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Author: Extension Family Resource Management Specialist, Department of Extension Family and Consumer Sciences, New Mexico State University. Checks also cost merchants or sellers less to process compared to credit and debit card transactions.
It is your responsibility to write a check so that it cannot be easily altered by another person. It is a good practice to fill in the check stub before you write the check so you do not forget to record a check. If the amount written in figures and the amount written in words don’t agree, the bank will generally pay the amount written in words. Although you don’t need to endorse a check to deposit it to your bank account, endorsing a check provides increased security.
Sometimes called bank drafts, cashier’s checks can be used by people who do not have a checking account and do not want to make a payment in cash. If you have any reason to be concerned that a check may not be good, it would be wise to ask for payment by cashier’s check.
Money orders typically have a smaller dollar amount transaction, normally capped at $1,000. Cashier’s checks are issued by banks, while money orders are available in grocery stores and convenience stores. When you buy these checks, you must sign each one at the top in the presence of the seller. When you purchase the checks, you receive a receipt stub to record the serial numbers of each check. You avoid the risk of finding that the person closed the account on which the check was written.
You minimize the possibility that the writer’s account might not be adequate to cover the check at a later date. You do not cause inconvenience to the writer in reconciling his or her bank statement because of outstanding checks. This may be done if a check or checkbook is lost or if you find you have already paid the amount. You can ask for a stop payment order by telephone, but you must go to the bank and sign the order within two weeks. Protect yourself against check fraud by being as careful with checks as you would with cash.
Improving the lives of New Mexicans, the nation, and the world through research, teaching and extension. In my younger days, I had similar experiences (though never with checks that were just a few weeks old).
A bank is under no obligation to a customer having a checking account to pay a check, other than a certified check, which is presented more than six months after its date, but it may charge its customer’s account for a payment made thereafter in good faith. Yet another reason why I only use checks when no other option is available, too many people who just sit on them and meanwhile you’re having to keep extra money in the account (I purposefully keep as little as necessary in checking and put everything else into savings) and eventually nag them to deposit them. That doesn’t seem so late to me Mary Lou but you should check with your bank to be sure. I have a check from a bank that was bought out and therefore does not exist under that name any more, although the Routing Number might still be active. Years ago I rented a room in a house, the LL who didn’t live there told me to write one check for rent, the other for deposit, both around $500. No, you all have it wrong… The bank WILL cash a stale check on purpose because they can make that overdraft money off of your mistake.
I read most of your comments and they are very interesting, I am sure that many of you will find mine compelling too. Well, I didn’t know what to do, i have bills to pay, things that need to be done, so i deposited the check.! I have 2 personal checks from a guy who owed me money($4000) these checks are coming up on 4 years old now. What if a check is nearly 30 years old and the account has been closed for nearly 20 years ?
I came here because I tried to cash a dividend check from 2006 that said void after 6 months. Like checks, debit cards allow you to pay your bills and make purchases in supermarkets, restaurants, and other stores. Keep in mind that regardless of whether you choose the credit or the debit option, a debit card does not work the same way as a credit card. Even if you use your debit card for most transactions, you probably will write checks at least once in a while. Furthermore, once the check is deposited and no longer outstanding, you should mark that as well. One very important difference between debit cards and checks is that when you write a check, the money is not deducted from your checking account immediately.
An electronic check (also called an EFT payment) is essentially a personal check that is written on-line. In order to pay by electronic check, you must provide your routing number and account number. Automatic debit is the opposite of direct deposit – every month (or another set period) money is automatically withdrawn from your checking account to pay a bill. Like with direct deposit, starting automatic debit can be done by filling out an enrollment form. Because of these favorable properties, checks tend to be used for large-dollar items such as paying utility bills, buying computers, and making car payments. Write the amount in figures, starting as close to the dollar sign as possible to prevent anyone from adding another number. Write out the dollar amount in words and the cents in figures, with a line and 100 under the cents. Sign your name in ink exactly as you signed it on the signature card you filled out when opening your bank account.

