|
 |
Home >> Checks/Money Orders
Do Treasurer's Checks Expire?
I just found a treasurer's check in the company files for $2,150.00 and dated 6/24/04. Is there a time period on such that would make it void?
|
|
 A treasurer's check is the same as a cashier's check, which is a check drawn by a bank on itself. Once a cashier's check has been outstanding for more than three years, the bank on which it is drawn is required to attempt to contact the owner. If the attempt is not successful, the issuing bank is required under state law (Chapter 200A of Massachusetts General Laws in your case) to report the check amount as abandoned property, and surrender the amount of the check to the Treasurer of the Commonwealth.
The check continues to be a valid claim on the issuing bank, and does not become void. However, if the check amount has been surrendered to the Commonwealth, the owner will have to make a claim with the Abandoned Property Division of the Treasurer's office.
Not all banks are totally compliant with the state's abandoned property law, so the first place to contact is the bank the check is drawn on (or its successor, if it has been merged or acquired). If the bank has no record of the check as outstanding or affirmatively states that the check was escheated or transferred as abandoned property, go to the Commonwealth's Abandoned Property website and follow the guidance found there to make a claim for the funds.
Published on BankingQuestions.com 5/28/09
|
| |
|
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
