A lost instrument bond for a cashier’s check is required from the issuing bank when a cashier’s check has been lost or misplaced. The bank cannot issue a stop payment on the cashier’s check, so in order to re-issue a new cashier’s check they require a surety bond. If the lost check is brought to the bank and is endorsed they must pay out on the check, in addition to the new re-issued check. The surety bond prevents the bank from the loss of both checks being cashed. If both checks are cashed than the bank can collect payment from the surety company.
If there is a claim placed on your bond and you are found at fault, the surety company will pay out. However, you will have to pay them back.
These bonds are fairly easy to obtain, all we need is a filled out application. The cost of the bond is 2% of the bond amount with a minimum of $100. Bond amounts over $25,000 do require a credit check and the rate can be higher.
Make sure you verify that your bank will accept a surety bond before applying.
The cashier’s check must be lost for at least 30 days and the cashier’s check should not have been endorsed.
How do you get a lost instrument – cashier’s check Bond?
1. Complete an application by clicking below on Get Bonded Now
2. One of our surety experts will call and email you with the firm quote and an agreement to sign.
3. Provide payment and your signed agreement, then you will receive your bond!