A cashier check is used for payments. Sometimes it maybe was given to you as a form of payment. Or you may have bought it. Anyway, losing a cashier’s check is a headache.
There is no easy way around handling a lost cashier’s check. So it is better to use easier payment methods, like digital payments, to carry out the transaction.
However, if the situation arises that you lose the cashier’s check that you have bought, then you can do a few things. The first thing you need to do is cancel the cashier’s check, so nobody makes a withdrawal.
The stop payment option is available over the phone or online, but it’s a good idea to call your bank to find out what its policies are for cashier’s checks.
Other than that, you can also go to the bank and issue a declaration of loss statement. The statement will say that your check is lost and can’t be found. After that, the bank will ask you to get an indemnity bond for lost cashier’s check.
You can buy an indemnity bond through an insurance broker. But getting the refund of the check may take up to 30-90 days after you buy the indemnity bond.
In case you are the one who has received the cashier’s check and lost it. Then one way is to ask the person to reissue a check.
But they will most likely deny it. In that case, all you can do is ask them to follow the process mentioned above to reclaim their lost cashiers check.
If you are worried that you may lose the cashier’s check, it is always wise to use alternative methods of payments.