Cashier's checks - ALWAYS "as good as cash"?

Question

Due to the nature of my business, I usually have several cashier's checks in different large amounts from a particular bank. If this bank were to go out of business, would I have a tough time cashing these checks?

Answer 1

Probably. However, so long as you're taking the checks from a reputable large bank theres nothing to worry about. If a bank like that DID fail, I don't think the cashiers check would be your biggest concern at that time anyways...

Answer 2

nope..these can bounce too..they are not always honored as cash..these can be fake too or in your case..non negotiable

Answer 3

No, they're always as good as cash, because the way they work is the funds are directly debited from the check writer's account the second they are issued the cashier's check, so there's no chance of the funds not being available when you go to cash it.  It's basically the same as a money order, only it is generally used for larger dollar amounts.

Answer 4

If the bank went out of business you would probably lose most of your money, and would have to wait a long time to get anything back at all.

However, if you live in a developed western country (USA, UK etc) then your Central Bank (eg the Bank of England) would prevent banks from going bust except in VERY unusual circumstances. So the cheques are almost as safe as cash.

Answer 5

yes, in fact, you might have to spend them at somewhere that accepts them, rather than ever get you cash.........