending on your bank and the specific check. In most cases, you can follow these steps:
- Endorse the check: On the back of the check, write “For deposit only” and your account number. This ensures the funds are deposited into your account.
- Visit your bank: Bring the endorsed check and a valid ID to your bank branch.
- Deposit the check: You can either hand the check to a teller or deposit it through an ATM.
- Wait for the funds to clear: The funds may be available immediately, but it could take a few business days for them to clear completely.
By now we have found the answer to can you cancel a cashier’s check? Now, let’s look at some of the related queries.
FAQs
Here are some of the frequently asked questions related to this topic.
Can You Cancel A Cashier’s Check Chase?
Yes, you can cancel a cashier’s check issued by the Chase bank. However, you need to act fast and inform the bank before someone cashs the check.
Can You Cancel A Cashier’s Check And Get Your Money Back?
Yes, you can cancel a cashier’s check and get your money back only if the check is not cashed already. Moreover, you need to wait for a 90-day period to get your money back. Some banks might issue a new check before 90 days if you sign an Indemnity bond.
Can I change my mind on a cashier’s check?
No, you can not change your mind on a cashier’s check. Once the recipient receives the check there is no going back. Because the recipient can cash the check even if you report it lost or stolen.
In Summary
Though it’s possible to cancel a cashier’s check if it’s lost or stolen. However, there is no guarantee that you will receive the funds. So, always be careful and be absolutely sure when you pay someone with a cashier’s check.
