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Are Cashier's Checks Traceable?

Is there a way for creditors to find information about cashier's checks that I purchased at my bank?

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If the creditor were taking court action against you and had any reason to suspect that you had hidden assets by purchasing one or more cashier's checks, the creditor could theoretically subpoena the bank's records for copies of any such checks or records showing such purchases. There would be, however, no reason for the bank to report on any such purchase in such a way as to reveal the transaction to the creditor or other persons not entitled to the information.

In some cases, deliberately hiding cash assets by purchasing cashier's checks could be considered an attempt to defraud creditors. Furthermore, if the cashier's checks remained un-negotiated for a number of years, the funds could be subject to state abandoned property laws, and surrendered to the state treasury. Add to that the fact that funds would not be earning any income, and you have what adds up to an unwise purchase.

Published on BankingQuestions.com 8/25/08