![]() ![]() If that doesn’t work, you can also try to use an indemnity bond with the issuing bank. Recurring deposits can be scheduled weekly, bi-weekly (1st & 15th). If you lose a cashier's or certified check that you were the recipient of, your best course of action would be to ask the person to replace it. You can make a one-time deposit or schedule recurring deposits via bank transfer (ACH). Plus, banks might impose a 30–90-day waiting period before they write you a replacement check. Indemnity bonds come from insurance companies, but they can be hard to get. ![]() The bond ensures that the bank won’t be liable for paying the second check as well as the first. If you lose a cashier’s or certified check and you want the bank to issue you a new one, the bank will require you to get an indemnity bond. Unfortunately, the best advice is this: Don’t lose your check. Set up automatic transfers from checking to savings Move funds between business and personal accounts Set future-date transfers up to a year in advance. What happens if you lose a certified or cashier’s check? The ACH routing number will have to be included for sending an ACH transfer to any Navy Federal account. Here’s a guide to how they work and how much they cost. To make sure the cashier’s check is legitimate, look up the phone number of the bank referenced independently (rather than using the number on the check) and call them to confirm the check. ACH transfers account for the online bill payments you make and the direct deposits you receive, along with other transfers. People may attempt to pass fraudulent cashier’s checks. When it issues a cashier’s check, the bank is giving you a check from its own account, with the bank address, account number and phone number. The bank will add a stamp, signature or other unique marking to show that a check is certified. When it issues a certified check, the bank verifies a customer’s signature and ensures that the amount of the check is in the account and set aside for that check to clear. With a cashier’s check, it’s mitigated because the check is written from the bank’s account. With a certified check, that risk is mitigated because the bank has set aside the amount indicated. This puts you as a recipient at risk of not getting the payment you expect. When you take a personal check as a payment, you don’t have a concrete way of knowing whether the account it was written from has enough money in it to cover the amount. Which is safer? And how do you avoid fraud? ![]()
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