Deposited an old check

dereksbicycles

dereksbicycles

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I was nervous when I went to bank today. You see, I was cleaning up today and found a check from Dec.1, 2010. It was for $51. I decided to deposit it. I was worried that Chase bank would turn it down. NO, I was wrong. They actually took my check. I used it to pay credit bills. I asked them if the check would be bad being old. Bank told me that it may be good because it was for only $51.

It was from an auction place. They're not out of business. They simply have changed their name since my check was issue. Bank said that it may take up to 2 weeks to see if check is good.

I hope that it's good.
 
You're very lucky. Most will not accept it because of the age. It surprised me that your bank actually accepted it.
 
Was there a date on the check that indicated how long the check was valid for? Such examples would be "Check valid for 180 days from date of issue." etc. I worry that you're going to be out the $51, PLUS whatever the bank charges you for a bad/stopped/expired check which can usually be around $30. If there was no such date on the check then most likely the issuer has to honor it as long as funds are still available after so long.
 
Yes, it surprised me. Maybe they figure that if check is bad, they can charge me fee. Therefore, I guess they are supposed to take it regardless of age?
 
AlleyCat said:
Was there a date on the check that indicated how long the check was valid for? Such examples would be "Check valid for 180 days from date of issue." etc. I worry that you're going to be out the $51, PLUS whatever the bank charges you for a bad/stopped/expired check which can usually be around $30. If there was no such date on the check then most likely the issuer has to honor it as long as funds are still available after so long.
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There was nothing such thing as valid for up to 180 days or anything that I saw on it.
 
JMH said:
You're very lucky. Most will not accept it because of the age. It surprised me that your bank actually accepted it.
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Banks will take a risk on a $51 check because they can charge a large fee if that check is returned. PLUS if it is an account that borders on the limit there is a chance of collecting overdraft fees as well.
 
It is only the polite thing to do if you would notify the people who wrote the check that you found it. That way, if they had written it off, they could make sure it clears.
 
Odds are with CHASE if it doesn't clear they wouldn't fine you once you explained the circumstances as long as you paid it back promptly.
 
Best line of defense is to speak to bank reps not teller. If your gone though teller and it returns as bad check, you could be held liable or they would think your trying to pass bad check and you could be charged.

The difference between teller and bank reps is that Teller only process transactions that is it. While Reps, their responsible is to check if everything is legit, and let you know its ok. Get it documented, it is your line of defense of any surprise that might arise. Talking with reps demonstrates that you were not sure and wanted to check first and they know you are not trying to pass bad checks.
 
Another thing you can do is go to bank that check is drawing from. (not your own bank) They can check and see if account is still good or not. If is open and got balance, then cash it right then and there.. If not, then you know you can't cash it and don't risk it being bounced.
 
I went yestersday. They said the check looked good so far. I would have to wait at least a week or 2 to make sure it is okay. I am paranoid, you know.
 
Since it is deposited though teller, its on its own system and if it backfires, you got problem. That is why it is always best talk with reps instead of teller. Too late to do anything anyway. Hope nothing goes haywire for you.

dereksbicycles said:
I went yestersday. They said the check looked good so far. I would have to wait at least a week or 2 to make sure it is okay. I am paranoid, you know.
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I would have called up the Auction business and explain to them about the check first before attempting to deposit it into my bank....And if they refused, you could (possibily) take it to Court as long as there isn't a 180 days expiration....which I'm not sure of myself....

Making sure is much better than being in limbo about it all...
 
dereksbicycles said:
I was nervous when I went to bank today. You see, I was cleaning up today and found a check from Dec.1, 2010. It was for $51. I decided to deposit it. I was worried that Chase bank would turn it down. NO, I was wrong. They actually took my check. I used it to pay credit bills. I asked them if the check would be bad being old. Bank told me that it may be good because it was for only $51.

It was from an auction place. They're not out of business. They simply have changed their name since my check was issue. Bank said that it may take up to 2 weeks to see if check is good.

I hope that it's good.
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could be more careful dont loose first place....i thought 6months any bank and check worthless.luck to you hope they cash it
 
I would had waited for the check to clear before paying off a bill , if the check bounce you could end paying a fee .
 
Agreed, and they can turn you down and you might end up pay penalty for no good check. Sue in court? Its gonna be tough, cause new business owner.

rockin'robin said:
I would have called up the Auction business and explain to them about the check first before attempting to deposit it into my bank....And if they refused, you could (possibily) take it to Court as long as there isn't a 180 days expiration....which I'm not sure of myself....

Making sure is much better than being in limbo about it all...
Click to expand...
 
Having worked in a bank before and being a head teller as well as an accounts rep, we were always told that checks were good only for 6 months from the date issued. After that, they were to be denied as being too old.
 
KristinaB said:
Having worked in a bank before and being a head teller as well as an accounts rep, we were always told that checks were good only for 6 months from the date issued. After that, they were to be denied as being too old.
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Personal or payroll checks?
 
Over here..

The bank will contact the issuer of the check and then ask them to write a fresh one so they can use that instead.

So I guess it depends on the bank.
 
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