In Ohio, the major piece of legislation governing destroyed, lost, or stolen cashier’s checks are §1303.401 of the Ohio Revised Code.
According to the same statute, you may have to wait 90 days before a replacement check can be issued.
However, if your banking or credit union institution has told you to obtain a lost cashier’s check surety bond, AmeriPro Surety Bonds will walk you through the easy steps of obtaining one.
A cashier’s check has the benefit of cash in that generally it clears your banking institution immediately; and the benefit of a check in that is made out to a particular person.
When the check is lost, merely replacing one, in the mind of the bank or credit union, is not so easy. There is always the possibility that the original cashier’s check that has been lost will later be found and cashed.
If the original, lost cashier’s check is also cashed, the bank suffers a loss; they have paid on the same check twice.
The purpose of the Ohio lost cashier’s check bond is a financial guarantee which ensures that should this occur, the bank or credit union will be compensated for any losses up to the required check amount.
But a surety bond is not an insurance policy. In the unlikely event that this occurs, should the surety compensate the bank for the lost cashier’s check, you in turn will be liable for repaying the surety for the costs involved in settling that claim.
Typically, a lost cashier’s check bond will be for at least the amount of the original check.
Some financial institutions may require you to obtain a surety bond for an amount which is greater than the lost cashier’s check which you are replacing. This is most likely required as an added protection on behalf of the bank.
Fortunately, your bank or credit union will tell you the exact amount required.
If they provide this amount in writing, so much the better. We will need a copy of that documentation as support for underwriting your bond.
As a broad general rule, the cost of the lost cashier’s check bond will be approximately 2% of the bond’s amount.
However, the amount that you will pay will be determined by an application (which can be completed over the phone with one of our agents) and a credit score.
Because these other variables factor in to determining the cos of the bond, for an individual, the amount may be slightly or substantially greater than 2%.
An Ohio lost cashier’s check bond premium is a one time payment, and the bond is active for 5 years from the date of issuance.
If there is no claim made by the banking institution on the bond within the 5 year period, the bond expires and at that point you have no ongoing liability.
AmeriPro Surety Bonds is a surety bonds-only agency which provides surety bonds of all types throughout Ohio and nationwide.
We welcome the opportunity to speak with you and get your lost cashier’s check bond filed today.
Please call us today at:
Or, you may fill out the contact form below and one of our agents will call you.