How Do You Stop Payment On A Cashiers Check?
Many people purchase a bank cashier’s check to either pay for high-value items or other important financial transactions. Often, the reason someone purchases a cashier’s check is to reassure a nervous seller. Unlike money orders, cashier’s checks can be drawn for unlimited dollar amounts. Legally, cashier’s checks are an “irrevocable promise to pay” by the issuing bank (see resource 2). The question becomes, once you’ve purchased a cashier’s check, can you put a stop payment on the check if the deal goes sour or if the check is lost? Ask the teller for information about the issuing bank’s policies on cashier’s checks and how to place a stop payment if necessary. Unlike personal checks, a cashier’s check is a legally tendered item whose payment is guaranteed and backed by the assets of the issuing bank. Ascertain whether or not the bank will allow a you to put a stop payment on a cashier’s check under these specific circumstances: the cashier’s check was lost, the cashier’s check was st
