can you write on cashiers check?

Discussion in 'Credit Talk' started by mark, Oct 14, 2002.

  1. mark

    mark Well-Known Member

    I've got to send a payment to a CA for settlement, but Im wondering if I can print my restrictive endorsement on the back of a cashiers check?
    figures I'd pick a day to think of this problem when the banks are all closed.

    anyone know? is it just like a personal check where I have space on the back for endorsement?
    i've got a paragraph Im going to print in small type on it.
    thanks
     
  2. stef

    stef Member

    Yes.. there is space on the back for you to put a restrictive endorsement. It is just like a personal check (only bigger)... cashiers checks are just looked at as being as good as cash since you have already paid the bank the amount of the check. You can put a restrictive endorsement on cashiers checks just like you would your personal check. I am a teller and I see them come through all the time.

    Hope this helps!
     
  3. mark

    mark Well-Known Member

    thanks stef!
    now I just need to find an open bank so I can go get one ;p
     
  4. GEORGE

    GEORGE Well-Known Member

    HOLIDAY...

    The only hope is maybe a BANK in a GROCERY STORE...
     
  5. DHK

    DHK Well-Known Member

    What type of restrictive endorsement are you going to write? I understand that this is a settlement check, but we usually are VERY cautious in accepting restrictive endorsements.

    For example: "Valid only if roof is repaired" is something that we wouldn't accept on deposit because we will have NO idea if your roof is repaired or not. The BANK takes the loss and not the individual - so it is up to the bank to accept or not accept the check on deposit. Endorsement liabilities on cashier's checks can come back to the bank for a full 7 years after accepting the item for deposit. If your terms weren't met, and we accepted the deposit, we would have that check as a loss to the bank. Of course, it is my job as a bank manager to protect the assets of the bank and help prevent losses - and potential losses.

    I would go to your bank's branch manager and ask them these questions directly BEFORE purchasing the cashier's check. I just don't want to see you having any additional complications with this.
     
  6. kit

    kit Well-Known Member

    I've written REs twice on cashiers check w/o a problem... essentially a "payment in full for debt in return for deletion, no further collection efforts, etc. etc." Never heard from the bank about it... why would the bank be liable?? you couldn't take the bank to court, could you?? they wouldn't be the ones to break the restrictive endorsement agreement, only the CA. The only way I could see the bank being liable is if they cashed a check after the CA crossed out or changed the endorsement... even then I would think the CA is primarily responsible.
     
  7. mark

    mark Well-Known Member

    the RE is basically like the post above.

    I tried to go get a cashiers check this morning from Chase but it appears the bank had just been robbed or something..police all over it and had all entrances blocked off.

    bah..i need to get this check in the mail
     
  8. mark

    mark Well-Known Member

    Hey david/stef, if I mess up when I print the endorsement on the check, can it be replaced if i take it back to the bank?
     
  9. DHK

    DHK Well-Known Member

    Yes, the bank could be taken to court because they accepted the item without verifying if all the terms of the restrictive endorsement was fulfilled or not. Scary, isn't it? Basically, the bank helped the CA negotiate the check when the conditions weren't fulfilled, so that makes the bank liable as well as the CA.

    Actually, now that I think about the nature of CA bank accounts, they probably get a lot of checks with restrictive endorsements and they shouldn't have any problems with the check at their bank. I work in a supermarket branch, and so the accounts I see are mainly local businesses and personal accounts. You shouldn't have any problems sending them the check. Just make and keep a copy of the front and back of the check for your records should the CA not follow through like their supposed to.

    As for replacing an existing cashier's check if you made an error on the back, it shouldn't be a problem. They will just use your incorrect copy to offset the new cashier's check. You won't have any problem exchanging it for a new one.
     
  10. phxbbw6ft1

    phxbbw6ft1 Well-Known Member

    Is a Cashiers check the same as a MOney order? Or can u just buy them at banks? Thanks:)
     
  11. tac14033

    tac14033 Well-Known Member

    99% of all banks don't even actually look or read their checks.

    A couple of times I forgot to endorse/sign a check I mailed to pay a bill.

    Do you think it got returned??

    Nope!! No problem cashing that baby at all!

    How bout messing up on a checks date, do you think they would return it??

    Nope!! No problem with that either!!

    Just to try a little test a while back here is what I done....

    I signed the check...."MICKEY MOUSE" and in the area next to where it says or: I put in large black letters..."I bet the bank will cash this!!"

    What do you think happened??


    Of course just like I thought, they cashed it!!

    Makes you have alot of security knowing your money is well protected!!

    What morons!

    Tac
     
  12. EAGLE

    EAGLE Well-Known Member

    Can you elaborate on this 7 year loss issue;

    1. Is it the issuing bank or the bank that it's

    deposited to?

    2. How exactly would the bank take a loss?

    3. What about the person who cashed it?

    4. How would the person buying the check

    dispute it?

    5. Can you provide links to this law or regulation?

    It seems to me, so far, from what you are saying

    is that I could get a Cashiers check for $xxxxx

    put some type of ridiculous or maybe not even

    a ridiculous restrictive endorsement to the

    effect that it's only "valid" if one or more

    conditions were met, and if not come back on

    the bank that cashed it??

    Thanks
     
  13. guppas

    guppas Well-Known Member

    Interesting. I have a Wells Fargo checking account. A few years ago I began signing my short name (like Frank instead of Franklin) and the bank called me. They said either use the long version or come in and fill out a new signature card! I really didn't think anyone read that stuff!
     

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