Quote:
Originally Posted by Uberschaf
You can cash a cashier's check at the bank,take the money and spend it. The next week the bank will call and say the cashier's check bounced. Now the merchandise you sold and the money are gone.
What good are cashier's checks if the bank does not check them out when you deposit them? I would say it's the banks problem and they have to own up to their mistake.
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I think a bank will only cash a cashier's check immediately if you have an account with them. The bank's position is that they are acting as your agent to attempt to retrieve the money from the original bank, and you are responsible if the check is fraudulent. Otherwise, the bank would have to contact every originating bank for every check they cash. Way too time consuming, and customers would take their business elsewhere. Anybody can print out or copy a fraudulent cashier's check.