I closed my BofA account three weeks ago. They issued a cashier's check for the amount of the balance payable to me. The cashier's check was then stolen, so I went into BofA to have it reissued. They confirmed it had not been cashed, but told me that I have to wait another seventy-five days for the ninety day period to expire to have it reissued. That doesn't make sense, why not stop payment now, and reissue? Do I not have any rights?
The bank is simply following the law, which will protect them from having to pay the original cashier's check if it's presented within the ninety day period. There is no legal basis for a stop payment on a cashier's check. After ninety days, if the bank replaces the original check to satisfy a "lost, stolen or destroyed cashier's check" claim, the bank can refuse payment on the original check if it shows up.
BankingQuestions.com is a free service made possible by the generous support of our advertisers. Advertisers are not responsible for site content. Please help us keep BankingQuestions.com FREE by supporting our advertisers. When you see an ad for a product or service you may have an interest in, click through to learn more.
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
The bank is simply following the law, which will protect them from having to pay the original cashier's check if it's presented within the ninety day period. There is no legal basis for a stop payment on a cashier's check. After ninety days, if the bank replaces the original check to satisfy a "lost, stolen or destroyed cashier's check" claim, the bank can refuse payment on the original check if it shows up.