The numbers on the check in the upper right hand corner are identification numbers used to sort and identify checks so they can be returned to the originating bank. The first set of numbers in the lower left-hand portion of the check is identification numbers used by coding machines and computers for electronic sorting and processing.
It is placed here by some banks so that computer verification or recall can be made for a particular check. The person to whom the check is made out (the payee) simply signs his or her name on the back of the check (Figure 2).
Use this type of endorsement when mailing checks to be deposited in a checking or savings account. If you receive a check and your name was misspelled by the writer, endorse the check first as your name was spelled on the check, then sign your name correctly (Figure 5).
Some banks issue only bank money orders, and others issue both money orders and cashier’s checks.
When travelling, it is not wise to carry large sums of cash because of the risk of theft or loss.
When the check is cashed, you fill in the date and the name of the payee and sign the check again at the bottom.
It is important to fill in the amount of the check, where it was cashed, and to whom it was paid when you cash each check. When you ask for a stop payment order, you need to give the bank the following information: your account number, the check number, date of the check, amount of the check, name of the person it is payable to, and who signed the check. However, you should always ensure that you fill out checks correctly to prevent fraud and errors that could affect your finances. Savings interest rates may be low, but that is all the more reason to shop for the best rate. I think the best thing is to contact the company, bank or party that issued the check and explain what happened.
Are the checks still valid they have no expiration date on them still attached to my paystubs??? He said ‘Well, the heat bill was pretty high while you were there, and I felt you should pay for that’ !!!
My mother always told me to think of checks as cash, once you write it consider the money gone.
I have gone to the bank several times to cash it, but he never has the funds, for a year after he gave me the checks. Many people find it more convenient to use their debit card than write a check, and, in fact, many stores today do not even accept checks.
When you use a credit card, you are borrowing money from the financial institution that issued that card, and you pay it back at a later date.
It is important to fill out the check correctly if you want to avoid having it returned to you. The money is only deducted once the person you wrote the check to brings it to his or her financial institution and the check is sent to your financial institution. Many lenders, utility providers, insurance companies, and other businesses accept electronic checks. Automatic debit saves you the hassle of having to remember to pay a bill, but you still need to make sure there is enough money in the account to cover the debit.
Instead of writing a paper check to pay a bill, you log into your checking account online and input the amount that you want to send to your service provider, lender, or whoever else you need to pay. Writing checks the right way ensures that your checks are valid, avoids bad check charges from your bank, and protects you from fraud. It is not a good practice to postdate checks (writing in a date that is after the date the check is actually written). For example, 95 is the location of the bank, 115 is the bank’s identification number, and 1122 indicates the Federal Reserve District, branch, and state or city where the bank is located. This is especially useful to remind you of the transaction purpose and related information.
You can obtain a cashier’s check with cash or by personal check from a bank or a savings and loan association.
These checks may be required in some transactions in which the person writing the check is unknown and in cases where a contract calls for a certified check. A bank may refuse to honor a check that is more than six months old unless a bank officer can be certain of the validity of the check.
According to the United States Uniform Commerical Code, a bank is not obliged to pay a check more than six months old.
It sounded as if they were going to waive the overdraft fee, but there was nothing they could do about the fact that the woman was still thirty or forty dollars short in her account. Find the highest savings interest rates and CD rates from Synchrony Bank, Ally Bank, and more. A bank pulls up my account and sees a particularly numbered check from my account is not acceptable? If you balance your checkbook regularly you will know exactly why you have X amount extra in your account. She already put the title in my husbands name and gave us the paperwork from where she sold us the vehicle. Well when the check was distributed to me it was sent to my home address which had to be sent out to my school address where I live now. If you want to buy a $100 pair of shoes with a credit card, it does not matter if you have $100 the moment you buy it. Always use a pen – this prevents someone from erasing what you wrote and writing in something different. By using this method, not only are you saving yourself a trip to the post office, but you also do not need to worry about your check getting lost or delayed in the mail. For example, if your $1,000 mortgage payment is debited on the 5th of the month, you should have at least $1,000 in your account by the 4th of the month. Mistakes sometimes happen, and if the debit for some reason did not occur, you are still responsible for paying the bill.

