IBA Compliance Connection

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When we issue a cashier’s check with a misspelling or incorrect amount, we mark the check as “void” and then issue a corrected cashier’s check. How long should we keep those “voided” checks?

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We are not aware of any requirement to retain “voided” cashier’s checks. The IBA Record Retention Guide recommends keeping cashier’s check receipts, records, and register entries for five years. However, for a cashier’s check that has been “voided” before issuance due to a typo or incorrect amount, we believe that it is not necessary to retain the actual check. It is sufficient to maintain an internal record documenting the check number and the fact that the check was voided before it was issued.

For resources related to our guidance, please see:

  • IBA Record Retention Guide (2013-14)
  • Cashier's Check Receipts: 5 years from the date of making (31 CFR 1010.330)
  • Cashier's Check Record: 5 years from the date of making (31 CFR 1010.330)
  • Cashier's Check Register (original entry): 5 years from the date of making (31 CFR 1010.330)
  • 31 CFR 1010.330 (Requires banks to retain reports for five years when they receive $10,000 in cash in one transaction or two or more related transactions.)