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I am thinking of selling my car, and reading the advice here, it seems that going with the buyer to my bank office, getting my bank to validate the buyer cashier's check and then completing the sale at the bank is a safe way to conduct business.

However, someone raised the problem that the cashier's check deposit can be reversed some days later.

Is that possible? Is there any regulations on cashier checks to protect the depositee?

Assuptions:

  • I am in my local bank branch, and I have an account on good standing at that bank.
  • My bank has contacted issuing bank and confirmed the origin of the check.
  • Buyer is present during the whole process.
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Mindwin Remember Monica
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1 Answers1

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Based on your assumptions, then no, the deposit cannot be reversed. Your second premise (issuing bank was contacted to confirm the cashier check is valid) is the step that usually does not occur and leads to a reversal. The reason for using cashier's checks is that they cannot bounce (if they are real), and by verifying that the check is truly valid, you should be fine.

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