Other types of checks, like cashier’s checks, money orders and traveler’s checks, have varying policies on when they expire. That’s because with these types of checks, the money has already been withdrawn from the accounts that issued them. When a check expires, it’s no longer valid as a form of currency, making that expired check worthless.
So here’s everything you need to know about check validity, expiration date, and how and where to do it. That depends on the type of check, but typically you have around six months. Whether or not that restriction is valid depends on several factors.
Can You Cash a Check Without a Bank Account?
Citibank.com provides information about and access to accounts and financial services provided by Citibank, N.A. It does not, and should not be construed as, an offer, invitation or solicitation of services to individuals outside of the United States. For this reason, you need to know what kind of check you are receiving.
MANAGING YOUR MONEY
However, specific categories of checks, such as cashier’s checks, money orders and traveler’s checks, typically have different expiration dates or might not expire. When you write a check that goes uncashed, you may wonder what to do. If that’s the case, it’s best to keep the funds available in your account for at least six months. After that, leave the money alone or set it aside somewhere else for the inevitable day that you have to make good on the payment. Check with an attorney for specific guidance, and remember that a bank might accept the deposit and try to pull funds from your account at any time. Typically, banks print the words “void after X days” on cashier’s checks that can go stale.
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That said, many checks include language that encourages depositing or cashing the check much sooner, usually within 90 days of receipt. But depending on which state it was purchased in and which company issued it, you may be assessed a service charge if you wait one to three years to cash it. The MarketWatch Guides team will explain how long you have to cash different types of checks and the options you might have if your check is expired.
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- Note that a nonrefundable service fee may be deducted from the principal amount if you don’t cash a money order within one to three years, depending on the state of purchase.
- He holds a Bachelor of Arts in journalism from Texas A&M University.
- Be considerate — call or text the payer to let them know your intent.
- A check’s expiration date can depend on what type of check it is.
Reasons a check deposit might be delayed
Checks do indeed expire, but the expiration period can vary depending on the type of check and the issuer’s policies. Personal checks generally expire within six months to a year, while certified checks and government checks may not have an expiration date. It’s crucial to cash or deposit checks promptly to avoid complications and ensure timely access to funds. Additionally, practicing proper check security measures, such as voiding blank checks and safeguarding personal information, can help protect against fraud and unauthorized transactions. By understanding the expiration policies and taking proactive steps to manage your checks, you can make the most of this convenient form of payment while minimizing risks. Unless writing on the check states otherwise, business checks, including paychecks, follow the same rules that apply to personal checks.
Checks are good for six months after the date that they are issued. This is because most financial institutions will no longer accept a check that was issued more than six months ago. However, it’s important to point out that most banks and financial institutions set their own policies which can vary in terms of acceptance. If you find an old check, you may be tempted to try to cash it. But if the date on it is more than six months ago, it’s likely considered a “stale check.” Your bank and the issuing bank may not honor it.
Can You Cash Voided Checks?
Also, there are some banks offering account promotions that can help you get started with your new checking account. A business day for a bank is typically the hours during which the bank is open for processing transactions. While a calendar day ends at midnight, business days have cutoff times for processing transactions. They are under no legal obligation to cash a check older than six months.
When you try to deposit an uncashed check and it’s not accepted by the issuer, it can create problems for both you and the check writer. Terms, conditions and fees for accounts, products, programs and services are subject to change. Not all accounts, products, and services as well as pricing described here are available in all jurisdictions or to all customers. Your eligibility for a particular product and service is subject to a final determination by Citibank. With that in mind, the issuer of the money order might begin charging fees for every missed day, eroding its value.
- You can try to see if they’ll honor a two-year-old check, but you might be hit with fees if the check bounces.
- In an age when Internet banking has taken the power, checks might seem a relic – but they are still a useful and practical way to give money without having to deal with entire stacks of it.
- If a check is never cashed, it becomes worthless, and those funds are never withdrawn from the financial institution that issued it.
- While it’s true that checks have an expiration date, not all types of checks share the same shelf life.
- After the expiration date, the bank may consider the funds unclaimed property and transfer them to the state in a process called escheating2.
- There are many free checking accounts and online checking accounts that are also available for direct deposit.
If you don’t cash in the check for a long time, the payee might think that you lost it – so, to protect the money, they will cancel the check. Once that happens, the bank may reject your claim and the check will bounce back. If a blank check falls into the wrong hands, someone could potentially fill it out fraudulently and drain your account. To mitigate this risk, always keep blank checks in a secure location and never sign them until you’re ready to use them for a specific transaction.
The treatment of expired checks will depend on the financial institution or issuer from which the check is drawn. Generally speaking, you have up to 180 days (approximately six months), to cash a check before it expires, according to the Uniform Commercial Code (UCC). Usually, funds from a cashed check will be available in 1-2 business how long are checks good for? days.
For example, Western Union charges fees to money orders after one to three years. Instead of depositing those old money orders, you may need to contact the issuer to get any remaining value. Other issuers may not charge fees, but they must eventually turn unclaimed assets over to the state. Personal checks are typically valid for six months after the date written on the check. But banks might not notice the date, or they might choose to process stale-dated checks for customers. Because it can be a good practice to cash or deposit checks soon after receiving them, you may want to consider direct deposit.
Alan Sembera began writing for local newspapers in Texas and Louisiana. His professional career includes stints as a computer tech, information editor and income tax preparer. He holds a Bachelor of Arts in journalism from Texas A&M University.
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