How long can a customer "hold" onto a cashiers check before it becomes unclaimed property? Currently we send in everything over 3 years old to the State of Minnesota. Is that correct?

You need to follow the guidelines from the State, three years is correct for cashiers checks. You might want to look at your outstanding checks on a regular (we use 6 months) basis. Whenever possible we try to contact the remitter if the check isn't cashed in a timely fashion, definitely before it becomes escheat property.

I just happened by this post - Cashier's Checks should be held at the bank for 5 years before escheating to the state of MN, not 3 years...

The 2003 Holder report guide from the MN Commerce Department shows reciprocity/dormancy period for Official Bank Checks/MO as 3 years for Minnesota, it shows Wisconsin as 5 years. We do need to send them to MN Commerce Dept after 3 years, I assume if we had any dormant checks for the State of Wisconsin they wouldn't be due to them for 5 years.

If a bank in California issues a Cashiers check to an individual. how long can that individual hold that check
without cashing it and still have it good?

regarding checks in ca- i've been looking into this all morning! we had a report from banker's compliance group that said all cashier's checks, regardless of their purpose, would be escheated to the state after five years. that was the last update we heard from them; HOWEVER, i searched the state controller's site and found the unclaimed property laws and regulations, which states any cashier's check is to be escheated after 3 years. so to answer your question, i dont know. maybe search the california controller's office website for yourself.

www.qchex.com is a fraudulent check sending website