If you’ve had a cashier’s check issued to you, and it was subsequently lost --- particularly if the check was for a substantial amount --- the feeling of not being able to find the check is awful.
There is that sinking feeling you get in the pit of your stomach.
In the Commonwealth, you may have been told by the banking institution which issued the check that you have to wait(!) 90 days before the check can be replaced.
You may have also been told that you require a surety bond to replace the check, which in all probability is why you’re here.
AmeriPro Surety Bonds will explain to you what a lost cashier’s check bond is, and just as importantly, we’ll help you get your bond so the your cashier’s check can be replaced.
Your cashier’s check exists in two worlds with the convenience of both:
It is like cash, since the funds are guaranteed and there is little to no waiting time for clearing through a bank or credit union.
And, it is like a check in that it is not cash either; it is specifically made out to you.
When it is lost, unfortunately, placing a stop payment is not as easy as it would be were it a personal or business check.
In requiring you to obtain a surety bond, the banking institution is protecting itself from the loss which would be incurred by paying on the same check twice.
The Pennsylvania lost cashier’s bond therefore does the following:
An important point to remember, however, is that your lost cashier’s check surety bond is not an insurance policy.
While the surety bond will guarantee repayment to the bank if the original check were ever located and cashed, you, in turn, will be financially and legally liable to reimburse the surety for all costs involved in paying the bank.
The banking institution which issued your cashier’s check, now lost, may require you to purchase a bond in the amount of the original cashier’s check.
Or, they may require you to purchase a bond for more than the original cashier’s check.
If they provide anything to you in writing regarding the amount required, it is a good idea to present a copy of that to our agency as we work to have your bond issued.
The very last thing we want is to have a bond issued only to be rejected by the bank.
The premium is the price you will pay to have your lost cashier’s bond issued.
You may be pleasantly surprised to learn that the premium represents a small fraction of the overall amount required.
Your premium amount will be determined by the following:
As an example, someone with a good credit score replacing a lost cashier’s check for $20,000 may pay as little as $400 for the surety bond.
And, bear in mind, that is a onetime premium.
AmeriPro Surety Bonds is a surety-bonds only agency.
This means we are about one thing: Providing you the best surety bond experience.
We understand the urgency of getting your lost cashier’s check bond.
We urge you to call us today: