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10 Days To Clear A CHASE CASHIERS Check ??

Monday, April 14, 2014 - 8:29 PM
My credit union is telling me it will take 10 days to clear a CASHIERS CHECK.  I thought they were as good as cash ? 
and this makes it even more puzzling; -- I am 2000 miles away from my credit union and wrote a personal check that was cashed the same day and funds were withdrawn from account that same day. - from 2000 miles away ...... but a CASHIERS CHECK has to wait 10 days ?????? !!
5
diamondxdiamondx72 posts since
Jan 19, 2011
Rep Points: 168
1. Monday, April 14, 2014 - 9:20 PM
I'm a Chase customer and I have been "round the bend" with Chase about their "clearing checks" policy especially Cashiers Checks.  They told me they have to contact the bank that issued the check as they do all checks and make a decision after speaking to the bank.  When I really need the money in a hurry, I always try to get the bank that gave me the Cashiers Check to call Chase and verify they can get the money readily.  This way Chase can't just waste our time saying they were held up trying to contact the other bank.  Chase's policies on these transactions are definitely NOT customer friendly.  Don't bother trying to understand Chase's rules, just find a way to go around them and get what you need when you need it.  Best of luck.
4
paoli2paoli21,367 posts since
Aug 10, 2011
Rep Points: 5,993
2. Tuesday, April 15, 2014 - 7:31 AM
I don't believe my issue is with Chase -I'm not a customer. My cu is taking the stand that cashiers checks from Chase are worthless as cash as they are intended.
1
diamondxdiamondx72 posts since
Jan 19, 2011
Rep Points: 168
3. Tuesday, April 15, 2014 - 7:37 AM
I would make sure your credit union has a copy of Reg CC.
2
Ally6770Ally6770909 posts since
Jan 16, 2010
Rep Points: 2,643
4. Tuesday, April 15, 2014 - 4:19 PM
Do not know what copies of what regs they do or do not have . Just know that they (Dupaco Community Credit Union) took my Chase CASHIERS CHECK and are holding funds for 10 days. It wouldn't bother me so much if it was 2 or 3 days.
2
diamondxdiamondx72 posts since
Jan 19, 2011
Rep Points: 168
5. Tuesday, April 15, 2014 - 4:50 PM
It is law that the funds availability rules are posted in each branch. Usually the first $5,000 of a cashiers checks is available the next day and depending on what region the check is from and the rest in 2 to 5 business days. If it was not deposited in person, or it is a new account, or they are suspect of something then they have to tell you if it is a longer hold. If it is extended hold they must post it on your receipt, or mail you a notice if you did not deposit it in person. At least these were the rules before I retired. 
2
Ally6770Ally6770909 posts since
Jan 16, 2010
Rep Points: 2,643
6. Tuesday, April 15, 2014 - 5:05 PM
#4  If you want further info than provided by #5 you might find this site informative:
A Guide to Regulation CC Compliance

The only information I have ever seen on my Chase Deposit slips state:
"Further review may result in delayed availability of this deposit". 
If I wanted to know more about how long a check would take to clear, I had to ask a Teller or the Manager and was just told it depends on the decision of the "people in the back".  I have no idea who these mysterious "people" are.  I have never seen any info posted in the banks for customers to read before depositing a check of any type.  As per #5's post, I was told that an "extended hold" would be posted on the receipt yet I have never seen any thing but the above message on my receipts. I think the "Further review" message is meant to cover any amount of time they may want to hold the check.
2
paoli2paoli21,367 posts since
Aug 10, 2011
Rep Points: 5,993
7. Tuesday, April 15, 2014 - 5:41 PM
Things could have changed. I worked in one of the largest banks and the people at the window made the decisions on the holds. It was law that the funds availability had to be posted in an easy to see area as well as the results of the loan book. It was an audit thing. 

Banks may have different rules for certain people in each of their branches or have less experienced help at the windows also. In our branch if we did not feel comfortable with a transaction their was always someone to ask for help or we could call for help. But all decisions were made while the customer was at the window. We also did not have to do any transaction we were not comfortable doing. 99.9% of the time if you did not feel comfortable with the transaction it was fraudulent. You just got a feeling and you needed to trust that feeling. I caught a lot of criminals that way. But I also worked at that branch for 30 years. 
Would be interested to know if banks and credit unions are still required to post the information. I retired 5-6 years ago. I think the last time I was in a credit union was when my husband passed a few years ago and I signed papers to disclaim his IRA's to the children. 
2
Ally6770Ally6770909 posts since
Jan 16, 2010
Rep Points: 2,643
8. Tuesday, April 15, 2014 - 5:58 PM
#4 Here is a link to their funds availability rules posted in their disclosure. You should have received this when you opened your account. It used to be law that every person received this when opening an account in a branch. https://www3.dupaco.com/dupaco/do...ability.pd 
2
Ally6770Ally6770909 posts since
Jan 16, 2010
Rep Points: 2,643
9. Tuesday, April 15, 2014 - 7:05 PM
The issue I am TRYING to bring up is that CASHIERS CHECKS are to be treated as CASH. When did this change ?  It now seems -at least with Dupaco that these cashiers checks are worthless for at least 10 days. I have been a customer of dupaco for 10+ years with no bad check issues and excellent credit rating.   I was informed when I deposited the check about the hold. ------again - CASHIERS CHECK - the first 4 letters should mean something ???
2
diamondxdiamondx72 posts since
Jan 19, 2011
Rep Points: 168
10. Tuesday, April 15, 2014 - 7:10 PM
A cashiers check is not guaranteed funds. They can be counterfeit, a washed check,  a stolen check etc. If you wanted cash immediately you should have had a wire transfer. 
So many of the internet scams, Craiglist scams, contest scams, etc are done with postal money orders and cashier checks. 
A fraudulent cashier check may take weeks until you find out you are responsible for the funds if you have spent it and the check comes back NSF or counterfeit etc.
The only way to know if it is real is to call the issuing bank. 
2
Ally6770Ally6770909 posts since
Jan 16, 2010
Rep Points: 2,643
11. Tuesday, April 15, 2014 - 9:33 PM
#9  I was trying to make a point that I had your same problem with Cashier Checks because I thought they were the same as cash.  It does not seem to be so nowadays.  Things truly seem to have changed for the reasons given in #10's post.  This is why I have to have them call the issuing bank whenever I need the funds sooner.  This doesn't just seem to be a Chase Bank problem but the way things are nowadays with Cashier Checks.  Your excellent credit rating doesn't seem to be a factor with this issue. 
1
paoli2paoli21,367 posts since
Aug 10, 2011
Rep Points: 5,993
12. Wednesday, April 16, 2014 - 8:52 AM
There have been counterfeit cashier checks as early as I started to work at a banking institution in the last 70's.

The cash in cashier does not mean anything. It only is written by an employee of a banking institution, or for a banking institution (a cashier) on collected funds. That doesn't mean that there aren't fraudulent checks. Examples of for a banking institution would be at a large fair for prizes, casinos, etc. 

In the late 70's one of my first regular customers was an oil company and when the owner came in to make their daily deposit I noticed one of their cashier checks for $500,000 looked suspicious. This was even years before the scanning machines and checks with water marks. I pointed out some of my concerns with the check that I thought were unusual and he was able to stop the transaction and the local sheriff department down the street was able to get the crooks before they left town. 

Now there are so many more sophisticated machines and no one can easily tell if the any check is legitimate. It is getting harder to catch even counterfeit bills. 

As far as calling to see if a cashiers check is legitimate it is hard to get that information because most banking institution do not process cashier checks in house, or I should say didn't when I retired, and they farm out the buying, selling, and the processing of these checks.
That cashier check could have been copied or stolen in house and the institution many not have noticed it as missing as yet. One of the easiest ways is to have someone steal a check from the middle of the pile and it would not be noticed quickly unless they are counted daily before being locked up.  You can call to verify funds on personal check but that will only tell you that the check and the check number is legitimate and that it hasn't been processed yet.  It does not mean it wasn't copied, stolen, or washed or that the person who wrote that check was the person who owns that account. It also doesn't mean that when that check is processed for payment that there still will be funds in that account to cover that check. 

Any person can print their own checks. They do not need to order them from a bank or a company that prints checks or they used to be able to. I had many of my business customers that printed their own checks and some of my customers did also.  Sometimes when cashier checks are printed the crooks use the wrong color, or wrong font, or put the issuing banks name in the wrong place by a couple of spaces. The problem is that these transactions are hard to stop and the last person that has the check is the person responsible for the money if it is spent. Same with counterfeit bills. When a store, a gas station etc tries to deposit a counterfeit bill and it is noticed they are out of luck. That bill has to be confiscated, put in a plastic bag and given to the secret service. When a bank gives you a counterfeit bill you are out of luck unless that person can prove they received that exact bill from the bank. Some banks and credit unions are better about replacing counterfeit bills than others if they give it out. 

