Many times, until it’s lost or stolen, many people don’t realize that a lost cashier’s check has about as much in common with cash as it does with a personal check.
It is when these unfortunate circumstances arise that you quickly learn that getting a cashier’s check re-issued involves more than just reporting the check lost or stolen; you must, in addition to the reporting, also obtain a surety bond.
If you are reading this page, you may have already visited or called your local New Mexico bank or credit union.
You perhaps also told them that your cashier’s check is lost or stolen and that you want to see what needs to be done to have it replaced.
They, in turn, likely told you that in order to have the cashier’s check replaced, you must purchase a surety bond with a value in an amount equal to the lost cashier’s check.
Once you do so, they stated, the issuing bank will issue a new cashier’s check to replace the lost one; however, they will only do so after you have first purchased a surety bond.
We mention that the same concept applies for those who need to replace a lost money order as well.
This outside article explains what happens when you lose a cashier's check and the process involved to obtain a New Mexico lost cashier check bond (which is largely true for anywhere in the country).
Since cashier’s checks are in the form of a check, but are treated like cash, the issuing bank requires that when it is lost you purchase a surety bond for its replacement.
The bank wants to ensure that once they issue a second cashier check in the same amount as the one which has been lost or stolen, that if the first cashier’s check should resurface, they will not be “on the hook” for the same payment twice.
By requiring you to purchase the surety bond, you are stating that you will be personally liable should the lost cashier’s check resurface and it is somehow cashed.
Or, that if you locate the original cashier's check, you will not attempt to cash it.
You are further stating that you will be responsible for all fees involved in making the bank “whole” again should the bank pay on the same check twice.
While the surety bond you purchase will be for an amount equal to the lost cashier’s check, the premium you pay, will, of course, be only a percentage of the amount of cashier’s check that you require.
The total cost of the premium will depend on two factors:
The amount of the cashier’s check that you are required to replaced
Your credit score.
AmeriPro Surety Bonds will work with you to get the best pricing for your New Mexico lost cashier’s check bond.
That you don’t have to worry about!
Once you obtain the lost cashier’s check bond, you will take the bond to issuing entity ---the bank or credit union.
Having the bond for their records, they will now issue you a replacement cashier check which you, in turn, will deposit as you would have before.
Lost instrument bonds are much like a lost cashier’s check bond, except that they refer to other financial instruments.
For example, if you own title outright to your home and wish to sell it, but have lost the Deed of Trust, you may be required to purchase a New Mexico lost instrument bond in an amount that is at least the equal to the value of your home.
Less commonly, a loss instrument bond may refer to those who own physical stock certificates which have been lost or stolen and need to be replaced.
Despite our detailed explanation, buying your New Mexico lost cashier's check bond or lost instrument bond is very easy.
It is also a fairly quick and straightforward process.
We work not only with you to have your lost cashier’s bond issued, but we work for you, too!