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About Shane
Expertise
Hello, my name is Shane. I currently work at a financial institution in customer service and sales. I am able to answer most questions you have regarding banking products and services, how to use them, and what products may benefit you best. I can also help you to weigh the risks of various types of savings vehicles such as questions pertaining to CDS, money market accounts, etc. Feel free to ask and I promise I will do the best I can to answer.
Experience
Customer Service and Sales call center experience. Assists in training new hires for customer service. Well versed with FDIC policies, banking compliance laws, and a wide variety of product knowledge.
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American Association of Medical Assistants
Education/Credentials
High School Graduate and Medical Assisting Diploma
Awards and Honors
Significantly exceeds expectations annual review from the bank I presently work at
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You are here: Experts > Real Estate > Banking: U.S. > Using Banks and Bank Accounts > Cashing a signed cashiers check I found
Expert: Shane
Date: 10/4/2008
Subject: Cashing a signed cashiers check I found
Question
While riding my bike I found a signed cashiers check for $550. I understand that a cashiers check is a bearer instrument and I also know that banks are under strict rules to pay out and honor valid withdraw demands. I also always learned that a signed cashiers check was as good as finding cash. Well, is it like finding cash?
I have no idea if the signature on the document is that of the original payee or not; the question is, is that my problem? If the bank cashes it does it then become their problem and/or have I done anything wrong? I am tempted to sign my name and cash the thing.
It could be that someone stole the check, forged his signature and then they lost it, or any of a hundred possibilities, but like I stated above, from everything I have read it looks like a signed cashiers check is like finding money. Clearly I could use some advice.
Answer
Hi Aaron,
I understand the temptation, however I wouldnt cash it. Your right that it is a bearer instrument, however there are a lot of forged cashiers checks floating around there right now usually for between $500 and $600. The problem you run into is if you sign it and deposit it, and the issuer placed a stop payment, you could get into trouble because they may assume that you stole it. Also, the person who purchased the money order gets a stub with the check # that was issued, if the intended recipient doesnt receive it they will usually let the issuer know and a stop payment or "stolen" notice could be placed. I have seen where banks have went to far to press "uttering and publishing" charges (which in this state is 3 yrs in jail) for signing and trying to cash/deposit a cashiers check that they know is not theirs.
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