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Just found a 6 Year old Paycheck - 09-29-2009, 01:50 PM

uncashed. My first instinct was to just deposit it and see what happens.


Any other advice out there? Thank you.
  
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09-29-2009, 01:56 PM

Im pretty sure they have a expiration date on them that you must cash them by. Look the check over and see, if not deposite it and see. the buisness or account may be closed it was written out of. I dont know I have had direct deposite for so long thats the way to go , no witing in lines >>><<


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09-29-2009, 01:57 PM

Quote:
Originally Posted by Nostroke View Post
uncashed. My first instinct was to just deposit it and see what happens.


Any other advice out there? Thank you.
You could scan it and show it us.


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09-29-2009, 02:00 PM

It is no longer valid!

Many paychecks actually state on them that they are void after 30 or 60 days. This is primarily for bookkeeping purposes. In the event that you lose a check, or even just happen to hold on to one over the 30-60 days, you would have to go to payroll to be issued a new check which must also be cashed in the required time.

If your bank even lets you deposit it ( which is doubtful unless the cashier is sleeping), they will credit your account, and then when it goes through, the amount will be deducted from your account.

You could contact your employer ( or former employer) bring them the check and request to be issued a new one.


Good luck!


Do not spend that money even if you think it is credited to your account!


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09-29-2009, 02:02 PM

Contact your employer (or former employer) to get a re-issue.


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09-29-2009, 02:10 PM

No expiration date and i know they are still in business. Im gonna deposit it and see what transpires.

Thankfully it was not my 'real job'. I was retired 2 years or so and the market was tanking big time and i got scared into taking a Limo Job. The paycheck was for $86.87 so that'll give you an idea of what i was making. I had to wear a suit too and drive half an hour at midnight after i got off to buy 10 cent cheaper gas. Horrible horrible job.
  
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09-29-2009, 02:16 PM

Quote:
Originally Posted by 1pRoscoe View Post
Contact your employer (or former employer) to get a re-issue.
Good Advice!!!!!


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09-29-2009, 03:25 PM

Quote:
Originally Posted by poolpro View Post
It is no longer valid!

Many paychecks actually state on them that they are void after 30 or 60 days. This is primarily for bookkeeping purposes. In the event that you lose a check, or even just happen to hold on to one over the 30-60 days, you would have to go to payroll to be issued a new check which must also be cashed in the required time.

Jw
That won't hold. I've deposited checks marked as such that were well past the printed limit without issue ... but I've never tried 6 years old.

What I've been told by people in the banking biz is that if the check is good and no stop payment has been issued the check is good forever.

I would call the bank and verify funds are good on that account number. If they were I would deposit it on 2 conditions:

1 - The check is more than a bounced check would cost me.
2 - I could afford a bounced check fee.

If I failed either of those, I would present the check to the issuing bank for cash.

I think it'll fly though ... but not a guarantee.

LWW


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09-29-2009, 03:29 PM

Thanks-ill let u know what happens.
  
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09-29-2009, 03:34 PM

I vote for requesting a reissue, too. I would make a photocopy and write a letter requesting the reissue, sending it in with the check. With the copy of the check and letter, you can follow up again in a couple weeks of silence.

I believe ALL checks, whether they say so or not, expire in either 6 or 12 months from issue date. So you already know it's expired, and it's likely not even a real account anymore (they could have changed banks, had their bank sold to another bank last year, changed accounts, anything since then).

If you deposit a bad check your bank will figure it out and suck the credited money away. If you've got one of the "big boy banks" they may even charge you just for trying (they certainly charge for every freaking thing else).

So I think your best hope is with the company. Even though (esp if they're a small company) they'll probably give you grief, too.

Thankfully it's a small amount. If it was a large paycheck I could see how the IRS would be interested in a fat check deposited now for a 6year old filing period.
  
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09-29-2009, 03:35 PM

LWW's advice actually sounds good, too.
  
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09-29-2009, 03:38 PM

Quote:
Originally Posted by Nostroke View Post
No expiration date and i know they are still in business. Im gonna deposit it and see what transpires.

Thankfully it was not my 'real job'. I was retired 2 years or so and the market was tanking big time and i got scared into taking a Limo Job. The paycheck was for $86.87 so that'll give you an idea of what i was making. I had to wear a suit too and drive half an hour at midnight after i got off to buy 10 cent cheaper gas. Horrible horrible job.
Give them a call to see if the check is still good. Sometimes they change accounts and will have different routing numbers etc. Especially with all the finacial turmoil in the past years.

Wont cost you anything to call but a few minutes. They can not deny you the money, it is legally yours.

But it can cost you if the check bounces (depending on your bank).
  
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09-29-2009, 03:48 PM

Quote:
Originally Posted by LWW View Post
That won't hold. I've deposited checks marked as such that were well past the printed limit without issue ... but I've never tried 6 years old.

What I've been told by people in the banking biz is that if the check is good and no stop payment has been issued the check is good forever.

