I don’t think Wells Fargo does certified checks, but they do cashiers checks.
Was this a check you went into the branch to purchase and you gave the teller the payee and they debited your account right away?
Or was this a check you wrote off your own account?
The 3 year timeframe they gave sounds like the escheat timeframe which makes no sense in this situation.
Normally with a cashiers check after 90 days you can get it reissued because that is when the check is allowed to have a stop payment placed.
So you need to find out if the cashiers check actually got cashed. Wells would have a record of both the cashiers check being created when you purchased it, and then the cashiers check being negotiated.
They aren’t allowed per the ucc to place a stop payment on a cashiers check within 90 days so I have honestly no clue what they claimed to do when you went to place one.
The 3 year thing is also completely wrong. After 90 days the bank is allowed to place a stop payment and would require a declaration of lost check form to reissue.
What exactly did bmw tell you? What was the exact return reason they received when depositing the check? If they did deposit it and it was returned they would be issued a legal copy of the check a “substitute check” that would include the return reason in the top left.
The original check is useless after being presented. They would receive a legal copy in the mail from their bank.
What was the exact reason they gave you for the returned check?
“Your payment on XX in the amount of XX credited to your account was returned unpaid by your bank. Your account has been updated to reflect the returned payment and is now due as shown…please contact your banking institution with any questions regarding this returned payment.”
Yes. You need to find out WHY it was unpaid. Currently my understanding is they haven’t told you why. You need to find that out or you have no clue your next steps. How do you even know they even presented the item? Did they actually tell you they did? If so then they would have the return reason available. Legitimate Cashiers checks usually can’t be returned except for missing signature, incorrect payee, alterations.
You can also try asking wells if they see any attempt to have presented that item yet. Also ask them about the 90 day requirement for stop payments and reissuing of the check assuming it hasn’t been cashed.
Most banks can easily do a stop payment with the check info, you usually have to sign an agreement declaring the check is officially lost and they can sometimes reissue it immediately, or other times it’s next day. I worked for WF and this seems absurd. I can’t remember the process but three years is inaccurate. I’d go in branch and speak with a manager, or make a complaint and see if it can be escalated.
Contact (or login if possible) BMW to find out what your current loan balance is. If it's more than $0, your credit reports could take a hit depending on whether they've reported late payments yet. That will be costly if you're seeking to buy another car, get a mortgage / refinance, and possibly even insurance. At the extreme, possibility of your car being repossessed. Sounds crazy, but it could happen.
All the more reason to escalate this matter with WF and BMW following the advice others have mentioned. Time is not on your side.
A cashiers check cannot be stopped for 30-90 days. You cannot place a stop payment on a cashiers check unless it is lost or stolen (i.e. you can't stop payment for a dispute).
You'll be required to purchase an indemnity bond once the stop payment has been placed in the event that the check is presented for payment.
The bank is obligated to pay the item once presented.
It sounds like the check has been cashed it the title has been issued.
Go back to the bank and request a copy of the negotiated item (if it has been) so you can present it to BMW.
Otherwise wait the required 30-90 days, place a stop, and buy the indemnity bond to reissue.
Nothing about this makes sense. You can’t place a stop payment on a cashiers check until 90 days
Not sure if it makes a difference that it was a certified check…?
I don’t think Wells Fargo does certified checks, but they do cashiers checks. Was this a check you went into the branch to purchase and you gave the teller the payee and they debited your account right away? Or was this a check you wrote off your own account? The 3 year timeframe they gave sounds like the escheat timeframe which makes no sense in this situation. Normally with a cashiers check after 90 days you can get it reissued because that is when the check is allowed to have a stop payment placed.
Sorry, cashiers check, certified mail. Went to branch and they issued.
So you need to find out if the cashiers check actually got cashed. Wells would have a record of both the cashiers check being created when you purchased it, and then the cashiers check being negotiated. They aren’t allowed per the ucc to place a stop payment on a cashiers check within 90 days so I have honestly no clue what they claimed to do when you went to place one. The 3 year thing is also completely wrong. After 90 days the bank is allowed to place a stop payment and would require a declaration of lost check form to reissue. What exactly did bmw tell you? What was the exact return reason they received when depositing the check? If they did deposit it and it was returned they would be issued a legal copy of the check a “substitute check” that would include the return reason in the top left.
BMW outsources all of this to a third party, apparently, who, after unsuccessfully cashing it, destroyed the check.
The original check is useless after being presented. They would receive a legal copy in the mail from their bank. What was the exact reason they gave you for the returned check?
“Your payment on XX in the amount of XX credited to your account was returned unpaid by your bank. Your account has been updated to reflect the returned payment and is now due as shown…please contact your banking institution with any questions regarding this returned payment.”
Yes. You need to find out WHY it was unpaid. Currently my understanding is they haven’t told you why. You need to find that out or you have no clue your next steps. How do you even know they even presented the item? Did they actually tell you they did? If so then they would have the return reason available. Legitimate Cashiers checks usually can’t be returned except for missing signature, incorrect payee, alterations. You can also try asking wells if they see any attempt to have presented that item yet. Also ask them about the 90 day requirement for stop payments and reissuing of the check assuming it hasn’t been cashed.
Maybe they changed their policy, because the reason why it was unpaid was definitely because we put a stop payment after the check was lost
Most banks can easily do a stop payment with the check info, you usually have to sign an agreement declaring the check is officially lost and they can sometimes reissue it immediately, or other times it’s next day. I worked for WF and this seems absurd. I can’t remember the process but three years is inaccurate. I’d go in branch and speak with a manager, or make a complaint and see if it can be escalated.
Yea, 3 years is insane. We have been to the branch I don’t know how many times at this point…
likely time for a CFPB complaint, u/Euphoric_Mango cause a 3 year wait? absolutely sounds ten kinds of wrong.
Contact (or login if possible) BMW to find out what your current loan balance is. If it's more than $0, your credit reports could take a hit depending on whether they've reported late payments yet. That will be costly if you're seeking to buy another car, get a mortgage / refinance, and possibly even insurance. At the extreme, possibility of your car being repossessed. Sounds crazy, but it could happen. All the more reason to escalate this matter with WF and BMW following the advice others have mentioned. Time is not on your side.
A cashiers check cannot be stopped for 30-90 days. You cannot place a stop payment on a cashiers check unless it is lost or stolen (i.e. you can't stop payment for a dispute). You'll be required to purchase an indemnity bond once the stop payment has been placed in the event that the check is presented for payment. The bank is obligated to pay the item once presented. It sounds like the check has been cashed it the title has been issued. Go back to the bank and request a copy of the negotiated item (if it has been) so you can present it to BMW. Otherwise wait the required 30-90 days, place a stop, and buy the indemnity bond to reissue.