The Truth about Cashing Old Checks

If you have ever received a check and forgotten to cash it, you’ve probably wondered whether it’s still good. Could you still take the check to the bank and get your money? If you have had questions about what to do with old checks, you are not alone. Every year millions of checks go uncashed.

The first thing to know is that there are no standard rules as to when a check expires. However, the Uniform Commercial Code does not require banks to accept checks that are more than six months old. Every bank sets its own rules for depositing old checks, so make sure you check with your bank first.

When cashing an old check, be courteous to the person or organization who wrote the check. If you deposit an old check without telling the person who gave it to you, their bank account could become overdrawn because they might not have enough money in their account to cover the check. (If they’ve decided you’re never going to cash it, they might have tallied the amount of the check as part of their bank balance.)

Give the person a call, let them know you have not cashed the check, and see if they will write a new check. If it was a gift and you did not write a “thank you” note, this is a good time to personally thank them. (Be sure also to write them a nice note, as you don’t want to seem ungrateful.)

Never assume that your bank will accept an old check! You could end up paying a “deposit item returned” fee for checks that bounce. These fees could be $30 or more for each bounced check!

Readers, what do you think?

1.    Have you ever tried to cash an old check? What happened when you did? Did the check bounce?

2.    Did you notify the person who gave you the check before trying to deposit it? What did they say?

3.    Do you see bouncing an expired check as a learning experience? If so, what will you do differently next time?

Reference:

Ross, A. (n.d.). 5 Things to Know When Cashing Old Checks. Bankrate.com. Retrieved November 11, 2014, from http://www.bankrate.com/finance/checking/cashing-old-checks-1.aspx?ic_id=Top_Financial.