Are Cashiers Checks Good?

[XBoxBoy]

So… seeing how today is a friday, and the FDIC closes banks on fridays, I thought I would ask a question. Suppose you have a cashiers check from a bank, and that bank gets taken over by the FDIC. Is that cashiers check still good? Is it covered by the FDIC? Anybody know?

XBoxBoy

[four walling]

Whether a bank is being taken over by the FDIC or not, no cashier’s check is good once the issuer puts a stop payment on it.

[four walling]

Whether a bank is being taken over by the FDIC or not, no cashier’s check is good once the issuer puts a stop payment on it.

[four walling]

Whether a bank is being taken over by the FDIC or not, no cashier’s check is good once the issuer puts a stop payment on it.

[four walling]

Whether a bank is being taken over by the FDIC or not, no cashier’s check is good once the issuer puts a stop payment on it.

[four walling]

Whether a bank is being taken over by the FDIC or not, no cashier’s check is good once the issuer puts a stop payment on it.

[bsrsharma]

A cashiers check is a banks own check. Hence, it is good as long as the bank is in existence. If FDIC takes over, my guess is that they will honor all cashiers checks written by the bank unless there is evidence of fraud (For example, if Madoff or Stanford were an FDIC insured bank, and they wrote cashiers check to all depositors on demand, my guess is that FDIC may not pay it)

http://en.wikipedia.org/wiki/Cashier%27s_check

[bsrsharma]

A cashiers check is a banks own check. Hence, it is good as long as the bank is in existence. If FDIC takes over, my guess is that they will honor all cashiers checks written by the bank unless there is evidence of fraud (For example, if Madoff or Stanford were an FDIC insured bank, and they wrote cashiers check to all depositors on demand, my guess is that FDIC may not pay it)

http://en.wikipedia.org/wiki/Cashier%27s_check

[bsrsharma]

A cashiers check is a banks own check. Hence, it is good as long as the bank is in existence. If FDIC takes over, my guess is that they will honor all cashiers checks written by the bank unless there is evidence of fraud (For example, if Madoff or Stanford were an FDIC insured bank, and they wrote cashiers check to all depositors on demand, my guess is that FDIC may not pay it)

http://en.wikipedia.org/wiki/Cashier%27s_check

[bsrsharma]

A cashiers check is a banks own check. Hence, it is good as long as the bank is in existence. If FDIC takes over, my guess is that they will honor all cashiers checks written by the bank unless there is evidence of fraud (For example, if Madoff or Stanford were an FDIC insured bank, and they wrote cashiers check to all depositors on demand, my guess is that FDIC may not pay it)

http://en.wikipedia.org/wiki/Cashier%27s_check

[bsrsharma]

A cashiers check is a banks own check. Hence, it is good as long as the bank is in existence. If FDIC takes over, my guess is that they will honor all cashiers checks written by the bank unless there is evidence of fraud (For example, if Madoff or Stanford were an FDIC insured bank, and they wrote cashiers check to all depositors on demand, my guess is that FDIC may not pay it)

http://en.wikipedia.org/wiki/Cashier%27s_check

[Deserted]

Be careful: a cashier’s check is not cash. While it should be backed by the FDIC, the check is not completely guaranteed by the bank.

Gotta agree with four walling: a cashier’s check can be canceled by the purchaser of that cashier’s check. All the purchaser has to do is say the check was lost, stolen, or misappropriated. In other words, lie. And I do think that we have seen one or two people lie in their financial dealings over the past year.

Of course, you can take legal action against the fraudster to get your money back — good luck.

Advice: If you get a cashier’s check from an unfamiliar party, immediately have the check verified at your bank and then have the funds immediately transferred to your account.

Best advice: Don’t take cashier’s checks.

[Deserted]

Be careful: a cashier’s check is not cash. While it should be backed by the FDIC, the check is not completely guaranteed by the bank.

Gotta agree with four walling: a cashier’s check can be canceled by the purchaser of that cashier’s check. All the purchaser has to do is say the check was lost, stolen, or misappropriated. In other words, lie. And I do think that we have seen one or two people lie in their financial dealings over the past year.

Of course, you can take legal action against the fraudster to get your money back — good luck.

Advice: If you get a cashier’s check from an unfamiliar party, immediately have the check verified at your bank and then have the funds immediately transferred to your account.

Best advice: Don’t take cashier’s checks.

[Deserted]

Be careful: a cashier’s check is not cash. While it should be backed by the FDIC, the check is not completely guaranteed by the bank.

Gotta agree with four walling: a cashier’s check can be canceled by the purchaser of that cashier’s check. All the purchaser has to do is say the check was lost, stolen, or misappropriated. In other words, lie. And I do think that we have seen one or two people lie in their financial dealings over the past year.

Of course, you can take legal action against the fraudster to get your money back — good luck.

Advice: If you get a cashier’s check from an unfamiliar party, immediately have the check verified at your bank and then have the funds immediately transferred to your account.

Best advice: Don’t take cashier’s checks.

[Deserted]

Be careful: a cashier’s check is not cash. While it should be backed by the FDIC, the check is not completely guaranteed by the bank.

Gotta agree with four walling: a cashier’s check can be canceled by the purchaser of that cashier’s check. All the purchaser has to do is say the check was lost, stolen, or misappropriated. In other words, lie. And I do think that we have seen one or two people lie in their financial dealings over the past year.

Of course, you can take legal action against the fraudster to get your money back — good luck.

Advice: If you get a cashier’s check from an unfamiliar party, immediately have the check verified at your bank and then have the funds immediately transferred to your account.

Best advice: Don’t take cashier’s checks.

[Author]

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