California Lost Cashier's Check Bond
What is a lost cashier's check surety bond?
A lost cashier's check bond is a type of lost instrument bond that protects banks from financial loss. Banks need this protection because a cashier’s check is like cash, and banks will usually cash a cashier’s check without question.
With this bond, the person asking for the replacement check, not the financial institution, becomes responsible for the check amount if it’s found and cashed. That's why this bond is also called an indemnity bond for a lost cashier's check.
How much does a lost cashier’s check bond cost?
For checks up to $25,000, you can get a lost cashier’s check bond for just 1% of the check amount— credit check required, and your bond will be available for immediate download.
For checks more than $25,000, your rate will vary and a credit check would be required. The credit check and processing of the bond may take 2 to 3 days. Contact us for a quote!
Who needs a lost cashier’s check bond?
If you lose a cashier’s check and go to the issuing bank or credit union for a replacement, they may wait 90 days to see if the lost check is found. If you need the check sooner than that, they will ask you for an indemnity bond for the lost cashier’s check.
How can I get a lost cashier’s check surety bond?
Most surety companies offer this type of lost instrument bond, however, the rates differ based on the check amount and your credit score.
Before you get the bond, you may need to fill out a declaration of loss statement with the bank or financial institution that issued the check. If you are the receiver of the check and don’t know who issued it, contact the person or entity that gave you the check to find out.
What else should I know about lost cashier’s check bonds?
Even if you can wait 90 days for the check replacement, the bank may ask for an indemnity bond anyway, depending on the amount of the check. The bank may also make you wait 30 to 90 days for the replacement check even with a surety bond. Always check if the bank will accept surety bonds before buying.
This type of bond is also referred to more generally as a closed penalty lost instrument bond.