Cheque theft

Enquiries

When a deposit is made at a financial institution, but the cheques are lost or destroyed before they can be cleared, is this covered by insurance or is the depositor bound to replace the cheque..

amdublin

Enquiries wrote: »

When a deposit is made at a financial institution, but the cheques are lost or destroyed before they can be cleared, is this covered by insurance or is the depositor bound to replace the cheque..

The bank lost or destroyed your cheques???

JTMan

Destroyed? Was the cheque a fraudulent cheque?

A cheque is not covered by insurance nor is the cheque issuer bound to issue a new cheque.

Insist on electronic payment and make your life easier.

Jim2007

Enquiries wrote: »

If savings are lodged at a financial institution but a cheque is lost or destroyed before it can be cleared, is this covered by insurance or is the depositor bound to replace it..

Who issued the cheque?

It is not covered by insurance because there is no loss, the money is still with the issuer. The depositor needs to contact the issuer who needs to issue a new cheque just as they would do in the case of a stale cheque, for example.

Enquiries

It seems the lodgements were stolen after being deposited. I'm asssuming all cash deposits would be insured but just wondered if cheques would also be included. Because if the insurance covered all cash & cheque deposits but the depositor later replaced the cheque, then the cheque amount would effectively be recouped twice.