I would call the bank and verify funds are good on that account number. If they were I would deposit it on 2 conditions:

1 - The check is more than a bounced check would cost me.
2 - I could afford a bounced check fee.

If I failed either of those, I would present the check to the issuing bank for cash.I think it'll fly though ... but not a guarantee.




LWW

I think PERSONAL checks are usually good for a year. PAYROLL checks are a different story. Not to say that you can't sneak one by now and then.

Anyone ever try to cash a payroll check BEFORE the date printed on it? For example, you get your paycheck on the Wed before thanksgiving, you are off of work for thur and fri. The check is dated for the coming Friday, but you want to deposit it on wed. The bank WILL NOT DO IT.

Especially when dealing with large corporate payroll accounts. Often the money for payroll is deposited in that account at the very last minute. The bank protects those big customers and are much more attentive when dealing with anything dealing with these accounts. They do not want to try and explain to their very large customer why there are hundreds of overdrafts on a payroll account for cashing checks before the date they are issued.

The same is true of late checks. Like I said before, most of the time, payroll accounts have just enough to cover the coming payroll period, and not a minute before those checks are issued. That is exactly why most payroll checks do state they are void after 30-60 days.

Banks are obviously aware of this and act accordingly to protect these account holders. Even if the check does not specifiaclly say that it is void, the bank WILL have a policy on at what point it is void. I can assure you it is less than 6 years.



Go ahead and deposit it if they let you, JUST DO NOT SPEND THE MONEY! I am about 95% that the exact amount will be deducted from your account within a month of depositing it ( along with any fees caused by that money not being in your account).

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09-29-2009, 03:53 PM

Quote:
Originally Posted by poolpro View Post
I think PERSONAL checks are usually good for a year. PAYROLL checks are a different story. Not to say that you can't sneak one by now and then.

Anyone ever try to cash a payroll check BEFORE the date printed on it? For example, you get your paycheck on the Wed before thanksgiving, you are off of work for thur and fri. The check is dated for the coming Friday, but you want to deposit it on wed. The bank WILL NOT DO IT.

Especially when dealing with large corporate payroll accounts. Often the money for payroll is deposited in that account at the very last minute. The bank protects those big customers and are much more attentive when dealing with anything dealing with these accounts. They do not want to try and explain to their very large customer why there are hundreds of overdrafts on a payroll account for cashing checks before the date they are issued.

The same is true of late checks. Like I said before, most of the time, payroll accounts have just enough to cover the coming payroll period, and not a minute before those checks are issued. That is exactly why most payroll checks do state they are void after 30-60 days.

Banks are obviously aware of this and act accordingly to protect these account holders. Even if the check does not specifiaclly say that it is void, the bank WILL have a policy on at what point it is void. I can assure you it is less than 6 years.



Go ahead and deposit it if they let you, JUST DO NOT SPEND THE MONEY! I am about 95% that the exact amount will be deducted from your account within a month of depositing it ( along with any fees caused by that money not being in your account).

Jw
Au contraire....

The reason for expiration is typically the fact that companies (90%+) outsource their payroll to another company that manages it on their behalf. When your employer submits their payroll to the payroll company, their net liability for payroll is then drafted and held by the payroll company for funds dispersement to the employees on the employer's behalf.

After (typically) 180 days, they run a "checks outstanding" report and void/reissue on an as needed basis. The money is then credited back to the company and the employee is contacted to notify of a check outstanding and what action will need to take place.

Odds are, unless you worked for a mom and pop shop of 4 employees with no concept of basic accounting, the check you have has already been voided.

As stated above - contact your prior employer for a reissue.

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09-29-2009, 04:10 PM

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Originally Posted by 1pRoscoe View Post
Au contraire....

The reason for expiration is typically the fact that companies (90%+) outsource their payroll to another company that manages it on their behalf. When your employer submits their payroll to the payroll company, their net liability for payroll is then drafted and held by the payroll company for funds dispersement to the employees on the employer's behalf.

After (typically) 180 days, they run a "checks outstanding" report and void/reissue on an as needed basis. The money is then credited back to the company and the employee is contacted to notify of a check outstanding and what action will need to take place.

Odds are, unless you worked for a mom and pop shop of 4 employees with no concept of basic accounting, the check you have has already been voided.

As stated above - contact your prior employer for a reissue.

-Ross
wicked smaht...
Yep, that is essentially what I was getting at. It is the same, just one more step involved. I worded my response to include companies that may or may not use a separate payroll company. So the same thing holds true. It just may be a payroll company account as opposed to the employers payroll account. Most use payroll companies for workers comp insurance as well.

In the context of this conversation, I did not feel it was necessary to go into all of the different possibilities as it does not change the overall result.

The basic point is that that money is not, and has not been sitting in that account just waiting for him to cash this check. This is the reason that there are policies in effect to void this check before this much time has passed.

Jw


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