Community Chat

[Silver Lining]

I found an old check for fifteen hundred dollars from my first husband. We have been divorced for eons. It might have been alimony and I never cashed that particular check. I didn't want his money but that was DUMB of me to not cash the check.

[sunshine45]

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@sidsmom wrote:

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@sunshine45 wrote:

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@sidsmom wrote:

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@sunshine45 wrote:

yes, it is called a RETURNED DEPOSITED ITEM FEE. you may want to check with your bank and see if your account can be charged that fee. banks can charge up to $35 per returned item.

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Also called a ‘Chargeback Fee’, depending on your bank.

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@sidsmom

i usually associate a CHARGEBACK FEE with a credit card. for example, if i charge a person $50 for services then they go and disupute it with their credit card company, the bank charges my business account with a $15 chargeback fee AND removes the charge that initially went through.

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Several instruments....account, credit card, LOC....

Wiki:

Chargeback is the return of funds to a consumer, initiated by the issuing bank of the instrument used by a consumer to settle a debt. Specifically, it is the reversal of a prior outbound transfer of funds from a consumer's bank account, line of credit, or credit card. 

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@sidsmom

 chargebacks generally refer to credit card or debit card transactions that have already gone through the account.  then a dispute is made by the consumer. the merchant then has to go through the credit card processing company OR go through arbitration in order to get those funds back.

in a returned deposited item the item never goes through the issuing banks account. it is rejected right away. the check could be stale dated, the account could be closed, the account could be frozen for some reason.

in a insufficient funds check it goes into the account and if the person doesnt have enough funds to cover that check then it is returned as an insufficient funds item. the bank can charge the depositor for that also.

being a merchant, there is a distinct difference between all three when these things happen to your account.

[jackthebear]

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@occasionalrain wrote:

I admit to being remiss in organization. I make notes on envelopes while the notebooks I buy remain unused. Every once in awhile I go through the file cabinets and shread old paperwork. Today was that day and I found an uncashed check from 2008. It doesn't have one of those end dates on it. So, I'm wondering if I can deposit it.

I know I can Google or call the bank. I just thought I'd ask, what's the oldest check you've found and/or cashed?

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In our house that would never happen, check are cashed ASAP

[sidsmom]

@sunshine45

Ok...when I began my banking career in 1983, long before credit cards

were a thing, chargebacks happened. That’s the charge the ‘innocents’

received when they deposited a NSF check.  The older generation

probably associate CB fee to checks; current day, it’s more likely cards. 

[chrystaltree]

A check that old will not be processed whether it has a "cash by" date or not.   I assume it's from a business.  You should call the accounts payable department of the business and explain that you just found the check and ask what process you should follow to have the check re-issued.  It happens.  And sometimes the amounts are substantial.  In business, checks are written on different accounts.  For all you know, the account that old check was written on doesn't even exist now.  I'm careful with my money, such a thing ha never happened to me but I have found $10 or $20 dollars in a handbag or the pocket of a jacket.  Where I work, if someone had a 10 year old check, there would be no way to verify it because the records for that time period would be paper and in storage.  They'd ask you to bring in the check and they would take it back and issue a new check.  

[Deb665]

@sidsmom  When I began my banking career in 1973 it was in the Cash Item Dept, where I processed Chargebacks all day long to customers checking accounts.   It was a rather boring job, but provided a great foundation for future positions!

[sidsmom]

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@Deb665 wrote:

@sidsmom  When I began my banking career in 1973 it was in the Cash Item Dept, where I processed Chargebacks all day long to customers checking accounts.   It was a rather boring job, but provided a great foundation for future positions!

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Yes!

I remember going up to the Accounting Dept to get a copy of a

signature card where every.single.card.signed was in this

huge filing area.  Eventually on microfiche...(!).  High tech.

1973? Boy...I bet you have stories! 

[lkat]

The company I work for deals in unclaimed property.  All the states have their own laws that say any uncashed checks, dormant accounts (cash or securities), etc. have to be turned over to the state.  The number of years varies depending on the type of property and the state.  I believe all states have ways to search for your name.  You can also use http://www.missingmoney.com/ which allows you to search multiple states from one place.

It is truly mind boggling how much unclaimed property is reported to the states each reporting period. 

[jannabelle1]

Having worked in banks for over 40 years, that check would most likely be considered stale-dated! If there's no "must be cashed by" date on the check, the bank might send it as a collection item to the bank. As someone mentioned, some banks may charge to process a check like that. You could also call the company that issued the check, but finding someone to help you might be a bit of a challenge.

[CouponQueen]

I would call the financial institution (or person/business) about replacement but do not cash it. It won't go thru and as some here said it is a "stale" check and YOU will be charged a fee when it is returned.

Been there done that...have the fee to verify it lol