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.
