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You lost a cashiers check and the bank wants a surety bond to re issue the check Do you have to buy a surety to get the check re issued?
Yes. Banks are regulated by the "Uniform Commercial Code". This is a very lengthly Bank Rule Book. This book limits the reasons Banks can use to place a Stop Payment Order on their Cashier's Checks. This is because Cashier's Checks represent guaranteed funds. If stop payments could be easily placed on all Cashier's Checks, the Cashiers Check would lose it's Guaranteed status, and therefore be pointless. Unfortunately, a customer losing the check is not an applicable reason for a Stop Payment Order. If the check the customer lost does get presented to the Bank, the Bank must pay the check (as long as it is endorsed properly). They would also have to pay the reissued check. If that would happen, without a surity bond, the Bank would be at a loss for the cost of one check. With the surity bond, the Bank can collect the value of one of the checks. So, Banks need a Surity Bond to prevent them from assuming the risk of paying a check twice.
What else can I help you with?
What is safer a cashiers check or a personal check?
A cashiers check is far safer than a personal check, whether you are the payee or the payor. If you are the payee (the one receiving the check) and receive a personal check that is insufficient, you have very little recourse in obtaining the money owed to you. If you are paid with a cashiers check, it is guaranteed funds, since the bank will only issue the check with available funds (meaning it has to be paid for with cash or purchased at the person's bank, where the bank can verify there are sufficient funds in their account to cover the amount of the check). If you are the payor (the one paying by check), the bank can trace the check for you if the person to whom you were paying loses it or says they never received it. Also, if the check does get lost, it will be far more difficult for someone to forge their signature to it and cash it. Also, a cashiers check does not have as much personal identification on it like a personal check does (address, checking account number, etc.).
Will a cashiers check clear same day?
Assuming you try depositing a cashiers check from another bank into your bank account, it is unlikely to clear that same day. Even if your bank makes the funds available to you in a day or two, even that does not mean the check has necessarily cleared. I asked this question of an employee at a major bank at which I have an account (because I want to sell some large-ticket items for substantial amounts of money to a private party). She basically said, when the cashiers check actually clears depends on the bank that issued it. Even if your bank makes the funds available to you within a couple of days due to regulations imposed on them, the check may not actually clear (due to fraud or whatever). Your best bet is to physically visit the issuing bank, show them ID to prove who you are, and get them to cash the check immediately. They will then remove the funds from the account in question, and issue you a check from the bank directly. That new check will be essentially as good as cash.
Can a stop payment be put on a check after it has been run through a bank account with insufficient funds?
No. A Stop Payment can be issued on a check only before it is being submitted for clearance. If the person to whom you have issued the check has not yet deposited it into his account or if you have lost the check itself, you can issue a stop payment on it. But, if the check has already been deposited and returned by the bank because of lack of funds, you cannot issue stop payment.
Can someone cash a lost check?
No, someone cannot cash a lost check because they would need to have the physical check in order to deposit or cash it. If a check is lost, the person who issued the check can issue a stop payment on it and reissue a new one.
Who can stop payment of a cheque?
The person who issued the cheque can issue the stop payment on the cheque. As long as the check isn't submitted for payment yet, you can issue the stop payment request. But, if the check is already paid the bank will not accept the stop payment. A point to note is that, the person to whom you gave the check can prosecute you legally for doing so because he wont get paid for the check
How do you issue a cashiers check?
A bank issues a cashiers check,on behalf of a depositor, by setting funds aside from the depositor's account.
If issued a bid bond can surety not issue a payment bond?
Yes. If the bid spread is significant, and or if the financial situation of the contractor changes beyond the comfort level of the surety between the bid and award, or if the final bond is contingent on receiving info.
What are surety benefits?
If you are asking what are the benefits built into a surety bond then the answer is the surety bond guarantees a specific performance or amount up to the penalty amount of the bond. If you are asking what the benefits of surety are then surety provides the recipient of the surety bond a level of assurance that the person or business entity providing the bond is qualified to perform the required act. This is accomplished by the surety's investigation of the Principal and evidenced by their agreement to issue the surety bond that encumbers the surety to the amount of the bond's penalty.
What if the check has no date of issue written on it?
Its actually not correct to issue cheques without issue date. You need to talk to the person who issued it and ask him to enter the date.
What are sureties?
If you are asking what are the benefits built into a surety bond then the answer is the surety bond guarantees a specific performance or amount up to the penalty amount of the bond. If you are asking what the benefits of surety are then surety provides the recipient of the surety bond a level of assurance that the person or business entity providing the bond is qualified to perform the required act. This is accomplished by the surety's investigation of the Principal and evidenced by their agreement to issue the surety bond that encumbers the surety to the amount of the bond's penalty.
What is safer a cashiers check or a personal check?
A cashiers check is far safer than a personal check, whether you are the payee or the payor. If you are the payee (the one receiving the check) and receive a personal check that is insufficient, you have very little recourse in obtaining the money owed to you. If you are paid with a cashiers check, it is guaranteed funds, since the bank will only issue the check with available funds (meaning it has to be paid for with cash or purchased at the person's bank, where the bank can verify there are sufficient funds in their account to cover the amount of the check). If you are the payor (the one paying by check), the bank can trace the check for you if the person to whom you were paying loses it or says they never received it. Also, if the check does get lost, it will be far more difficult for someone to forge their signature to it and cash it. Also, a cashiers check does not have as much personal identification on it like a personal check does (address, checking account number, etc.).
Will a cashiers check clear same day?
Assuming you try depositing a cashiers check from another bank into your bank account, it is unlikely to clear that same day. Even if your bank makes the funds available to you in a day or two, even that does not mean the check has necessarily cleared. I asked this question of an employee at a major bank at which I have an account (because I want to sell some large-ticket items for substantial amounts of money to a private party). She basically said, when the cashiers check actually clears depends on the bank that issued it. Even if your bank makes the funds available to you within a couple of days due to regulations imposed on them, the check may not actually clear (due to fraud or whatever). Your best bet is to physically visit the issuing bank, show them ID to prove who you are, and get them to cash the check immediately. They will then remove the funds from the account in question, and issue you a check from the bank directly. That new check will be essentially as good as cash.
Where is the place of issue of your passport?
The place of issue of your passport is typically the location where your passport was issued or issued from.
What is the country of issue of your passport?
The country that issued your passport is the country where it was issued or issued from.
Is a license required to issue bonds in Texas?
Yes, with a very small exception, surety bonds are required to be issued by a licensed and admitted surety company that is licensed by the state in which the bond is being filed. The bond can be executed by a licensed agent or an other attorney in fact, for the surety company.
Can a stop payment be put on a check after it has been run through a bank account with insufficient funds?
No. A Stop Payment can be issued on a check only before it is being submitted for clearance. If the person to whom you have issued the check has not yet deposited it into his account or if you have lost the check itself, you can issue a stop payment on it. But, if the check has already been deposited and returned by the bank because of lack of funds, you cannot issue stop payment.
How do you Cash a check forf a person who died?
You must contact the Maker (the persos or company who issued the check) and ask them to re-issue the check to a living Payee or the the estate of the dead payee.
