topic Re: NFCU question: Teller error and Cashier's check in Personal Finance

NFCU question: Teller error and Cashier's check

Appleman — Sun, 17 Jul 2016 17:22:58 GMT

Saturday I stop by my local branch of NFCU to get a cashier's check that I need for a refinace closing later this week.

The teller states that she will need to move money from my checking to the share savings account to process the check. She stated that at NFCU cashier's checks are always drawn from the secured savings.

I agree and she transfers the money from checking to the shared savings and prints out my cashier's check. The check is correct (name and amount) and I take that plus the two slips from the teller and put them in my bag.

Later Saturday afternoon, I log into my account on-line and see that my Shared Savings is more than $300 in the negative. The teller hand wrote along the top of the transfer slip that $1,700 was transfered but the computer endorsement at the bottom shows only $1,100 was transfered. Simple mistake I am sure. ($3,000 was in the account at the time).

The transaction slip for the cashiers check shows the correct amount for the check ($1,700) and also printed along the bottom (computer printed endorsement) shows the account balance as -$300.

I immediately transferred $600 from checking to the Shared savings on-line to bring the balance positive.

2 questions:

1. Is the cashier's check still good? (I believe so as there were plenty of funds for the transaction and the mistake was the teller's(and mine for not double checking))

2. Is NFCU likely to charge an overdraft fee as the secured savings account was negative for a period of time on Saturday?

I tried to call customer service Saturday but did not reach a CSR. I sent a secure message and will likely stop by the branch early in the week to ensure no problems with the account or cashier's check.

Re: NFCU question: Teller error and Cashier's check

Tazman81 — Mon, 18 Jul 2016 20:11:02 GMT

NFCU does draw from savings to do cashier's check. The check is still valid because they already "pulled" the money from your account, and that is what caused it to go into the negative. Having transferred the funds over to your savings account to get the account out of the negative should put you back in the clear. If you do see an overdraft fee, you can call the credit union and I am certain they will just remove it as they will be able to see it was the teller that caused the overdraft.

Re: NFCU question: Teller error and Cashier's check

Turbobuick — Tue, 19 Jul 2016 05:43:07 GMT

A cashiers check is guaranteed by the bank, so it's good even though your account was short.

Re: NFCU question: Teller error and Cashier's check

Appleman — Tue, 19 Jul 2016 12:28:26 GMT

Thanks for the replies. They responded via secure message Monday morning re-assuring me that the Cashier's check is valid and there will be no overage fee.

Re: NFCU question: Teller error and Cashier's check

Anonymous — Tue, 19 Jul 2016 12:36:55 GMT

@Appleman wrote:
Thanks for the replies. They responded via secure message Monday morning re-assuring me that the Cashier's check is valid and there will be no overage fee.

Good to hear!