23 June 2022 23:25

Payee lost bank draft (cashier’s cheque)

What happens if a bank cashier’s check is lost?

If you lose a cashier’s check you must notify the bank, fill out a declaration of lost form, and wait–it can take 90 days (after you file) to recoup the money. The bank will levy a fee of $30 or more when you cancel a cashier’s check.

Can a bank reissue a lost cashier’s check?

If you lose a cashier’s check, the bank will require that you obtain an indemnity bond for the amount of the lost check before it will issue you a new one.

What happens if a bank draft gets lost?

If you lose the draft before you have been able to deliver it, you can replace the lost draft if you are the purchaser but you may have to sign an indemnity or provide a surety bond from a licensed insurance company before the draft is replaced.

Can someone cash a lost cashier’s check?

An indemnity bond makes you, the one who lost the cashier’s check, liable in case the original check shows up again and is cashed or deposited. Indemnity Bonds can be purchased through insurance agencies who deal with that type of financial instrument.

How do I track a lost cashier’s check?

Contact the Issuing Bank
The bank that you had issue the check can assist with the tracing of the check. It should be able to look at its own records to see if the check has been presented for payment.

Can a stop payment be issued on a cashier’s check?

You cannot stop payment on cashier’s checks and money orders, which work differently from personal checks. Both cashier’s checks and money orders require upfront payment: the money leaves your account when the check or money order is issued, not when they’re cashed.

Can you change the payee on a cashier’s check?

If you have been issued a cashier’s check and it is made out to the wrong person, you can return to the bank and have it re-issued to the correct person. You can do this by simply handing over the first check and asking for a new one. A fee to re-issue will likely apply.