On another note I have been a customer at another bank since the late 50's and even though the town is midsize, just over 100,000, I always went to that branch when we first lived in the town and kept that account for the 35 years when we move away and have since moved back. When I recently sold a lot and had a 6 figure cashier check, there was no hold put on it. I deposited it in the ATM.  I had written them a note with an earlier deposit I made by mail so they knew I had recently listed the lot and I had told them that it sold in just a few days and the closing would be in 2 weeks. 

With all the fraudulent transactions going on there is no way a person or a bank can know if a personal or cashier check is legitimate immediately. 

 If a cashiers check is lost, the person that BOUGHT it can have it  replaced it for 30 days, if they have the carbon copy or stub.  Some companies won't replace them for 90 days. A stop payment is placed on that check and the company has to be certain that the check has not been processed someplace in the system or at another bank someplace. This is the way the 5 banks and credit unions did it in the town that I used to live in when I worked. It has been a few years and a lot of things could have changed. 

The rules that were in place for CC  is one of the problems with doing IRA rollovers through the mail. If a cashier check is lost in the mail, or a person misplaces it, it could very likely take over 60 days to get it replaced. This has to be addressed. 
2
Ally6770Ally6770909 posts since
Jan 16, 2010
Rep Points: 2,643
13. Wednesday, April 16, 2014 - 9:12 AM
The Cashiers Check I am referring to is not the one we used to buy in stores for personal use.  I am referring to the ones we get from our institutions when we close out a CD.  It is from the institution but always reads "Cashiers Check" on it and I was told this is because it means it can be like cash and supposed to be cleared immediately.  Unfortunately, when I try to deposit them at Chase, Chase has it's own rules for when it will clear the check no matter if it says "Cashiers Check" on it.  I thought poster "diamonddx" was referring to these types of checks.  Things seem to have changed from rules we had years ago.
1
paoli2paoli21,367 posts since
Aug 10, 2011
Rep Points: 5,993
14. Wednesday, April 16, 2014 - 10:22 AM
I don't know about any CC that you buy in stores. Could you mean MO's. In Michigan we cannot buy a CC check in any store, unless there is a bank with a branch in that store. Cashier checks are the same all over. They are guaranteed checks written on collected funds. The other issues about being fraudulent, copied, stolen, washed etc are different issues. There is or was when I was working one type of cashiers check. 

The cashier check I received when I rolled over my pension when I retired, the cashier check I receive when I rollover my IRA, the cashier check I received from all our CD's that were not renewed, the cashier check we received when we sold our farm, the cashier check I received when I sold my lot is all the same item. It was written by a banking institution or someone for a banking institution that was written against collected funds. 

I have no idea what you are writing about. 
2
Ally6770Ally6770909 posts since
Jan 16, 2010
Rep Points: 2,643
15. Wednesday, April 16, 2014 - 11:40 AM
No, not stores, they were only bought in banks as this article states:
How to Get a Cashier's Check: 6 Steps (with Pictures) - wikiHow

I think it was the money orders we were able to get in stores.  I haven't used either one in years so my thinking got a bit confused.  Sorry for the mistake.
2
paoli2paoli21,367 posts since
Aug 10, 2011
Rep Points: 5,993
16. Wednesday, April 16, 2014 - 12:29 PM
Banks can sell MO's and  cashier checks. Stores can sell MO's. They are usually sold by a company and the MO is not secure if that company goes bankrupt. All money is lost. MO's are usually good only up to $1,000 and the buyer writes in who it goes to and who it is from. They are less secure because anyone can sign any name that it is from. 
A CC check the financial institution types in to who and from who in the correct places. ID is required. Difference between Money Order and Cashiers Check?Money orders and cashier's checks can both be used in the place of personal checks, but there are some differences between the two. Where you can get them is one difference. Money orders can be obtained from several places, like grocery stores, but cashier's checks can only be found from financial institutions. This will explain the difference between where each can be purchased. 
http://www.ask.com/question/diffe...hiers-chec 
2
Ally6770Ally6770909 posts since
Jan 16, 2010
Rep Points: 2,643
17. Wednesday, April 16, 2014 - 5:12 PM
For anyone still interested in this subject, my link basically gives the same info as #16's link and it has photos to make it easier to understand.  Both links are very informative concerning this subject so you have a choice or may read both.  We should all have gotten an education on Cashier's checks and Money Orders thanks to diamonddx bringing up the subject.  I think it has been a very interesting learning experience for anyone uneducated in this subject.
1
paoli2paoli21,367 posts since
Aug 10, 2011
Rep Points: 5,993
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