My wife got a 82K cashier's check in October from her brother, the executor of mom's estate. This was from the sale of her house. She deposited it into our checking account. They put the customary hold on it. Later in the week, the money was available. My wife put some in the credit union, and some in CDs. We got a call from our bank on Dec. 8th, telling us that they lost the check before they got their funds from the issuing bank. Wanted us to get another check issued. The other bank will not re-issue for ninety days from original date, putting it somewhere around Jan. 21, next year. Our bank has put a hold on the remaining balance until then. Can they do this?
Yes, they can, but they can try to speed things up by creating a copy of the check in question and submit it for payment using conventional steps that banks have used for decades to collect lost checks. The issuing bank gets a warranty from your bank that it will reimburse the issuing bank if the original check is paid. Ask your bank to work on presenting a copy of the check so that you don't have to wait the full 90 days.
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Yes, they can, but they can try to speed things up by creating a copy of the check in question and submit it for payment using conventional steps that banks have used for decades to collect lost checks. The issuing bank gets a warranty from your bank that it will reimburse the issuing bank if the original check is paid. Ask your bank to work on presenting a copy of the check so that you don't have to wait the full 90 days.
