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#5996 - 05/24/05 09:17 AM B of A Cashiers Check reissue date
marykaylady1 Offline
New Poster

Registered: 05/24/05
Posts: 3
I have a Cashiers Check ($25,000+) from B of A for an Estate account (my Grandparents) that was cut on 5/5/05 and sent on 5/06/05 Certified Mail with return receipt (signed). To date, we still have not received it. I was told that if we decide to put a stop on it, we will not be able to get another cut to us for 90 days from the date of stopping it. Is this correct procedure? I know that the checks said that it was void after 90 days (my brother got his and he lives with us as well!) so wouldn't it be logical to believe that if we don't put a stop on it and wait until 90 days from the original cut date on the check, that it will be void anyway and they can just cut us another check without us stopping it? I realize that maybe logic doesn't apply here, but the way that my Uncle (who is the Executor) told me, that even if we were to put a stop on it at day 89, they wouldn't reissue another check for 90 days. Also, who gets the interest for all that time? The bank? Is there any way to ask for the amount of interest to be added to the new check being cut? Please give me some insight on what I need to do.

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#5997 - 05/24/05 09:35 AM Re: B of A Cashiers Check reissue date
John Burnett Administrator Offline
Compliance is my life

Registered: 10/27/00
Posts: 12643
Bank of America is the best source of information for your query, since they are the party that issued the check. The Uniform Commercial Code permits a bank to be protected from having to pay a cashier's check twice if the bank receives a specifically-worded claim from the payee and waits until the 90th day from the issue date on the check (not from the date of the claim) to replace the original check.

If no claim of loss is made, a cashier's check is still a valid claim on the issuing bank regardless of a legend that says it's void.

Whether BofA would be willing to pay interest to compensate you for the wait is something to take up with BofA.

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#5998 - 05/24/05 10:07 AM Re: B of A Cashiers Check reissue date
marykaylady1 Offline
New Poster

Registered: 05/24/05
Posts: 3
Thank you, John, for that information. I was not aware of that. Does that mean that ANY check, regardless of a void date, can be cashed unless the issuing account has been closed?

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#5999 - 05/24/05 09:52 PM Re: B of A Cashiers Check reissue date
HRH Dawnie Offline
Power Poster

Registered: 08/12/02
Posts: 7292
Loc: Anchorage Alaska
Sadly enough even checks on closed accounts can be "cashed" by other banks who don't know that the account is closed. We have no access to those systems.

The procedure at BofA is standard, and pretty long standing (It was the same when I was there six years ago). The reason being that a cashiers check can be deposited, or cashed at ANY bank. We aren't allowed to put a hold on it. So, while this is an unlikely situation, what could happen is that the check could get lost and end up here in Alaska. I could take it for deposit, not put a hold on it (because I can't) and the person depositing it could take all the cash out the next day and I couldn't stop them. Then 5 or 10 days later I'd find out the check was actually stollen from you, and be out the entire amount if my depositer took off (and they often do)

They do not typically pay interest, but your situation (return receipt that was signed on a trust check) is a bit different than the norm. I personally would call the officer working on the trust and ask for the interest, as well as what the status of that receipt was (what address did it go to...who signed etc.) If the trust is of any decent size they will want to "make you happy" and might offer up the interest on a similarly termed certificate of deposit. It won't be much, but I'm sure for you...it's the principal of the thing right?

Do not talk to a branch about this. Go right to the top (the Trust area). Even a low level person in that department has more ability to handle your issues quickly and easily than a person in the branch system who has no involvement, and can't see the trust system on line.

Tell them Dawnie sent you...and I'm still waiting for them to rescue me from Alaska where they sent me in 1998 (heh heh)

Good luck!!!
_________________________
Dawn Coursey VP/CRA Queen CRA Rating is in...Once again...OUTSTANDING Woo Hoo

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#6000 - 05/24/05 09:55 PM Re: B of A Cashiers Check reissue date
HRH Dawnie Offline
Power Poster

Registered: 08/12/02
Posts: 7292
Loc: Anchorage Alaska
Oh I'm sorry! There is one more thing. Ask the trust area to track that check item number (it's called a GL number). If it comes back due to mail issues and they destroy it, or if there is fraud and it comes through their system, then can normally then issue the check prior to the 90 day window being completed, OR start fraud paperwork at once. Ask if you need to call and remind them to check and if so, do it about every two weeks, but get a name in the department to deal with Otherwise they might just wait the entire 90 days and then you have to ask all over again.

At the end of the 90 days, you can request that the check be sent interbank mail to the closest BofA branch to your home. That way you won't have to wait out the post again, possibly having the same problem (They won't charge for this, and they might prefer it as well if there is a location that works for you)
_________________________
Dawn Coursey VP/CRA Queen CRA Rating is in...Once again...OUTSTANDING Woo Hoo

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