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Asked by Berdy Spencer, New Orleans, LA Tue Oct 14, 2008

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Answers

3
Maureen Fran…, Agent, Birmingham, MI
Tue Oct 14, 2008
Berdy, welcome back!

From a security standpoint I would put the money in a bank.

Here is an answer to your question from the FDIC website:

"Does the FDIC insure an unpaid cashier's check, interest check, money order, or expense check issued by an insured bank?

If a depositor holds one or more of these items from an insured bank, and the insured bank fails before the item is cleared, the FDIC will add the item to any other deposits held in the same ownership category at the same insured bank. For example, an outstanding interest check payable to a depositor will be added to the depositor's other single ownership accounts, if any, and the total insured up to $250,000."
1 vote
LYNN Afton, Agent, Big Rapids, MI
Tue Oct 14, 2008
Berdy, I hope that you purchase a home soon, so that you don't have to find out how long it may take with the present economic situation to actually get your money if the bank fails. May you find the home you are looking for quickly. Give me a call if you're looking for a weekend getaway to the north! -Lynn
0 votes
Derek Bauer, Agent, South Lyon, MI
Tue Oct 14, 2008
A cashier's check, is like a certified check, is like a money order ... they are like cash. It is not possible for it to bounce. That is why title company take said forms of checks, and not personal checks, because they are as solid as it gets...
Web Reference:  http://www.DoorToDreams.com
0 votes
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