Does anyone have a good policy for replacing cashier's checks that they'd be willing to share? I'm looking for such items as rules about indemnity bonds, dollar thresholds for replacing, approvals, etc.

lglover:
We just had situation that we needed to create a policy. You may want to check with your states requirements on Cashier Check replacement. I am from MN and the UCC dictates 90 days before replacement of an "official" check (unless lost or stolen). We ran into some fraud while reissuing checks (even to the same person). The person had signed the checks over to purchase vehicles from a dealer/auction house and then came back to the bank and said that the checks were lost. I guess even in the most common situation the bank must be careful. One red flag was this was a new customer without a history with our bank. Please email me and I can forward you a couple of forms that we use.

We require an indemnification agreement be signed by the remitter, payee and Branch Manager prior to replacing a lost/stolen CC if the issue date is less than 90 days. After 90 days we require a "declaration" signed by either the remitter or payee. We sell CC only to current account holders. I'd be glad to e-mail you our forms.

Would either of you consider putting your forms in the Bankers Tools section for all of us?