Do you want to know how to cancel a cashier’s check? Whether the check has been stolen, lost, or is no longer needed, understanding how to cancel a cashier’s check is important so you can void the check and get the money returned to your bank account.
The Uniform Commercial Code states that individuals are entitled to a refund for a lost, stolen, or destroyed cashier’s check. In general, customers must wait at least 90 days after the check was issued to request a refund.
If no one presents the cashier’s check within the first 90 days, file a “declaration of loss” claim with your bank to obtain reimbursement.
What is a Cashier’s Check?
Cashier’s checks, also known as teller’s checks, are checks that draw on the bank’s own funds to make the payment. They’re as good as money in the bank because, well, they are the bank’s money in the bank.
Once a bank creates a cashier’s check, the bank guarantees to pay the amount printed on the check. A legitimate cashier’s check will not bounce.
To get a cashier’s check, you need to bring the cash to the bank. Or if you have an account there, you need to have the amount in your account and the bank will withdraw it, moving it to the bank’s own account. The money will then be available when the payee cashes the check.
A cashier’s check is different from a personal check because the money is drawn from the bank’s account. With a personal check, the money is drawn from your account, which may or may not have enough money to cover the check.
Also, once a cashier’s check is written, it is an involved process to cancel it. With a personal check, you just rip it up or call the bank to stop payment.
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Why You Need One
Despite more modern alternatives, cashier’s checks are still popular for substantial payments. Assuming the check is legitimate (more on that below), cashier’s checks are among the safest ways to receive payment.
Banks and credit unions receive money before printing a cashier’s check. The bank either removes money from the account holder’s account or requires cash from whoever requests the check.
Banks set that money aside and, as a result, can guarantee that the check will clear. This provides security to the recipient, who is often selling something.
With a personal check, on the other hand, a check will only clear if the funds are available in the check writer’s account when the recipient tries to deposit or cash the check.
After depositing, the recipient or seller can use the funds almost immediately. The first $5,000 typically must be made available within one business day (compared to the first $200 for personal checks).
Banks are allowed to hold amounts above $5,000, or any amount they suspect might be problematic, but cashier’s checks usually clear much faster than personal checks.
Who Uses this type of Checks?
Consumers most often use cashier’s checks to pay a merchant or vendor that requires cash but will not accept personal checks.
Cashier’s checks also are used in cash trades that must settle quickly, such as with real estate and brokerage transactions.
“Since cashier’s checks are written off the bank’s funds, they settle much faster than personal checks,” Stammers says. In many cases, the funds are available the next day, he says, while personal checks can take days or even longer than a week clear in some cases.
Security is another big advantage of using a cashier’s check to make a payment.
How to Cancel a Cashier’s Check
If You Still Have the Check
If you still have the check, just return it to your bank. In most cases, your bank will tell you how you can endorse the check, then it’ll provide you with a refund.
This is done either by depositing the funds back into your account, offering you a cash refund, or giving you a replacement check.
Note that cancelation fees may apply. And while this sounds simple enough, this isn’t a quick process. Before you’ll get your money back into your account, check cancelation can take between 90-180 days.
If the Check is Missing
If you don’t have the check anymore, you’ll be required to fill out forms at your bank requesting a reimbursement of the funds. Again, cancelation fees may apply.
Another option for lost or stolen cashier’s checks is to wait 90 days from the date the cashier’s check was issued and then file a declaration of loss with the bank. Once the declaration is processed, the bank can issue you a refund check.
If you want the bank to issue you a replacement cashier’s check, you’ll need to first purchase an indemnity bond from an insurance company. This is a specialized type of insurance that would make you liable for the second check, rather than the bank.
Indemnity bonds can be hard to obtain, and many banks will then make you wait anywhere from 30 to 90 days before they’ll issue you a replacement check.
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Canceling a Cashier’s Check at Common Banks
We researched the cashier’s check cancelation policy as several popular banks so you’re not left wondering. For details, see below.
Bank of America
Bank of America doesn’t publicize specific information about canceling a cashier’s check. Policies may vary based on the individual branch, the amount of the check, when it was issued, and other specific details of the request.
They recommend that you contact your local branch to speak with someone in the Financial Center and make sure that the stop payment will be allowed for your particular situation.
Representatives are available Monday through Friday from 8 a.m. to 9 p.m. ET or on Saturday and Sunday from 8 a.m. to 5 p.m. ET. You can reach Bank of America customer service at (800) 432-1000. In addition to calling, you can contact a representative through Facebook chat.
Yes, a cashier’s check can be canceled if it has been lost, stolen, or destroyed so long as the check has not been cashed yet. Visit the branch where you purchased the check to speak with a representative.
You’ll be asked to fill out an affidavit. If you ordered the cashier’s check online, Capital One will send you an affidavit form to fill out via mail. Cancelation fees may apply.
Representatives are active on Twitter Monday through Saturday from 8 a.m. – 10 p.m. ET and Sundays from 10 a.m. – 7 p.m. ET. You can also reach general customer service at (877) 383-4802.
Cashier’s check can be canceled at Chase Bank. If the cashier’s check was damaged, destroyed, lost, or stolen, a stop payment can be placed by phone or within a branch.
Customers will need to call Chase customer service or visit a local branch to place a stop payment on a cashier’s check. Cancellation fees may apply. Representatives are available 24 hours a day, seven days a week at (800) 935-9935.
A cashier’s check from SunTrust Bank can be canceled. However, in order to process the work, stop in to your local SunTrust branch to speak with a representative.
You’ll need to fill out an Indemnity Agreement & Declaration of Loss form in order to complete the cancellation. There is typically no fee for canceling an official check.
If you would prefer to fill out this form by mail, contact SunTrust’s corporate customer service line to request one. You can contact SunTrust any time at (800) 786-8787 (800-SUNTRUST).
TD Bank doesn’t publicize specific information about canceling cashier’s checks. Policies may vary based on the branch, amount of the check, when it was issued, and other individual details of the request.
Contact your local TD Bank branch for details on its specific policy.
Customers will need to visit their local branch to place a stop payment on a cashier’s check. While a fee applies for stop payments on standard checks, there is typically no fee to cancel a cashier’s check.
You can contact TD Bank 24/7 at (888) 751-9000.
A cashier’s check from Citibank can be canceled. A stop payment can only be placed in person at a branch. According to corporate customer service, there is no fee for a stop payment on a cashier’s check, but it must have been at least 90 days from the date of purchase. Policies may vary for cashier’s checks over $10,000.
Many branches are open 10 a.m. to 5 p.m. Monday through Friday and 10 a.m. to 1 p.m. on Saturday (closed Sunday). To speak with a corporate representative, call Citibank at (800) 374-9700.
A cashier’s check from Wells Fargo can be canceled. According to the Wells Fargo website, customers can place a stop payment on a check or pre-authorized payment online, by phone, or by visiting a bank in person and speaking with a representative.
Wells Fargo customer service recommends contacting your local branch and asking about the policy regarding your specific situation with the check. You can contact Wells Fargo 24/7 at (800) 869-3557.
You can cancel a cashier’s check, but the process is different for each bank and it can take up to 180 days before the check is actually null and void.
Knowing how to cancel a cashier’s check is important. If possible, before you get a cashier’s check, do your research on exactly how to cancel it with your specific bank in case it becomes necessary.