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Thank you for visiting our www. A bank check is drawn on the bank itself. You gave the bank the funds backing that check at the time you purchased it. You can not get that money back except by returning the check to them.
So, yes, effectively that check behaves like cash; the money us already gone from your account, and once you hand it over you can't claim it was forged or otherwise try to cancel the payment. Sign up to join this community. The best answers are voted up and rise to the top. Stack Overflow for Teams — Collaborate and share knowledge with a private group.
Create a free Team What is Teams? Learn more. For how long is a draft check valid, and where do the funds sit? Ask Question. Asked 5 years ago. Active 1 year, 6 months ago. Viewed 9k times. Improve this question. Calaf Calaf 1 1 gold badge 3 3 silver badges 9 9 bronze badges.
My recent cashier's check reads "Void after 7 years". On this check I am listed as the "Remitter". The senior vice president's name and signature is in the bottom-right of the check. The money very likely sits in a specialized account which can NEVER have insufficient funds for all cashier's checks written by the bank. If you get a cashier's check then make sure to take a picture of it so that you can immediately cancel it if it is stolen and always hold on to the receipt that came with it.
Add a comment. Active Oldest Votes. Draft checks, tellers checks, official checks, bank checks, etc CAN, however, be returned unpaid if one of the following is true: The check is older than the issuing bank's period in which they will honor it, or is stale dated over 6 months whichever is longer. The bank with which I worked made a habit of returning official checks over 6 months but paying personal checks over 6 months. Improve this answer. Sign up or log in Sign up using Google.
Sign up using Facebook. Sign up using Email and Password. Post as a guest Name. When you receive a bank draft, it can be deposited at any bank because it is treated as cash, unlike when you deposit a personal check. If a bank draft is lost or stolen, reporting it immediately to your financial institution is critical to having the bank put a stop on the draft. There are certain reasons why a bank will most likely agree to cancel a draft and It is difficult to cancel or stop payment on a bank draft outside of these conditions because, in effect, a bank draft represents a transaction that has already occurred.
Since the buyer has already paid the funds to obtain the bank draft, the only means of effectively canceling the draft is to have the seller cash it and return the funds to the buyer.
However, if the draft has been lost, stolen or destroyed, the buyer may be able to cancel the draft by returning to his bank, explaining that the draft is irretrievable by either himself or the seller, and presenting to the bank the reference number or a printed copy of the draft.
As long as the bank can verify that the draft has not been cashed, it can cancel it and issue a new, replacement draft. It is a good idea to verify cancellation and replacement policies with the issuing bank. Checking Accounts. Actively scan device characteristics for identification. Use precise geolocation data. Select personalised content. Create a personalised content profile. Measure ad performance. Select basic ads. Create a personalised ads profile.
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