Your financial institution will then either send an electronic check or print and mail a check for you. The person holding the check may try to cash it before the date, and the bank may not honor it if presented for payment. In this example, 11 is the Dallas Federal Reserve District, 2 is the El Paso branch of district 11, and the last 2 indicates the bank is located in New Mexico. Transaction information, including that in the memo section, should be recorded on the check’s duplicate or carbon copy side. The institution issues a cashier’s check, which is drawn on its own account made payable to the person you name.
If the checks are lost or stolen, this information is needed when you report the loss in order to have your money returned.
A woman was frustrated because she’d just opened a checking account a few weeks ago, and now it was overdrawn. She told us on more than 1 occassion that she had misplaced the check and wasn’t worried about cashing it. So months went by and I never received it, however one day I opened my mail box(this was in february 2009)and lo and behold the check was there. I have tried and tried to contact thi guy at his house and his business, but I keep getting the run around.
ATMs allow you to do many banking transactions, such as deposit checks, withdraw cash, and check your account balance.
These types of checks may be required when you make certain purchases.) Since the money is not deducted right away, is it okay to write a check for more than amount you have in your account if you expect to deposit more money in the next day or two? When you write an electronic check, the money is immediately deducted from your checking account, just like when you use your debit card. Only submit electronic checks on secure sites (look for a web address starting with https or a lock icon), and remember to print out the payment confirmation page for your records. This is a fairly easy task if the monthly payment is fixed (like for a mortgage or car loan), but can be tricky for bills that vary (like credit cards and some utilities). If you decide after enrolling in automatic billing that you want to cancel it, you usually can do so as long as you give enough notice.
Using on-line bill pay through your financial institution offers convenience – you can pay your bills through one website instead of having to log onto the individual websites of every service provider and lender. If you don’t have the duplicate side, a scanned copy of your check may be available via online banking.
If you wish to deposit the check to your bank account, you do not have to endorse it, although some bank tellers may insist you do so.
Report any loss immediately to the nearest institution that sells the type of traveler’s checks you bought. We left the money in the account until the end of the year, well over 6 months, because I thought GA had a 6 month cashing law. If you only have $50 in your account, either the transaction will be denied or, if approved, your account will become overdrawn and you may be charged a fee. In fact, the only real difference between using your debit card and using an electronic check is the information you are required to input. To set up this service, you usually just need to provide your financial institution with the information that is on your bill, such as your account number and the company’s name and address. Whenever in doubt, call the banks’ customer service line because the people at the branche are absolutely clueless. If YOU write a check, it can be cashed when ever apparently, yet when a check is written TO you from a company, you have a deadline. At this point, I would like him to get hit with a bounced check fee though it’s nothing compared to the $4k I forked over to him. When you select the credit option, you are required to sign the receipt, unless the purchase amount is very small. It is also a good idea to confirm with your lender or service provider that they accept online bill pay.
You can use your debit card at any ATM, but be aware that if you use one that is not part of your financial institution's network, you may be charged a fee. In the line underneath, write out the amount of the check in words, and sign your name in the lower right corner.
While in the past it commonly took several days for a check to be processed, checks today can be transmitted electronically and are processed much quicker. Checks are written and sometimes things happen where the recipient isn’t able to cash the check. For example, if the item you purchased is defective, you can ask for a chargeback (a reversal of the charge to your account). Filling out the memo line of the check is optional but recommended – most people list what they are writing the check for or, if paying a credit card or other type of bill, their account number. If the check is processed before you deposit additional funds, your check could bounce or your account could become overdrawn (discussed more in Chapter 4). It just upsets me that a bank will allow a person to person check to be cashed after almost a year later. Neither option is inherently better than the other, but because of the additional protection provided, you may want to choose the credit option for larger purchases. I feel my bank should have denied the check and adviced the seller to get in contact with me to reissue her a current check. So I call them on the 3rd of March, “the check is estimated to go out on the 13th, call us on the 13th of March, I call them, same response, call us back on another date, I call them still the same bull.

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27.01.2014 admin

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