I am from Iowa and I purchased Cashier's Checks in January from a local bank where I have an account. I kept them in the bank safety box and did not distribute them. I have changed my mind about giving them to the payees and have asked the bank for a refund (not used for purpose intended) and was told I could not get a refund because they belong to the payees (who have no idea the cashier's checks even exist. The bank said they do not refund or cancel cashier's checks - it is their policy and even though I am the remitter the only thing I could do was present them to the payees and ask them to sign them over to me. How can I get my money back?

No help? I guess with only 4 views not enough excitement here. Any thoughts or ideas would be appreciated.

I don't know much about this but why don't you consultant a finance adviser for this. He will guide you properly.

I dont know if rules are different from California, but you as the remitter have the right to cancell/stop payment on the cashiers check. Lets say you purchased a car and had check made out to agency, but get there and they sold the car. You have the right to cancel payment. So demand they stop payments and if not pay you interest and late fees

In Iowa there is no right to stop payment on the cashiers check. Any other ideas?

You should be able to deposit them into your own checking account via the statement on the back (or front if the bank prefers) of the cashier's check "not used for purpose intended". It sounds as if you may need to speak to someone higher in the chain of command.

I talked with the Vice President who told me that even though the checks were not delivered and never left my posession that they belong to the payees and I could have the payees sign them over to me. They will not do anything else (BANK POLICY).

there is something wrong here. you are the purchaser and we would always allow you to redposit the funds into your account by endorsing the checks "not used for purpose intended"--it's actually a very common practice. i suggest you escalate your claim/complaint to an even higher ranking individual because this just doesn't make sense at all.

I agree completely. Currently my lawyer has tried to talk to another person at the bank and he was told to talk to the person that I talked to (the Vice President). When he talked to the Vice President he was referred to the bank's lawyer. Currently I am waiting to hear from my lawyer as to what their lawyer says. Very frustrating but I guess I may be going to court if things can't be worked out. Remitter rights are almost left out of the UCC (unless the checks were lost, stolen, or destroyed) but in the past the few cases in which they were challenged the courts found in the favor of the remitter if they had not been given to the payee.

it still sounds really REALLY stupid, if you don't mind my saying so. we do this almost every single day in the bank i work in and we can't figure out why your bank is being so difficult about this.

suppose any one of the payees had died? would they then insist that the instrument is now part of her or her estate?

what if under a different set of circumstances, you had inadvertantly made the check(s) out incorrectly--to the wrong person entirely? would they then insist that the orginal payee endorse the check even though they were never meant to have a hand in the transaction to begin with? what if the erroneous payee didn't even exist?

what if you were buying a car and you had simply changed your mind because you didn't like the terms the dealer was offering you? would they still insist that you surrender the check to the dealer--effectively entering into a contract against your will?

this bank is making this WAY more difficult than it needs to be and as soon as you get your money back i would advise you, in the strongest possible terms, to close your accounts and go elsewhere!!

Exactly my plans but for now I am trying to take it one step at a time. Very frustrating that it is my money and it will cost me to get it back.

No help? I guess with only 4 views not enough excitement here.

At the time there were only 4 views. Thus the statement.

I agree with other poster, this is done almost everyday. You are the maker of these items and have all the right in the world to deposit them into your account with the notation "Not used for purposes intended".

Ditto Bankeye. Ask your bank who their regulator is and how to contact them. It may be necessary to involve a higher power.

Just thought I would update everyone who has been following this post. My lawyer and the lawyer from the bank played telephone tag for 2 weeks and so I had my lawyer send their lawyer a fax. Their lawyer called my lawyer who was in court at that time so their lawyer left a message he had called and for my lawyer to call him back. Two more weeks of telephone tag so it is time to file suit! The bank knows I can not go to another bank to cash them because my name is not on the payee line. After 8 weeks I still have the checks and no money.

Thanks for the update.