Cashier Checks are only guaranteed if you cash them at the bank that issued them, that is assuming it isn't fraudulent.. They have become a favorite for scammers to forge because people assume they are as good as cash. The hold protects you and the bank by ensuring the funds are received before you spend the money.
Avoiding Cachier's Check Fraud. (from the OCC Website)
"However, cashier’s checks lately have become an attractive vehicle for fraud when used for payments to consumers. Although, the amount of a cashier’s check quickly becomes "available" for withdrawal by the consumer after the consumer deposits the check, these funds do not belong to the consumer if the check proves to be fraudulent. It may take weeks to discover that a cashier’s check is fraudulent. In the meantime, the consumer may have irrevocably wired the funds to a scam artist or otherwise used the funds—only to find out later, when the fraud is detected—that the consumer owes the bank the full amount of the cashier’s check that had been deposited."
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